Pre-Foreclosure Help for Homeowners
Mortgage default is the leading cause of foreclosure. Your lender can foreclose on your property if you fail to pay your mortgage. Each state’s foreclosure process is different. How does DFW’s foreclosure process work?
Some several notices and warnings go along with the foreclosure process in the great state of Texas. Each one has its own requirements. You can do nonjudicial foreclosures on residential properties in Texas without court intervention. After the mandatory foreclosure period expires, Dallas Fort Worth lenders are allowed to sell a property through a Trustee. The Notice of default begins the foreclosure process and lasts at least 111 calendar days.
Foreclosure is one of life’s most difficult and devastating experiences. There are ways to stop foreclosure from happening. Here are some things you can do to help.
How can you stop foreclosure?
- Sell your home to an investor.Many home investors and cash buyers are available to buy your property quickly and pay cash. This is a great way to avoid foreclosure. This method doesn’t require you to do anything. Simply contact a cash buyer to receive a cash offer you can accept or reject.
- Talk to a lawyer or a foreclosure expert.A foreclosure specialist or attorney can help you determine the best way to stop foreclosure and avoid financial problems. You will also avoid negative credit effects from the foreclosure process. If you have difficulty paying your monthly mortgage payment, a lawyer or foreclosure expert may be able to help you.
- Contact your lender.If you have made it clear that you cannot pay your mortgage any longer, you should contact your lender immediately to discuss your options. Your lender might suggest loan modification. Modifying the terms of your loan can help you save money, avoid foreclosure, and preserve your home. Lenders will approve loan modifications if foreclosure is not in their best interest.
- Sale:Another option is to sell your home in order to avoid foreclosure. A short sale is when the home’s value is less than the mortgage balance. While it is similar to a traditional sale in many ways, there are some differences. A homeowner must first get their lender’s approval before proceeding with a short-sale. Lenders will likely request documentation to prove that the homeowner is unable to make their monthly mortgage payments.
- Claim bankruptcy.The foreclosure process can be stopped once a homeowner files bankruptcy. Chapter 13 bankruptcy and chapter 7 bankruptcy may be of assistance to those facing foreclosure. While chapter 13 can help you end foreclosure, chapter 7 may provide temporary relief. However, no matter which option you choose, it is important to consider the impact bankruptcy can have on your credit and finances before you use it.
- Sale:Another option is to sell your home in order to avoid foreclosure. A short sale is when the home’s value is less than the mortgage balance. While it is similar to a traditional sale in many ways, there are some differences. A homeowner must first get their lender’s approval before proceeding with a short-sale. Lenders will likely request documentation to prove that the homeowner is unable to make their monthly mortgage payments.
Get Cash Now – Sell your Property Fast
Super Cash For Houses can help you if you own a property in foreclosure in Dallas, TX. No matter what condition, we buy all kinds of properties. We don’t require repairs or renovations, and we only pay cash. You only need to visit our website and fill out a form. Once you accept our cash offer, you can take your money. Our goal is to make selling your home as simple and painless as possible. Super Cash For Houses is available to answer any questions you may have or help you get started.