If you’re facing foreclosure in Lewisville, TX on your home, the process can feel unreal. For a variety of reasons, people miss a payment or two and then see a process go into motion that they thought would never happen to them. Between all the stress of debt-collecting phone calls, letters, and the real possibility that you could lose your home, it’s tough to step back from the situation and evaluate your next move.
A foreclosure on average takes 159 days in Texas, so you have some time to figure things out. While it might seem like you’re up against a wall, you can still take advantage of the options below to make the best of your situation, and possibly avoid a foreclosure.
Home Affordable Modification Program
If you’ve missed a payment or more, check to see if you qualify for HAMP. This is a federal government program that offers borrowers with loans insured through Freddie Mac or Fannie Mae the chance to refinance into loans with lower interest rates.
If you qualify, contact your lender. Gather all financial and loan information before the call and explain in clear detail why you aren’t able to make your payments. Many are willing to work with you to pause your payments (and add those to your principal) or give you a short-term payment reduction.
Alternatively, you might qualify for a short sale in order to stop a foreclosure. In this transaction, you sell the home for less than the remaining mortgage balance (or “short” of the balance). If your mortgage company approves this, the proceeds from the sale will go toward paying off all or part of the mortgage.
Short sales are often complicated processes. If you choose to go this route, find a trained professional to help you through the sale.
Deed in Lieu of Foreclosure
If you haven’t been approved for a short sale, another option is deed in lieu of foreclosure. What this means is the homeowner voluntarily gives up ownership of the house to the mortgage owner and in return, the homeowner is released from the loan and payments.
Deed in lieu of foreclosure can help you avoid foreclosure, and can also come with some benefits like money for relocation, the option to stay in the house three months rent free, or even leasing the home for a year.
Sell Your Lewisville, TX House for Cash
Finally, you can always sell your house for cash. When you take this option, Local Cash Buyers takes over the payments and pays the mortgage up to date, helping you to avoid foreclosure. Consequently, you’ll start to rebuild your credit.
We’ll make an offer on your property within 24 hours and can close on your home within 7 to 10 days, which is much faster than any other option you have in this situation.
When you’re going through the nightmare of foreclosure, the main thing to remember is to act fast. Waiting too long to take action means you’re only choice will be foreclosure. If you proactively contact your lender, they’re often willing to work with you.
Ready to avoid foreclosure fast? Call us at 469-250-0018 or fill out an online form to get the process started today!