We try to stay clear of it, in some cases home mortgages are foreclosed. In this case, it could be difficult to believe that there is little chance of regaining the property or even escaping foreclosure without compensation. However, if we follow the proper strategy and without the help of a professional real estate broker, we could assist in saving a foreclosure at the very last second.
In case you’re in this situation do not fret. This article will offer you the knowledge and tools that you require to know how to stop foreclosure in Houston at the last moment on the property you own in Houston home.
Can I Stop a Home Foreclosure?
There are numerous reasons to consider facing foreclosure. In the simplest case there is the fact that the person who has borrowed to pay the mortgage due to a reason. Other reasons are the unpaid taxes on property and an obligation to pay for the property or natural disasters such as a house which floods. It’s true the fact that an HOA with a debt can start the process of foreclosure.
However, if your house is in the foreclosure process, you have choices. Absolutely, you can prevent a foreclosure from happening prior to the date of the sale. A foreclosure in the process, even one that has a due date is a possibility to stop it with the payment of a mortgage through Magnus Real Estate LLC, or through a short sale.
Will I Lose My Home If It Enters Into Foreclosure?
Foreclosure is a process that occurs when a homeowner is in a position to not pay their mortgage and is in debt. If a mortgage for a home is foreclosed upon, homeowners will lose their home and the property will be sold in a public auction. The entire equity will be lost.
There are many options to help you keep your home in good condition or obtain cash for your home, for example, applying for a loan modification in order to get your mortgage payments current.
How Long Do You Have With a Foreclosure?
The time it takes to stop foreclosure in Houston is contingent upon how soon you decide to act.
What are the Six Phases of Foreclosure?
There are six phases of foreclosure:
- Payment default
- Notice of default
- Notice of sale by the trustee
- The sale of the Trustee
- Real estate owned (REO)
- Eviction
When you’ve missed a payment that is more than 90 days old the borrower is issued a foreclosure notice, also known as a notification of default. It is a notice to the public that provides the borrower with 30 days to resolve the outstanding balances prior to when that foreclosure formal process gets underway.
If the balance isn’t rectified, the property is subject to trustee sale which is usually in a nonjudicial foreclosure. In this scenario the borrower would receive an announcement about the trustee’s sale.
Unfortunately, nonjudicial foreclosures are able to take place very quickly, which leaves homeowners with little time to stop foreclosure in Houston. Auctions for foreclosures can occur within two to three months following the sale notice or after notification of default. You must be ready to act prior to this point.
Quick Ways to Stop a Foreclosure at the Last Minute
There are a variety of options to avoid foreclosure. The borrower has to bring their account in good standing (prior to the trustee’s notice) or have their home taken over. However, there are other options.
Homeowners who want to retain the property are able to file Chapter 13 bankruptcy. It permits them to pay back outstanding debts using a planned month-to-month payment schedule. Certain lenders will permit homeowners to alter the terms of their loans or modification of mortgages are not likely possibilities after receiving the trustee’s notice of sale.
Another option is obtaining a deed in place of foreclosure. This grants the lender the right to own your home by way of a short sale, but it can affect the credit rating of your home.
If your lender uses a nonjudicial foreclosure, you may make a complaint against them to stop foreclosure in Houston and contest the procedure. This isn’t the case for legal foreclosures.
What to Do If Your Home is Pending Foreclosure
If your house is in foreclosure, or you’ve been denied a loan modification or are in the Houston, Texas area, then you’ll need to contact Magnus Real Estate LLC for a cash-based offer. If you partner with us, you won’t need to make an application with us for Chapter 13 bankruptcy.
Instead, you can avoid all of that and stay clear of the foreclosure auction and opt for the short sale in exchange for cash. We provide foreclosed houses with an instant cash offer via the mortgage buyout. We handle all of this for you and make the whole procedure much easier. We are able to buy your house even if there’s an obligation to purchase the property.
If you contact us sooner to discuss your situation, the quicker it will be done. If you’re not yet given an estimated date for foreclosure, then we’re sure that we’ve got more time to end your foreclosure. In this instance we’ll require time to contact your mortgage company and request a payoff.
It takes a couple of weeks for the lender to obtain the money. If we are able to get your case in time that we can frequently than not stop foreclosure in Houston. There’s also a possibility that we could send a purchase agreement that we and our seller sign to the mortgage company.
The positive side lies in the fact that the mortgage firm would prefer to sell the house instead of foreclosing and transferring the property to a public auction for foreclosure. If they are able to agree to pay a fee it is possible to proceed quickly and offer you money to purchase your home (as opposed to nothing at the auction).
Our team of experts has title offices that can speed up the process of obtaining title in just 24 hours. This enables us to close your foreclosure as quickly as is feasible!
Get Money For Your Foreclosure House Before It’s Finalized
There are a lot of options to save their house prior to foreclosure getting finalized. Through Magnus Real Estate LLC, we provide a secure and simple procedure to stop foreclosure in Houston.
Cash buyers always have money in reserve to buy the foreclosed property outright and immediately. We are able to purchase your home if it is in need of repair and maintenance that has been put off.
If you choose this option you can ensure that your mortgage lender still gets paid (and they’ll be paid more than they would at an auction) and you will receive an offer in cash. This is much superior to your home going to foreclosure or you selling your house as is.
In Magnus Real Estate LLC, we provide secure, quick, and easy cash offers that are able to close in less than one week. Contact us today to find out more about our services.