Many cases have been reported in which the borrower defaults thus the lender has to eventually go through a legal process i.e. foreclosure to recover the balance. This process is generally applicable for residential mortgage loans.
There are many Foreclosure prevention services available e.g. savemytexashome.org which aims to work as an intermediary between the creditors or other agencies on client or owner’s behalf. They can also contact multiple investors who can buy your house in a very short time thus they offer a complete range of solutions for saving your property.
LEGISLATION FOR FORECLOSURES IN TEXAS
If you have defaulted then within 40-41 days your property shall be foreclosed
Other legislative requisites:
- The notice of default/demand letter – notifies that the borrower has 20 days to resolve the mortgage related issues
- Notice of sale/auction – it is authorized by the county clerk and sent to the existing owner at least 21 days before the date of sale/auction
- Foreclosure sale – is held on the First Tuesday of every month at the country courthouses; all the proceeds are made within a period of 3 hours
- Eviction notice – once an investor or any other interested candidate has received ownership of the house they have the right to get the house or property vacated for which an eviction notice is issued by the county constable. After a hearing at the court the residing person or tenant has only 5 days to fully vacate the house.
10 EFFECTIVE Foreclosure Prevention Services
- Fast Cash Sale: if you intend to sale your house immediately, they can put you in touch with different investors thus facilitating you
- Short sale: It is simply an economical solution in which the lender reduces the balance of loan keeping your financial instability in mind, later the house is sold. Following this technique the lender will probably lose less money.
- Equity Partnering: It refers to forming partnership with an investor i.e. the house is sold to an investor partner who later sells the house and agree to share profits with the original homeowner.
- Selling home with a mortgage assignment: Under such an agreement the investor can transfer the deed in his name, it is favorable for both the homeowner and the investor as the investor can claim rights to the property and the owner makes some money.
- Sell and rent back: to cope with the economical crisis this option works the best as the investor can buy the house allowing you to offer it on rent.
- Selling through a state agent: this option is not bothersome because the entire selling procedure i.e. meeting with the client etc. is done by them and trust me these realtors can help you to sale your house quickly because they stay in contact with the interested buyers of property.
- Cash for keys/ deed in lieu of foreclosure: with the help of such option the investors and banks pay someone to have the ownership of house and to let the people vacate their foreclosed property but this facility is only for Texas residents.
- Loan modification: this facility is provided by savemyteaxashome.org to negotiate with the lenders on your behalf to modify loan’s balance i.e. by reducing interest rates or the payment amount, so they require you to contact them immediately if you feel that your loan can be modified.
- Temporary restraining order: however this technique cannot stop foreclosure but can surely delay the foreclosure so you must have strong reasons and unbeatable arguments to support your case for having this order. This option can be more costly as well due to the involvement of lawyers and experts which would certainly increase costs.
- Claiming Bankruptcy: the lender cannot foreclose your property if you just went bankrupt, but this option should be avoided because it can have reaching negative effects for your economic operations of life.
To conclude I would just say that the options are wide ranging but whenever you are facing foreclosure issues in Texas time is the critical factor. The sooner you secure foreclosure prevention services, the more options you have; simple as that. Contact savemytexashome.com to let them evaluate the best possible solution for your situation. Their services are always free. 512-271-5044