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Life doesn’t always go as planned. You may be facing financial problems that may make it difficult to keep up with mortgage payments. Late payments can result in getting a foreclosure notice.
Reasons You Might Be Facing Home Foreclosure
Life happens, but you don’t have to lose your home in a foreclosure auction. There are ways to keep your home and prevent foreclosure.
A foreclosure occurs when you can’t keep up with mortgage payments and the lender decides to sell your property to recoup their investment. If at any stage, you’re unable to pay the mortgage installments for more than 2 consecutive months, the lender can opt to foreclose your home.
In Houston Texas, a lender can use a judicial or non-judicial foreclosure process.
A judicial foreclosure involves a court filing and requires court permission for foreclosure. The lender can use the non-judicial foreclosure process if the ‘power of sale’ clause is present. Carefully read your mortgage documents to see which type of foreclosure process applies. The timeline varies for both cases. A judicial foreclosure involves a court, and therefore the process is time-consuming, and it can take 9 months before you’re asked to evict the property. Compared to that, a non-judicial foreclosure process is rapid, and the bank can foreclose your home within 4 months.
Act sooner rather than later. Immediately contact the loss mitigation department of your bank. The financial institution might recommend a credit counseling agency or a consultation session with an approved financial counselor.
Depending on your situation, you might want to choose any of these options:Judicial Foreclosure:
You can get govt. assistance to bring your loan current. A secondary loan is also an option. Filing for bankruptcy can also stop foreclosure in Houston, however, bankruptcy filing is not a recommended option. Even after filing bankruptcy, you’ll either sell the house or will re-assume the mortgage.
If you don’t want to keep the house and are looking to stop foreclosure than selling your house is a considerable choice. You can sell your home as-is. You’ll get your share of equity; your credit score will be unaffected, and you can continue life without worrying about a pending mortgage. For more information, please call us for a free consultation. Our team will discuss your situation to find the most appropriate solution.
Give us a call at 281-816-7914 or fill out the form below to get started. We look forward to talking with you.
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