If you’re a little or a lot behind on your home mortgage, you just may be thinking about what you can possibly do to avoid the harmful foreclosure of your Dallas house. Well, hopefully we can help you out with these tips!
How to Avoid the Foreclosure of Your Dallas House
Speak to Your Bank
Once you fall behind with your payments, a good idea can be to contact your bank to talk about the potential options. Needless to say, they don’t want to lose their money, so it’s in their interests to prevent you from defaulting on your loan. Frequently, you will find that you can arrange a plan for repayment to catch up with what you owe. Prior to booking your flight tickets to leave the country, contact your bank – you could be amazed by the solutions they can offer.
Try Getting a Short Sale
Short sales occur when lenders agree to sell houses for a lower amount than what is presently owed on them. This occurs when homes are bought for a higher price, but reduce in value through time. If homeowners fall behind with payments, they may end up owing more than what the house is worth. Typically, lenders agree to short sales in these situations, because it allows them to recoup most of their money, without needing to bother with a foreclosure. Once the lender determines the sale price and a buyer appears, they will regard this loan as fully repaid.
Put Your Home on the Market
Perhaps you just want to get out of a sticky situation. The property might be too expensive for you to live in now, and that’s fine! Circumstances change, whether it’s a career move, people leaving home, a medical condition, a new baby or college fees etc, etc. There’s all types of things that occur in life which may impact your ability to repay your loan. There’s no embarrassment in this, but you should try to find a workable solution!
If you opt to sell your property in the conventional manner, without asking the lender for a short sale, there’s a couple of ways to do this. Firstly, you could put your property on the MLS using a Dallas agent. Secondly, you could sell your property straight to a private purchaser in a short time period, without incurring any extra fees.
Set up a Listing
Based on your current financial situation, this might or might not be a sensible option. Setting up a listing for yourDallas property could take months. Also, if your estate agent doesn’t work with much urgency, you may end up losing your property to the bank, simply because your estate agent failed to locate a buyer quickly enough. Furthermore, you will need to pay out of pocket expenses that might be hard to meet if your finances are tight. If you are behind with your mortgage, it’s likely that you have not kept up with your home maintenance either. To list your property successfully, you will have to get the property into the best possible condition.
Make a Direct Sale
Selling directly is the preferred option for lots of people, who are faced with foreclosure. Every buyer has a different motivation. Once you decide to sell your Dallas property to Legacy Row LLC, there’s no doubt that you will get a reasonable price and a quick closing. We realize that challenging financial circumstances can affect anyone, even if they have not been in such a predicament before. All of us have experienced this, and there’s nothing to be embarrassed about! Allow us to assist you with a quick and reasonable sale of your Dallas property!