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If your mortgage company or bank is bringing about the consequences of missed mortgage payments, you could be facing foreclosure. The overwhelming stress that comes with worrying about losing your house can make taking action difficult. While acting sooner rather than later is generally preferable, you have ways to avoid home loan foreclosure up until the auction date itself.
You can prevent foreclosure from wrecking your credit and making it more difficult to secure another mortgage later down the line by pursuing one of several available options. The possible alternatives to mortgage foreclosure available to you are a deed in lieu solution, filing for bankruptcy to grant yourself an extra window of time, and selling your home to a cash house buyer.
One last minute way to immediately stop the foreclosure sale date from creeping closer is to file for Chapter 13 bankruptcy. Although the word “bankruptcy” can send chills down any homeowner’s spine, this move gives you an extra 15 days before the countdown to your house’s forced sale resumes, which can be useful in negotiating with your lender or selling your property yourself. However, bankruptcy affects your credit more than foreclosure itself.
Surrendering the deed to your condo or other type of residence is one longshot option to stop the home foreclosure process once it’s started. Since it means more work, not all lenders will go for this solution. Additionally, because of the amount of damage surrendering your deed causes to your credit, securing a second mortgage can be tricky for you.
Although debt being involved makes the process more stressful, your house can still be sold before foreclosure. When you owe less than your home’s sale price, then you could sell your property, get out of pre foreclosure, and have some money remaining.
However, you can also sell your house when your debt exceeds your property’s worth, with your lender’s approval. Doing so is called short selling, and the resulting profit goes towards clearing your debt. While you would have some ways left to go, some lenders forgive the rest of the amount owed after the short sale concludes.
When you need to short sell your home in Dallas, Texas but aren’t sure how to navigate these tricky waters, don’t make the mistake of going it alone. Dallas Fast House Buyer offers the most thorough help in saving your home equity as well as short sale assistance around, and is the quickest cash house buyer in the area.
We’re quick sale home buyers who value speed as one of our top priorities, right next to customer service. We provide short sale help for sellers who are upside down on their mortgage, or homeowners who want to keep their equity, in order to fast-track the process. We often close short sales in the minimum possible amount of time—2-3 months instead of negotiating with a bank for a year.
We buy short sales and other properties for cash and make collecting your profit as simple and straightforward as possible. Since we don’t need loan approval, you don’t have to wait to receive the profit you’re owed.
While other available selling options hit you with surprise expenses and commissions, we don’t take anything away from your profit. By short selling without a realtor to us, no added costs subtract from your cash amount.
If you’re worried that your property is too old, ugly, or heavily damaged to receive an offer, you haven’t experienced our process yet. We buy homes in any condition, then fix up each property ourselves after each transaction concludes.
We know how difficult it can be to get a grip on all that selling real estate comes with. That’s why we make our transactions smooth and effortless for homeowners by taking care of all paperwork and complications on our end.
After a notice of intent to foreclose has been posted on your door, you can take steps to avoid the full consequences of missed mortgage payments from becoming your reality. It’s recommended that you pursue a solution quickly once you’ve been served with foreclosure papers, but it’s possible to avoid foreclosure anytime before the auction takes place.
Once the eviction hearing takes place and the judge issues the ruling, you’re given 5 days to move out of the property according to Texas law. If the 5 day period is over and you haven’t vacated yet, expect a notice to leave the home within 24 hours. When this time expires, you and your possessions can be forcibly removed.
After falling behind on mortgage payments, your house can stay in pre-foreclosure for a stretch of time. You have 20 days to cure the default after being given the foreclosure notice after missing mortgage payments. Once this time is over, expect the notice of foreclosure sale to be mailed to you at a minimum of 21 days before your property’s sale.
To learn how you can sell your house regardless of the state of disrepair it has fallen in while in default, call Dallas Fast House Buyer. We can streamline the transaction process for you by making you an all-cash offer with no obligations or complicated paperwork involved.
To make the right decision for your situation, consider all the available options and the consequences that come with each. For example, foreclosure critically affects your credit and makes bouncing back financially difficult. However, short selling your property can resolve your debt situation and sometimes even lead to you receiving relocation assistance from the buyer.
One obvious advantage that short selling has over foreclosure is that your credit is affected less by selling your property, which can go a long way in finding your next house. By short selling, getting a second mortgage is easier, and your lender could forgive the rest of the amount owed after the sale takes place, which leaves you debt-free.