Five Tricks to Stop Foreclosure in Texas

If you’re facing foreclosure, you know what a difficult time it can be for your family. Foreclosure brings the threat of losing your home and ruining your credit. You need to get help for your family fast, but going up against the bank can feel like a lost cause. Fortunately, stopping your foreclosure is possible and may be easier than you think.

How to Stop Foreclosure in Texas

Your bank may not have told you about all of the options for stopping your foreclosure. As long as the foreclosure hasn’t been finalized, you can take advantage of a few tricks to stop it. No matter what your situation is, there is an option for you, even if you owe more on your home than it’s currently worth.

Five Tricks to Stop Foreclosure

  1. Ask for a forbearance. A forbearance temporarily stops your mortgage payments without penalty. Lenders don’t usually tell struggling homeowners about this option, but the process can be as simple as filing the right paperwork. However, a forbearance is only possible if you’ve kept up your mortgage payments and are in good standing with your bank.
  2. Talk to your lender about payment modification. You may be able to set up a payment modification plan to lower your payments to an amount you can pay. You’ll have to work out your new payments with your lender. While this option works for some, it’s not always the best way to stop foreclosure because you may still struggle to make payments. Additionally, some lenders are reluctant to work with homeowners, making a modification plan unlikely to happen.
  3. File for bankruptcy. Many people don’t realize that you can halt a foreclosure by declaring bankruptcy. To file bankruptcy, you will need to hire a lawyer. As soon as you file for bankruptcy, the foreclosure stops. Your bank will have no choice but to allow your attorney to present a plan for you to catch up your payments. As long as you follow the plan created by your attorney, the bank cannot foreclose on your home. While bankruptcy is an effective way to stop foreclosure, it hurts your credit and requires you to have the funds to hire a lawyer and catch up on your mortgage.
  4. Sell your home quickly. Making a quick sell can be the best option for many homeowners who are facing foreclosure. Not only will you stop the foreclosure, but moving into a new home will be easier since you won’t have the foreclosure on your credit report. If your home is worth more than you owe, you may also have funds to help you move into a new home. While some buyers might get caught up with finding a lender, you may choose to make a cash deal instead. Fortunately, cash deals stop your foreclosure by putting the cash in your hand to pay off the bank. It’s a simple, quick approach to stop a foreclosure with little stress or work on your part.
  5. Try a short sale. If you owe more than your home is worth, you have the option of a short sale. A short sale allows you to sell your home for less than you owe. While you have to get approval from your lender, it can be the best solution for homeowners who are underwater on their mortgage. It can be tough to get your short sale approved, but choosing the right buyer can make it easier. Find a cash buyer who has experience with short sales. They can navigate the process for you so that you can walk away from the situation with minimal stress.

Sell Your Home Quickly  

If you want to avoid foreclosure, one of the fastest, easiest options is to sell your home quickly to a cash buyer. By answering a few questions about your property, you can have a no obligation quote in 48-hours. Get the help you need to stop your foreclosure today.

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