Local TX homeowners who are facing a financial challenge may find themselves in foreclosure.
Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property in order to recoup its losses.
If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it.
In this blog post, you’ll read about a few foreclosure prevention measures in Dallas that you can take to keep your home from foreclosure.
Foreclosure prevention measures in Dallas TX
These foreclosure prevention measures in Dallas might not all work in your particular situation, but we’re telling you about them so you can make the decision for yourself:
1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the bank wants in the first place, so they would be happy to let you stay in your home and get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
2. Work out a deal with your bank. A very popular option for foreclosure prevention measures in Dallas is this option! Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. In some cases, it’s possible to get your payments spread out so they are lower each month. Just make sure that the deal works for you — you don’t want to just repeat the process and end up in the same situation you’re already in or even a worse one.
3. Do a short sale. Foreclose prevention measures in Dallas include something you may have never heard of. Yes, it’s a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off the outstanding amount owed to the bank. This keeps a foreclosure from impacting your credit score, and it gets the bank off your back!
4. Give your deed in lieu. Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owed on the mortgage. If not, the bank may pursue the difference. So if you’re looking for foreclosure prevention measures in TX, this may not be the best option, but at least you know now that it’s at least an option.
5. File for bankruptcy. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop, so it’s still one of the foreclosure prevention measures in Dallas.
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.
If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.
If you’re ready to move out of your home, then one of the fastest foreclosure measures in Dallas is to sell your home to us at Jamie Buys Houses prior to the foreclosure process. No repairs are needed, we pay cash, and can close quickly. If that seems like the best option for you, then call us!