Can I give my house back to the bank in Dallas without an expensive foreclosure?
The answer is YES! (but with caveats, read below for more details)
Can I Give My House Back To The Bank In Dallas Without An Expensive Foreclosure?
There are many ways to avoid an expensive foreclosure in Dallas.
The first step, if you’re trying to avoid foreclosure in Dallas, is to speak with your lender immediately to examine what your choices are in order to prevent home foreclosure.
You have to take action prior to getting too far behind on your mortgage payments in order to halt house foreclosure. You should contact your financial institution once you know you are likely going to miss a home loan payment and inform them of your financial situation.
Your mortgage loan company would much rather work with you than generating losses by having to go through the actual foreclosure process.
You need to be open and honest with your mortgage company.
If you’re wondering if you can give your house back to the bank, well, they may work something out with you that cuts down your rate of interest, which would reduce your monthly payment. In case you miss one or two payments but then are capable of start paying once again, they can usually add those repayments back to your home loan and consider you caught up on your mortgage. The financial institution will not accommodate you if you don’t talk to them about your situation ahead of time. They’ll have no way of knowing that you need help unless you ask.
Your mortgage loan bills or your card payments?
You’ll be able to prevent home foreclosure by ensuring you consistently pay your mortgage loan prior to any bills. Your house loan is an essential monthly bill. Credit cards should never take priority over your house loan repayment. You can deal with the consequences of not paying your cards a lot easier than you can the implications of failing to pay your mortgage.
Not paying your mortgage loan is the worst thing you can do with regard to your credit score. Getting behind on other sorts of debt like credit cards will never harm your credit as much as getting behind on your home loan. Not paying your mortgage loan could cause you difficulties with your credit cards in any case, so they ought not to be a priority when you’re considering which you should pay in order to stay current.
Is selling your house in Dallas TX a way to avoid foreclosure?
One way to prevent home foreclosure is to try to pay your house loan off by putting up your property for sale.
You could probably be free from the financial hole you are in by selling your house for sufficient cash to pay the home loan off. And sometimes you may be able to have money left to start over again. This is an excellent approach to prevent foreclosure of your Dallas house and avoid a disaster on your credit score at the same time.
Another way to stop property foreclosure in Dallas is to really cut your spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to offer to sell the house you love. For anyone who is self-employed, one method to spend less would be to stop renting an office and make a workplace at home. You could also think about selling a car and having just one that you and your family share.
You can definitely proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further.
If you’re still wondering can I give my house back to the bank without an expensive foreclosure, you’ll want to talk to the bank who holds the mortgage on the property and find out what the repercussions are of doing that. If you’re able to avoid a foreclosure all together, then obviously that would be the best in order to save your credit, etc. It’s also wise to get advice from a financial advisor or attorney so that you’ll know all of your options before you do anything.
We Buy Local Dallas Houses… Can We Make You An Offer?
Here at Jamie Buys Houses, we buy houses in Dallas TX and surrounding areas and we may be able to help you get out of your house and at the same time avoid foreclosure.
The process is really simple:
- Fill out the form here, or call us at 972-318-9500 and we’ll make you an offer within 24 hours
- If you accept the offer we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork
- We buy your house when you want us to (in as little as 7 days) at a reputable local title company
That’s it! Call Jamie Buys Houses today for more information!