What is the foreclosure process? Every day, people fall behind on their mortgage payments. In our most recent blog, you will learn how to prevent the bank from foreclosing on your Texas house.
Going through a foreclosure can be a stressful and disheartening experience. Although you may feel like you’re the only one who has gone through it, you aren’t. Many people have been in the same situation, so you should know you’re not alone. Additionally, you can take steps to help prevent foreclosure if you still own your home. Before doing anything, however, it’s important to know your rights and options.
Why Do Banks Foreclose?
Foreclosure is a serious matter if your mortgage payments are late. The bank may still take steps to reclaim the property even if you are going through a challenging life event, such as a divorce, job loss, the death of a loved one, the addition of a new family member, or illness. Working out a repayment plan with your bank is crucial if you want to prevent foreclosure. The bank may foreclose on your home and try to reclaim their money by selling it at auction if you cannot pay what you owe.
What You Can Do To Stop It
Find A Buyer… Quickly
You can stop foreclosure by finding a buyer as soon as possible. The foreclosure procedure will be stopped in its tracks when you sell your house. You can call TMC Property Solutions, who will always give you a fair and honest price for your Texas house, or you can try to find a buyer who can close swiftly on your own. The sale could take weeks or months to complete if you sell to a buyer who uses bank financing if you do it yourself. By that time, the bank might already be in the process of foreclosing. You can normally sell your house directly to TMC Property Solutions in a few short days for cash.
Short Sale
This may be an excellent option if you owe more than the house is worth. When a homeowner and the bank decide to sell the house for less than is owed, this is known as a short sale. If the home’s value has decreased and the homeowners cannot make the payments, the bank may accept a short sale. Instead of going through the drawn-out process of foreclosing, the bank would prefer to recover the majority of the debt. Your credit report will reflect a short sale rather than a foreclosure.
Work Out A Deal
Call the bank initially when you first become aware that you are experiencing trouble with your mortgage payment. Instead of dealing with late payments and foreclosure, they would like to work with you. Consider a loan modification option or refinancing your debt. Your payments may be reduced if you refinance your mortgage. Try to create a payment schedule if you’ve fallen behind on a few payments to get back on track. Some lenders will consent to forbearance, which forgives the missed payment and extends the loan term to include them by adding them to the end of the loan. Speak with the bank first before taking any dramatic action. They are accustomed to handling similar circumstances and will likely have a solution to assist you.
File For Bankruptcy
If you file for bankruptcy, the lenders cannot attempt to collect payment until the court allows it. Make sure you choose the right type for your needs, Chapter 7 or Chapter 13, and that you have talked this through with an attorney. Filing for bankruptcy can have adverse effects on you and your credit for years to come.
By making you sell your assets (everything you own that is valuable) to pay back your creditors, Chapter 7 bankruptcy erases most or all of your debt (the people you owe money to). This procedure, known as liquidation, ends with the customary cancellation of any outstanding unsecured debt, which is money you borrowed but wasn’t backed by an actual asset like credit cards or medical bills.
With Chapter 13 bankruptcy, people can pay their obligations off without having to put up with the relentless nagging of debt collectors since they have a continuous source of income (i.e., money coming in on a regular basis).
Choose carefully. Bankruptcy is not the solution for many people and if you don’t complete your bankruptcy, the bank will immediately file for foreclosure again with no delay.
SUMMARY
Stop foreclosure by selling your house to a direct buyer like us at TMC Property Solutions. Research your options if you’re facing foreclosure, and don’t be hesitant to ask for help if you do. Call us right away. We do not impose fees. We’ll evaluate your situation. And provide you with your options so you can proceed and prevent foreclosure.
At TMC Property Solutions, you can speak with a seasoned investor without making any commitments; we can help you overcome obstacles. Why not sell your house directly to TMC Property Solutions and save time, and stress, protect your credit, and be done with it? We put in a lot of effort every day to help homeowners, and when you sell your North Texas property to us, there are no commissions, closing costs, or other hidden costs, and you can close within a few days and stop foreclosure.
Call us anytime at (817) 550-5069 Opt# 4 or connect with us on our website, and we’ll lay out all of your options for your specific situation with no obligation, to sell your house fast in North Texas.
TMC Property Solutions is a Veteran owned and family-run business and has been helping families for 20+ years “Sell your house fast in Texas, “providing solutions that work.
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