“I’m behind in payments…will I be giving my house back to the bank in Dallas?”
Nobody wants to lose their home. Especially not because of a foreclosure. But sometimes financial circumstances turn against you and those stacking bills become simply too much to manage.
If you let your situation progresses too far, you may be forced into foreclosure and the unfortunate situation of having to give your house back to the bank in Dallas Texas, leaving you temporarily without a place to stay. In addition, there are many long-term consequences, the biggest include a dramatic and long-lasting negative impact to your credit score. This affects your ability to get a house in the future, any more credit, or even rent an apartment.
No one wants that. That’s not an ideal outcome. Fortunately, there is a strategy you can take today to help you proactively protect yourself and get back on track to financial solvency.
Here’s a brief overview of the foreclosure process
The foreclosure process can vary depending on location and the type of mortgage you have.
Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the loan company may put your home up for public auction.
How long you can stay in your house after it is sold in auction depends on the state where you live. At some point, however, you will need to find a new place to stay.
Fortunately, you have options!
If you wait until your home is foreclosed, it can have a devastating effect on your credit rating. One option to protect yourself is to work out an arrangement with the loan company called a “deed in lieu of foreclosure”.
This is when you hand over ownership of the house to the loan company so that they save the money they would spend on foreclosure proceedings, which can be significant. And you get to avoid having a foreclosure listed on your credit rating.
You can also avoid foreclosure by selling your house before it’s lost at the auction. If your loan is paid in full then there will be no more penalties against you and your credit rating. (If your loan isn’t paid in full you will need to make up the shortfall).
Here’s an example: Let’s say you owed $100,000 on your home and you sold your home for $90,000. You would give that money to the loan company, along with $10,000 to make up the short-fall, and your loan would be paid off. If you contact a real estate attorney, you may be able to negotiate a “deed in lieu of foreclosure” deal in which the loan company agrees not to go after the difference in exchange for the deed to the house. However, you will end up owing something to the real estate attorney.
Instead of giving my house back to the bank I would try to sell it and make some money. If your house is in a good area, in good condition, and you have at least 2 months before foreclosure, try selling your house with a realtor. But, if you don’t have time to waste and cannot risk the house sitting on the market, we at Higher Home Buyer can purchase your house with cash making it a quick and guaranteed process. Contact us today at (214) 225 - 9225 to find out what we can offer you for your house — even if your house is full of things or needs repairs.
I want to avoid giving my house back to the bank in Dallas!
Why do people choose to sell their home instead of going through foreclosure? We know it’s hard, either way you are being forced to hand over your home to someone else before you actually want to. But in this scenario what would you rather have happen:
- Be kicked out after the foreclosure and left with bad credit, locked out of your house by authorities losing access to most of your belongings, and not being given a dime to get you back on track to a fresh start. Or…
- Sell your house to a professional like Higher Home Buyer who can stop the foreclosure, giving you a little more time to pack up, find a new place, and leave you with cash that will help you start over fresh.
Most people choose option 2. It’s unfortunate that not ALL do. Some people are in denial of their situation to the point that they don’t believe their house will be taken away from them after foreclosure and they are 100% mistaken. Reach out and let us help you start fresh. We promise the short-term challenge of selling your house is by far a better choice than the long-term pain of losing your house to the bank after foreclosure.
Interested in learning more about a proactive option besides giving your house back to the bank in Dallas? Call us at (214) 225 - 9225 or fill out the form to get more information
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