There is no need to panic if you are facing foreclosure. If you have already gotten your first or second notice, you still may have options during the foreclosure process to save your house. Do you know what the best 10 options for homeowners facing foreclosure are?


Short Sale – If you are receiving that second notice and are a day or two within receiving the sale notice, there may not be any time to plan a traditional short sale for your house. There is no reason why you cannot plan another type of sale, well in advantage of the notice for a foreclosure sale. There is more than one type of short sale to choose from and this is only one of the 10 options for homeowners facing foreclosure. You may not be able to save your house, but at least you can choose who gets to call it ‘home.’


Claiming BankruptcyDid you know if you file the paperwork to claim bankruptcy, by law, all efforts to evict you from your house and complete the foreclosure process must be halted? A lender cannot foreclose on your house while you are in bankruptcy. If you waited too late to begin the fight to save your house, you may win the right to delay the process for a while. It is not the best of the 10 options for homeowners facing foreclosure, but it is an option.


Loan ModificationHave you considered seeking help from the FHA? If you have mortgage payments that you cannot make and they are higher than 31 percent of your gross pay, you may qualify to refinance your home loan with an FHA loan. The mortgage payments will be lower, but the mortgage will be for a longer time than the original non-FHA loan. It may be one of the best options of the 10 options for homeowners facing foreclosure.


Cash for KeysIt is called Cash for Keys, but it can also be called a deed in lieu of foreclosure. Investors and banks will pay a homeowner to leave their foreclosed property. If you want your cash for this one of the 10 options for homeowners in foreclosure, you have to follow the bank or investors rules to the ‘T.’ Leave the house clean and in good condition on a specified date and you could see some cash in your pocket. It may be used to help you find a new place to live or a place to rent. Texas allows for Cash for Keys, but not all states have the Cash for Keys program.


Sell and Rent BackWe all experience hardships from time to time. The economy is still recovering from job losses and sometimes, it is hard to pay a mortgage default in full, within the 20 days allowed for you to ‘cue.’ A kindhearted investor may buy your home and then allow you to rent it. You can pre-arrange the terms of your agreement before you begin renting the house that you once called home. This option may be the best of the 10 options for homeowners in foreclosure because you do not have to worry about moving to a new house and having to sell items because you do not have space. An investor pays a certain amount to reinstate your mortgage under Texas foreclosure law/s. It is a win-win situation for the investor. They take over the payments and you are able to sign a lease and stay in your house as a renter.


Find a Realtor You may put up a gallant fight to save your home, but it does not mean you will win. In the event that foreclosure is imminent, you can arrange a house sale through a professional realtor. Realtors have resources that are not available to you if you sale your house, listing it as for sale by owner. Hiring a realtor to sell your house can increase the chances that your house will be seen quickly and sell just as quickly. Realtors have access to multiple listing websites, so they can sell your home faster. The best news is you do get to know who is buying your house. You do not get the luxury at a foreclosure auction. This is it is one of the better 10 options for homeowners in foreclosure.


HARP – The name stands for Home Affordable Refinance Program and this is a great option for homeowners who do not have much equity in their house. This government program is designed to help homeowners with underwater mortgages stay in their homes. If you an underwater mortgage or you are about to have an underwater mortgage, the government can help. It is one of the best 10 options for homeowners facing foreclosure. You can save your house, if you do not mind refinancing.


Temporary Restraining Order – Filing an order will not stop a foreclose, but it will delay proceeding already underway. If a judge issues a temporary restraining order, a bank cannot carry out a foreclosure sale. It is helpful for delaying a foreclosure sale. However, to get an order, you have to have a complying argument for a judge to consider your request. Do not hold your breath that a judge will issue a temporary restraining order. This tactic only works part of the time. It is not the best of the 10 options for homeowners in foreclosure because it can only delay your house selling at a foreclosure sale for a month. In addition, lawyers charge at least $2,000 and more to file a temporary restraining order.


Find a New Place – This can be the worst option of the 10 options for a homeowner in foreclose. If your house is being sold within an hour at a foreclosure sale, it may be best to cut your chances and walk away from a house facing foreclosure. You may have to find a new place to rent. It may be easier said than done to find a new place to rent, as a foreclosure will harm your credit for the next two years. Paying for a new rental may be difficult, without a good credit score.


Sell Your Home With a Mortgage Assignment – If you need to sale your house quickly, one of the best ways to do it quickly. With this type of sale, an investor is able to transfer the deed in their name. If you have to sell your house fast, this is a good option and may be considered one of the best 10 options for homeowners in foreclosure. A borrower can receive cash for the sale of their property and an investor gets your property. It is a win-win situation for both investor and homeowner. It allows a homeowner to walk away with cash in their pocket, instead of empty-handedly.


Call 512.271.5044 or contact us today for free foreclosure assistance. Our services are always free.

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