It has become a very common scene that a great number of Americans are encountering foreclosure and losing their homes. This is happening due many reasons including economic down trends, record unemployment and price fall in the real estate products. Dallas in particular is no exception to this phenomenon and a remarkable foreclosure are being recorded here as well. The matter of losing own home is obviously stressful and creepy. But understanding the process and correctly respond to appropriate actions can help you – you can stop foreclosure.
Without being embarrassed or ashamed, you attempt for the following:
• Forebearance
• Repayment plan
• Modifying notes
• Partial claims
• Debt forgiveness
Stopping Foreclosure.
When your lender is not in line with you, you should take other options to stop the foreclosure procedures. You have to act first with the option that better match your case. If you are from Dallas, you must take in consideration the local issues complying with foreclosure.
• Sell the Home. You can consider selling your home by calling prudent real estate agent who will give you a comparative fit price. You can also involve discount broker to expedite the sale of your home. You ought to do it before the foreclosure procedure ends. Top rated real estate agents operating in the Dallas city are Cyndie Gawain, Gene and Bev, Hickman + Weber and many more.
• Considering Short Sale. If the price of your home is less than the amount you lent, you can consider short sale of your home if the lender is agreed. You can contact through your realtor in this regard. You have to bear in mind that short sale doesn’t affect your credit and all homes are not qualified for short sale.
• Bankruptcy. Bankruptcy petition can stop foreclosure deal. As the homeowner, you can file a bankruptcy petition legally that will put a stay on the foreclosure proceedings. The creditor will stop the collection effort and also suspend selling attempt of the home. Bankruptcy petition will just manage you some time to facilitate your financial recovery. It doesn’t free you from your debt. Before filing such a bankruptcy petition, you need to consult a bankruptcy attorney to judge whether filing bankruptcy petition would be good strategy in the respective case.
• Signing a Deed in Lieu. By signing a Deed In Lieu, you as the home owner, want the home back to lender and decided to close the loan and thus stop the foreclosure. Term for the deed maybe decided mutually.
• Assumption Lease Options. In this process, you may insist your lender to modify your loan terms by deleting the generally mentioned clause “due on sale” and thus, allowing other buyers to assume the loan.
When considering the City of Dallas in terms of foreclosure, a positive development has been marked recently. Dallas has scored its initial victory where a bankruptcy judge’s order is apt to permit the city to go on its actions against the developer Patriot’s Crossing which has been a headache for the city.