We buy houses in Meadows Place, Texas and with more than half a million houses across the country going into foreclosure each year, it’s important for both home owners and home buyers in TX to understand the process of what happens. Lets discuss the pre-foreclosure process and its options for borrowers that can delay, or prevent losing your home. We also present ways on how we can be able to help you out on the pre-foreclosure period. Lets answer the question – “what are some pre-foreclosure options in Meadows Place TX?”.
What Is A Pre-Foreclosure In Meadows Place TX?
Many homeowners across TX and America are facing difficulties making their monthly mortgage payments.
If a borrower, or homeowner, misses 3-6 months of mortgage payments, the bank will contact them and issue a warning. This notice essentially tells the homeowner to pay, or lose their home. At this point you have enter a period that is known as “pre-foreclosure.”
During this period, you are typically given about three months from the bank, or lender for the homeowner to become current on the mortgage. This time period can vary by bank and situation.
If you are able to catch back up, then there will not be an issue. However, if a homeowner fails to make the necessary payments, the bank will foreclose on the house, assume ownership, then evict the current resident, or homeowner. Fortunately, during this portion of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.
What Options Do TX Borrowers Have In Pre-Foreclosure?
If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.
This document will state that you have not made mortgage payments for the last 90-180 days. If you have received the notice, don’t panic.
You still have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local Meadows Place TX mortgage broker… or contact us and we can connect you with a reputable one.
- You may be able to quickly sell your TX house to a real estate investor that’s reputable in Meadows Place TX like us at Brilliant Day Homes. We can use cash to pay the months of back-payments owed. In some cases, we may be able to work with your lender to relieve all or part of your back payments. We can purchase your Meadows Place TX area home quickly, often in just a week or two, and take the stress out of trying to find a buyer.
- You can ask your bank to permit a short sale. In a short sale, you’ll sell the home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales, you may still be required to pay the difference to the bank if the property doesn’t sell for what is owed on the loan.
- You may be able to declare bankruptcy. I personally don’t recommend this route, because it will have long lasting effects, as bankruptcy will remain on your credit report for years and can cause significant damage. However, it is technically an option that can buy you time to pay your debt.
Banks are aware of financial troubles across the country and they’re usually willing to work with borrowers. If you speak with your lender and are honest, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.
As I mentioned earlier, a foreclosure can negatively affect your credit score by 200-400 points and can prevent you from getting a loan for 5-7 years, so don’t waste time if you’ve received a Notice of Default from your lender. But if you’re not able to find a solution with your lender working directly with them, reach out to us. We may be able to help.
How We Can Help If You’re In Pre-Foreclosure In Texas
- We can potentially help with a short sale – Sell your house in Texas by using a short sale. Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your Meadows Place TX area home – We purchase houses in Meadows Place TX and would love to make you an all-cash offer on your home too. Just fill out the form here to get started.
- You can just ask us some questions and we can provide you with free guidance and resources so you can make a well-educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you have received your notice and are in the pre-foreclosure stage, you still got time to fix things.
Connect with your bank to see if they’re willing to work with you, or contact us if you’d like to see what we can purchase your property for or to tap into our free resources on foreclosure.