If you’re facing the possibility of foreclosure in the future, perhaps you are wondering can you get your house in Dallas back after foreclosure. After all, you need a place to live!
Unfortunately, after the court rules in the favor of your lender and agrees with the lender to proceed with foreclosure, it’s very hard for you to get your house back.
Instead of wondering can you get your house in Dallas back after foreclosure, here’s another option…
The good news is, if you’re not in foreclosure yet, you do have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and collect the money owed to them. Banks and financial institutions aren’t the home owning business, so if they’re able to work out something with you, that’s usually what they’d prefer to do. And the foreclosure process is a real pain on their end, so if it can be avoided, it’s a win-win. A win for you and a win for the bank.
If working out a deal with the mortgage company is currently not an option for you at this time, then you may decide to do what a lot of homeowners facing foreclosure are choosing to do: Sell your home before the home is foreclosed upon and pay the lender what is owed to them.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable alternative to foreclosure because you’ll have cleared up your debt that you owe the bank, and you won’t have the long-term negative impact to your credit score that a foreclosure would have.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating and the ability to get back on track much faster. Going through the actual foreclosure process can leave your credit score struggling for many years, which can impact the purchase of cars and a future home or property.
Here’s a secret to selling your Dallas area home fast so the bank can’t take it
You could work at trying to find a buyer to take your home. However, a faster and easier option is to find an investment firm like Jamie Buys Houses that buys houses as-is for cash, fast. They’ll buy your house without requesting any repairs and can often close very quickly within a week or longer. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like Jamie Buys Houses will buy the house from you at a reduced price, and very quickly.