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The road that leads to facing foreclosure might not be something you ever expect to experience, but overdue mortgage payments can happen to even the most prepared homeowner. Whether your property is underwater or you’re scrambling to avoid losing your home equity without any profit to show for it, there are options available to help you avoid the worst case scenario.
Alternative courses of action exist to prevent foreclosure from wreaking havoc on your credit. Possible solutions for a homeowner who is worrying about foreclosure include declaring bankruptcy, selling the condo or house, and offering a deed in lieu option to the bank or mortgage company. No matter how fast the foreclosure sale is closing in, you can still take action.
Surrendering your deed can stop the foreclosure sale date from causing you additional stress. That said, lenders don’t always agree to this solution, seeing as the deed in lieu route could mean the lender is liable in cases of a second mortgage or lien. Plus, your credit would be damaged by this similarly to foreclosure’s impact.
While this option may seem as though you’re solving one problem by creating another, you’re immediately given a little over 2 weeks to file for Chapter 13 repayment and reorganization plans by declaring bankruptcy. This time can also be put to good use in postponing mortgage foreclosure by selling your residence or negotiating with your lender. But please note that bankruptcy affects your credit stronger than the foreclosure itself.
You can sell your residence to stop the home loan foreclosure process once it has started, even if the amount you owe for your home is more than the property’s market value. Selling before foreclosure under these circumstances is called a short sale, where the lender is given the resulting profit to resolve the debt. A short sale can make a big impact in getting your finances back in the green, and although it’s common to still owe money after a short sale, some lenders will forgive the rest of the debt and call it even.
Selling your Houston, TX home with debt attached can be a massive undertaking, which means you need someone in your corner that values speed and has the years of experience needed to get the job done. Cash for Houston Houses TX is the reliable cash house buyer up to the challenge.
If you need to quickly sell or short sell your home, look no further. We’ve offered short sale assistance for years. By taking on the work ourselves, we get homeowners out of pre foreclosure fast and easy.
Because we’re quick sale home buyers who know that you want your profit sooner rather than later, we have money on hand. Since we don’t have to be approved for a loan to make an offer, you get your profit fast.
We buy houses with equity and short sale homes no matter the defects, so you don’t have to worry about your house’s condition stopping you from closing a deal. Instead, you can sell as is to us and let us handle any needed repairs.
We value transparency and clarity. Unlike other selling options out there, we don’t include paperwork fees or other unwanted surprises in our transactions. Short selling without a realtor saves you from paying any commissions or unexpected expenses!
We offer serious short sale help for sellers, and we take every opportunity to lessen your stress in this transaction. We’ll handle all of the paperwork and complications ourselves so you can sit back and breathe a little easier.
Get in touch with Cash for Houses Houston TX to learn how you can sell your house in default or get out of pre foreclosure fast. We can make an all-cash offer on your house without any strings attached, quickly process the necessary paperwork, and resolve negotiations on your behalf.
Falling behind on mortgage payments in Texas can result in you being given 20 days to cure the default after you’ve been given notice, during which your house can stay in pre-foreclosure. When this period caused by missed mortgage payments ends, expect the notice of foreclosure sale in your mail within 21 days before the scheduled auction of your property.
After being given notice of intent to foreclose, you have a short span of time to take the appropriate steps and avoid foreclosure. Once you’ve been served with foreclosure papers in person or they were left on your door, start setting the wheels in motion to sell your house before the auction date. If you lose your home to the bank or a mortgage company, you will be evicted soon after the foreclosure auction sale.
After the judge gives an eviction ruling, there’s a 5 day period you can use to move out or appeal the ruling. If you are still living in the property after the 5 day period, then a 24 hour notice will be given. When over, the constable will have the authority to forcibly remove people and possessions from the house.
While the most obvious consequence of a short sale is that you no longer own the house, another con is that you might still owe debt after you turn over the resulting profit from selling (however, it’s fair for a foreclosure too). On the other hand, a short sale affects your credit less than foreclosure would, and your buyer may also help you relocate.
By choosing not to short sell your home, your credit will take on heavy damage from foreclosure, and your odds of getting a new, favorable loan on another house are smaller. On the other hand, short selling affects your credit less and can make it easier for you to find financing for a new property sooner.