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Foreclosure Prevention Measures In San Antonio and the rest of TX

Are you a homeowner who is facing a financial challenge? You may find yourself in foreclosure if you don’t act quickly. Here are some foreclosure prevention measures.

But first, what is Foreclosure?

Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses. This usually starts on the first missed payment. You’ll start receiving letters of your default at 60 days of no payment  If you are unable to pay and this continues for 90 Days a foreclosure filing will be set.  At this point, you have 60 days to reinstate the loan by taking care of past-due payments and fees before your house is taken.

So if you find yourself entering the foreclosure process, you might be wondering if there is anything you can do about stopping foreclosure. The answer is yes!

In this blog post, you’ll read about a few foreclosure prevention measures in San Antonio that you can take to keep your home from foreclosure.

Foreclosure prevention measures in San Antonio TX

These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision that fits you best.

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 banks wanted in the first place so they would be happy to let you stay in your home and they 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. 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. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t want to just repeat the process.

3. Do 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 your outstanding amount with 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 owing on the mortgage. If not, the bank may pursue the difference.

5. File for bankruptcy. In some ways, 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 a foreclosure prevention measure.

If you’re not sure which one to do, consider this:  #2 is a great option. If your current situation is temporary. Work with your bank to adjust the structure of your loan if possible. Allowing you to catch up on your payments. This will allow you to keep the house. So reach out to your mortgage bank.

Or put everything behind you and move on with your life by selling your home and paying off your mortgage with that money. This is a good option because you will avoid any long-term impact on your credit and at times you can make out with money to help you get back on your feet and situated. So why lose everything when you can take something?

Considering selling your TX house?

We buy houses in TX for cash and would love to see if we can help you during your short sale. Contact us by filling out the form on this page and we’ll see if we can work with you.

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