Homeowners have been thrown some serious curveballs over the last few years, and with some of the highest property taxes in the USA and a volatile job market, many people in Texas are facing considerable challenges to paying their mortgages and property taxes. If this is your situation, then it’s time to face the fact that if the situation continues, you may end up in foreclosure. The good news is that there are steps you can take to limit the damage and start afresh on the right foot! Here’s how to avoid foreclosure with the help of our cash house buyers in DFW. Remember, we charge zero real estate agent fees or commissions!
Don’t walk away from your debts
Facing foreclosure on your property is a very frightening and often overwhelming experience, and it can be very tempting to simply walk away from it all – but trust us when we say that’s not the answer. If you walk away from your debts and let your house go through foreclosure, your situation is likely to get worse. That’s because:
- It will damage your credit record – For many years to come you will find yourself unable to get the credit you need to start afresh. This will make it very challenging to get a new mortgage, buy a car, get a credit card, or even rent a small apartment.
- It may not cover your debts – In a foreclosure, the primary lender gets paid first and then other lenders can also stake their claim. But foreclosed properties don’t sell for very much money, and any debt that remains will still be yours to pay off. This means that you will have to pay off any outstanding property taxes and delinquent penalties, and possibly even the remainder of the mortgage, even after the home is no longer yours.
How to face your debt head on and get out of foreclosure
So, let’s look at the alternatives:
- Loan modification – To foreclose on a property costs lenders time and money, as well as eliminating the profit they would’ve received from the lending process – so they want to foreclose about as much as you do! If your loan payments have become too much, the first thing to do is go in and speak to your lender about modifying the terms of the loan. This can be a win-win situation for you and your lender, allowing you to avoid foreclosure on your home while letting them still reap the benefit of their mortgage product. How they change the loan will be negotiated between the two of you, and can involve changing the principal loan amount, the interest, or length of the loan. The only downside is that a lender is there to make money off their service, so the loan modification will always be in their favor. As such, it’s very important to check the terms of the loan thoroughly to make sure you can handle it without putting yourself back into a difficult situation.
- Forbearance – This is a temporary pause on your home loan payments, something that many banks did during the pandemic. Again, you will have to go into your bank and discuss this option with them to see if they are open to granting you a forbearance. You will have to be very transparent about your finances and show that they should improve in the very near future. It is up to the lender to decide how long the payments can be paused for. Again, it is very important to understand the terms of the forbearance thoroughly to make sure it will work for your situation. Remember that this is a temporary pause on payments and that you will still be liable for these payments when they restart. For example, if you have a 20-year mortgage and get a 6-month forbearance, you will still make the same number of payments, but it will just take 6 months longer to do so.
- Sell to cash property buyers – If your house is heading towards foreclosure, you can sell it privately yourself and use the funds to settle the mortgage, outstanding debts, and outstanding property taxes. This is a great option because it keeps you in control of the situation and avoids the impact a foreclosure will have on your credit record. It’s also a good idea because you have a much better chance of getting a higher price for your property, as houses sell for much more when they aren’t in foreclosure or sold via an auction.
Of course, if you are selling privately or using a real estate agent there is no guarantee that the right buyer will appear before foreclosure processes start. And you’ll have to pay real estate agent commission too, which takes money right out of your pocket. You also may have to spend money repairing and repainting your property to make it more attractive to buyers. But that’s where our Shiny Key Properties team can assist you, ensuring you sell your house quickly with no need for repairs or even looking for a buyer – putting more money in your bank account and making sure you avoid foreclosure.
Want to sell your property quickly? Here’s the best way to do it – and avoid foreclosure
Want to sell your house fast? Chat to the team at Shiny Key Properties! We purchase property in Texas in any condition, at any time of year, from well-kept property to teardowns. If you want to sell your house as is without having to look for a buyer, deal with a real estate agent and pay their commission, or even empty the property, then the best option is to sell directly to our cash house buyers in DFW.
We can sell your property fast, putting a lump sum into your account in a matter of days – AND you pay zero in real estate agent fees or commission. Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the FREE NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees
- We can handle all aspects of the process, including clearing out the property
- You can also call us directly on 469-858-008
That’s all there is to it!
Our team is compassionate and highly motivated to offer you the best possible market-related price for your house, so you can sell your property quickly and get out of foreclosure. We take care of everything, including all the paperwork to make this as easy and stress-free as possible AND also remember, you pay absolutely zero real estate agent fees or commission.
At Shiny Key Properties, our trained consultants have years of experience in assisting both local and out-of-state property owners to sell their property as is and avoid foreclosure. To get an all cash offer on your property, please contact us today and speak to one of our DFW real estate specialists.