“I’m behind on my mortgage payments…will I be giving my house back to the bank in Fort Worth, Texas?”
Nobody wants to lose their home. But sometimes financial circumstances turn against you and those financial commitments become simply too much to manage. It may be a job downsizing, divorcing, job or military transfer and your house won’t sell etc.. These are circumstances you can’t control many times and is not your fault.
If your situation progresses too far, you may be forced into the unfortunate situation of having to give your house back to the bank in Dallas Fort Worth and surrounding areas, leaving you and your family temporarily without a place to stay. In addition, there may be long-term consequences, including a dramatic and long-lasting effect to your credit (and the impact on your ability to buy a house in the future and your overall purchasing power).
No one wants that. That’s not an ideal outcome. Fortunately, there is a strategy you can take today to help you proactively protect yourself and get back on track to financial solvency.
****Please See The Short Video Below****
Here’s a brief overview of the foreclosure process
The foreclosure process can vary depending on location and the type of mortgage you have.
Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the mortgage company may put your home up for public auction.
How long you can stay in your house after it is sold at auction depends on the state where you live. At some point, however, you will need to find a new place to stay.
Fortunately, you have options!
If you wait until your home is foreclosed on by your mortgage company, it can have a devastating effect on your credit rating. One option to protect yourself is to work out an arrangement with the mortgage company called a “deed in lieu of foreclosure”.
This is when you hand over ownership (the deed) of the house to the mortgage company so that they save the money they would spend on the foreclosure proceedings, which can be significant. And you get to avoid foreclosure being listed on your credit rating.
You can also avoid foreclosure by selling your house fast before it’s SOLD at the auction. If your loan is paid in full then there will be no more penalties against you and your credit rating. (If your loan isn’t paid in full you will need to make up the shortfall).
Here’s an example: Let’s say you owed $100,000 on your home and you sold your home to us for $90,000. You would give that money to the mortgage company, along with $10,000 to make up the short-fall, and your mortgage would be paid off. (If you contact a real estate attorney, you may be able to negotiate a deed in lieu of foreclosure deal in which the mortgage company agrees not to go after the difference in exchange for the deed to the house.
At TMC Property Solutions, we’re professional real estate investors. Contact us today at (817) 550-5069 to learn more about how we can Buy Your House Fast, as-is, and you never pay closing costs or commissions, or you may visit us online and receive your free report at AvoidForeclosureFortWorth.
I want to avoid giving my house back to the bank in Fort Worth Texas!
Why do people choose to sell their house fast instead of going through foreclosure? (After all, they still don’t live in their home anymore.)
Well, losing a home can be difficult but the impact on your financial situation and your credit impact is considerably less than if you simply wait out the foreclosure process. In fact, going through foreclosure could impact your credit score by as much as 100 to 150 points and can impact your purchasing power for the next 5-10 years. So the short-term challenge of selling your house is still a better choice than the long-term pain of giving your house back to the bank. And from a credit score perspective, late payments can be cleaned up and corrected much easier than a foreclosure with a good credit repair service such as Clean Slate Credit Services.
To learn more about the overall Foreclosure process please visit here.
Interested in learning more about a proactive option besides giving your house back to the bank in Fort Worth?
Call our free recorded info-line at (817) 550-5069 anytime day or night or fill out the form to get more information TODAY!