Stop Foreclosure On Your Home In Austin
There are many different reasons why a homeowner might fall on hard times and fall behind on their mortgage payments and need a way to stop foreclosure. Life can take a turn of events without much warning.
Whether you’ve lost your job, had a death in the family or experienced an unexpected financial emergency, there are different options that you can utilize in order to avoid foreclosure. Help is on the way. All you have to do is give us a call. We encourage you to read on.
We are going to talk a bit about what a foreclosure actually means, what you can expect to happen and what you can do to avoid being in over your head in this situation. We want to help you get back on track, stop foreclosure and allow you to enjoy your home and stay where you are.
What Does it Mean When Your Home is in Foreclosure Status?
When you fail to pay your mortgage on time for a number of months in a row, the bank can take action against you. Once your homes has actually been foreclosed upon, it would go up for auction. If your home doesn’t sell during the foreclosure process, the residence would become owned by the bank. They would then decide what would be done with the property. There are two different types of foreclosures. This includes:
During the process of judicial foreclosure, a civil lawsuit is filed against the borrower of the mortgage. From there on, the court system will handle the process. A notice of pendency will be formally issued which states that another party has taken over control. Once the court makes a decision based on the recommendation of the lender, the sale will then be published. Overall, a judicial foreclosure will take anywhere from 4 to 8 months.
This is a different process involving foreclosure of a property. When non-judicial foreclosure takes place, a deed of trust will depict an interest in the property to a third party. This will be held as security as a way to repay debt. The foreclosure begins for the trustee, and a notice of default will give the borrower a deadline for repayment. When the notice of trustee’s sale is recorder and the auction begins.
How Can You Avoid Going Through the Foreclosure Process and Stop Foreclosure in its Tracks?
When you first look at a home, you should realistically have a budget set. Most lenders will provide you with a pre-approval amount that is far higher than what you should be working with. If you go with the highest amount that they give you, you will likely find yourself in debt in a very short amount of time.
Shop for a home conservatively. In other words, don’t bite off more than you can chew. If you are currently experiencing trouble with keeping up with your monthly mortgage payments, you should contact your lender. Your lender may be able to work with you in order to restructure your mortgage in a way that will make it more affordable for you to keep up.
Take a look at your current budget and see where you can make changes. You might have to cut some expenses out of your budget for a bit. If you have exhausted all efforts of dealing with your lender, you have options like our company to help you stop foreclosure. We can help you with the entire process of foreclosure.
Even if you need help with packing or moving, we want to make this process as simple as it can be for you. We can buy or sell your home to avoid a foreclosure and a lot of time restore your actual credit score.
There are a number of government programs that can help stop foreclosure proceedings. The Making Home Affordable Program is designed to help you avoid foreclosure. President Obama designed the program during his administration as a way to help homeowners, but this program is also designed to help the housing market in the U.S. and boost the economy.
If you would like to sell your home and get cash for it quickly, you can contact us for more information. In many instances, we can provide you with a lucrative cash offer in a 24 hour time period that will stop foreclosure from moving forward. If we pay off your existing lien or catch up your payments it will stop the foreclosure in its tracks.
If you know that you are behind on your mortgage payments, there are some steps that you should take in order to stop a foreclosure in its tracks. This includes:
Contact your mortgage lender to let them know what your situation is. They may be able to help you, but they need to know what is going on.
Think about all of the options that are available to you. This might include changing your current loan agreement, restructuring a payment plan, a reinstatement, etc.
Refinancing your loan can dramatically change your payments, depending on what the current interest rates are set at, but often times once you have 30, 60 or 90 day mortgage lates most lenders will not longer be able to assist until you have 12 months of consecutive on-time payments.
You can sell your home, pay what you owe and purchase a home that will be much more affordable for you to keep up with.
If selling your home seems like the most logically thing to do, we buy houses with incredibly fast turnaround times. Once you have contacted us and provided us with a bit of information, we’ll provide you with a cash offer. This often occurs in as little as 24 hours. We pay cash for home and you can be packing and moving to another area of Austin within the week.
What We Do
Cash Home Investors purchases homes in Austin and the surrounding areas, and we provide you with an all cash offer that comes with zero obligations. We want to help you and take your home off your hands. If you are in need of assistance with packing, moving or choosing your final closing date, we’ll help you in those areas as well.
Simply give us a call and we’ll see what we can do to help you in your particular situation. We don’t charge you to meet and talk, and we don’t have any hidden fees that you need to budget for in order to stop foreclosure in its tracks. If you would like assistance please email, call or text us now.
Foreclosure is unfortunately the last thing people want to happen; so, in case you are in trouble, you can follow some steps to stop the foreclosure. Sometimes though it is completely essential that the borrower needs to sell their home before it goes into foreclosure. Contact CashHomeInvestors.com to see what we can do the get you a fair offer on your home. Here are some of the preliminary steps you as a homeowner can take to try to Avoid Foreclosure.
Gathering All of Your Loan And Property Documents To Stop Foreclosure
Collect all your documents and records, which are relevant to your home, and arrange them together in a file. The documents in this file may include any loan papers, copies of mortgage, promissory note, papers of previous dealing of house etc. These documents may also include monthly billing statements, property tax and insurance information, or any records of payments you have made.
Learn Your Legal Rights To Stop A Foreclosure
After organizing your documents in a file, you should read the documents and research on the terms and consequences of hypothetical situations where the money isn’t returned. Federal law states that the lender cannot start a foreclosure until after the limit of 3 months of payment deadline.
Organize Your Financial Data
Once you have gathered your home documents and records, it is also important to collect and organize your financial information. All recent profits, losses, bank statements, taxes are included in this; even if you are self-employed.
Adjust Your Budget
Reviewing your budget is very important to save yourself from foreclosure. You can make a list of your expenses including groceries, bills etc and exclude the extras (memberships and clubs) to save money. You can also opt for lesser credit card payment in case you cannot eliminate this completely.
Learn About Possible Options To Stop Foreclosure
Borrowers and Lenders have complete access to the temporary or even permanent loss mitigation options that can help them to prevent a foreclosure. This includes Loan Modification, Selling Your Home, Forbearance Agreements, and Re-payment Plans.
Learn About Possible Options To Stop Foreclosure
In case you miss a payment, contact your servicer immediately find out if you qualify for any foreclosure alternative.
Contact a Certified Housing Counsellor
A HUD-approved Housing counsellor can assist you in coming up with alternative ways to stop foreclosure and might even help you with other special programs that offer assistance.
Stay Away from Foreclosure Rescue and Loan Modification Companies
Companies offering Loan Modifications and Foreclosure Rescue may seem like the only way out, but most of the times, these companies turn out to be scams that only offer a little help at the time being, or even no help at all.
Know About Current State Foreclosure Laws
Foreclosure laws vary from state to state, which is why you should learn about the current laws of the state you are in for the following reasons:
- To know the duration, you have to make a deal before you lose your home.
- To know about rights and protection during the foreclosure procedure.
If you have tried other options to Stop Foreclosure and still it still didn’t work, you may need to sell your home. A home can be the largest expense an individual or family incurs, and sometime it is hard to swallow the payment and downsizing is essential. Cashhomeinvestors can help you in selling the house smoothly and ensure it happens fast so the bank will not be able to foreclose on the home, ruin your credit and more.