Do you have a Houston area house that’s facing foreclosure right now? First of all… You’re not alone. There have been a lot of Houston area residents in the same situation. If you’re asking: “can I sell my Houston house in foreclosure,” the answer is YES. As with everything though, it can be a little complicated. Let’s look at the particulars…
How To Sell My Houston House In Foreclosure – The facts…
- The lender doesn’t want to foreclose! This is failure for them.
- Eventually, if you get far enough behind, the lender has to foreclose to cut their losses.
- If you are foreclosed, you will lose any equity you have in the property.
- If you are behind in payments, it will negatively impact your credit.
- If you are foreclosed, it will really negatively impact your credit.
- If you sell your house for enough to payoff the lender, they will be happy to stop the foreclosure and accept payoff for the loan.
- Lenders will sometimes even accept less than what’s owed. This is called a “short sale.”
Dealing with your lender can be a pain, but communicating with them is extremely important. Following are some keys to help you in this challenging endeavor.
Tips For Working With Banks During The Foreclosure Process
- Communicate with the bank. Explain everything in detail concerning what you are doing to sell the property.
- Always meet deadlines. If you are going to be late, call as soon as you can.
- Be open and honest. Always be truthful and transparent with the lender. Explain why these things are happening in your life without being dramatic. Try and be as short and concise as possible.
- Keep detailed records of every conversation. Start a log of who you spoke to, the date and time, what was discussed and the outcome.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you.
There’s nothing like a cash buyer to stop foreclosure.
If you have a cash buyer for your house, this is gold. A buyer who doesn’t need financing or an appraisal can close right away and payoff your loan. Your lender will be very glad to hear this!
Home Buying Companies (like the one I work for), can make you a cash offer and close right away. Just make sure they are actually going to buy the house. American Home Buyer, is a good example of a cash buyer in Houston that can buy your home and stop the foreclosure. Just give us a call for more details.
If you need to sell a property in the Houston area, we can help!
We buy properties in any condition, and we can act fast.