Avoiding Foreclosure

What is a Foreclosure Auction?

If you are in a position where you cannot afford your home you will want to avoid foreclosure auction. This is a legal process that can be utilized by those who hold a loan against your home. With a foreclosure auction the lender will not be allowed to make a profit from the sale. The property is being sold through a foreclosure auction so the lender can get back his money. If there is any profit about this then it goes to the homeowner. Most often the lender will let the house go for the balance owed on the home loan.

Why You Want to Avoid Foreclosure Auction

No matter how much you owe on your home you would still like to come out with some money from its sale. When you take the right steps to avoid a foreclosure auction you have a good chance of doing this. With a foreclosure auction you don’t have any control over the sale . You will not have any decision making powers when it comes to the price the house is sold for. Then there is the embarrassment that comes with having your home sold this way. A good reason to avoid foreclosure auction is that it will affect your credit rating.

Of course this is a distressing time for you. You are most likely in difficult financial circumstances. The thought of losing your home is devastating. There is some good news though. That is that there are some tips to stop foreclosure fast.

Ways to Stop Foreclosure Immediately

One of the ways to stop foreclosure immediately is to go for a foreclosure sale date extension.

What is a Foreclosure Sale Date Extension?

This is one method that can be used among the foreclosure delay tactics. The laws regarding foreclosure sales differ in each state. In some cases you may be able to get a sale date extension if you are taking steps to attempt to modify the loan. Or, if you have a sale pending. Although recently in some areas there is no option for postponement. Then in other cases this has to be done in a set number of days. The thing to remember when it comes to tips to stop foreclosure fast is that every day counts. This is not something that you can just sit on and hope for the best.

Foreclosure Delay Tactics

If you are asking yourself how can I save my house from auction then you have to understand what foreclosure delay tactics may be available to you.

Recognize the signs

One of the better tips to stop foreclosure fast is to immediately recognize that you may be in financial difficulties. Determine whether this is going to affect your ability to keep up with your house loan.  Take immediate steps to sell your house while you are still in control.

Look for Technicalities

You may  be able to buy yourself some time if there are irregularities in the mortgage documents. It make take some time for the lender to produce this for you. This is only a delay tactic and in most cases will not stop the inevitable foreclosure. That is if you have not taken advantage of some of your other options.

Count on Delays

It takes time for the foreclosure process to be completed. In some states this goes quicker than others. You need to fill out the required paperwork. You are given a certain amount of time to do this. Wait till the absolute deadline for this.

Raising Arguments

You can do some careful research. See if there are any arguments you can raise as to why a foreclosure auction should not transpire. At the very least this is probably another stall tactic and it will only work for a short period of time.

Consider Bankruptcy

If you are just looking for more time to stay in your home to delay the foreclosure auction this may be a solution. It will not allow you to keep your home unless some type of agreement can be worked out. It will also affect your credit rating, but then again so with a foreclosure auction.

Your Options

Another one of the tips to stop foreclosure fast is to look at your options. There are differ ways that you can go about selling your house. Consider these before you have to think about how to save my house from auction.

• You can try to sell the house yourself
• Using professionals to sell your house is another option
• A great alternative is to sell your house for cash

Avoid Foreclosure Auction with a Cash Sale

When you are looking at selling your home in order to avoid foreclosure auction you need a quick sale. Attempting to sell your home yourself can take too much time. Selling through an agent may be quicker. You may still have a long closing date. This will not work well in trying to avoid foreclosure auction processes.

The best solution is to be able to sell your home quickly and get immediate cash to satisfy your home creditor. Plus, most likely have money left over from the sale. This of course will depend on your financial circumstances and how much you owe on the home.

Selling your home for cash work well to avoid foreclosure auction. It is the least stressful way to sell a home. If your house is sold at auction it is only going to sell for the amount that is left owing to the credit. If you sell your house for cash you are in control of the sale price.

The cash sale is a quick and simple procedure. This is the first option you should strongly consider. Do this as soon as you know that you are at risk for foreclosure auction. You will feel that you are in control because it is your decision. You will be able to plan for your future. as You will have a clear understanding of your closing date. This can be quick in order to avoid the foreclosure.

Want to Avoid Foreclosure Auction?

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Matt Buys Houses TX, we’re here to help you. Ready to sell, or just have a question? Give us a call at 210-596-9669. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!
 

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

If you need to sell your house quickly you may be asking how to auction a house. Then another question may also be can I auction my own house. The answer to these questions lies in the sell real estate auction procedures.

How To Auction a House Options

When looking at a sell real estate auction it can  be an auction that is conducted by a trustee. This means that the house has already been foreclosed on and you no longer have any say in the sale of the property. Another sell real estate auction is to list your house with an auction company. They will go through the process of selling the house by auction. So in answer to the question can I auction my own house, the answer is yes but through the proper channels.

There are two main principals that have to be considered when you are looking at how to auction a house. One is you as the seller, and the other the buyer. Buyers tend to like auctions better than sellers. This is because it saves the buyers time and they can often get the sale price that suits them. For sellers it can be a fast way of selling the home, and less hassles than putting it on the open market. However, the trade off for this is that they most likely will not get the price that they were hoping for.

How to Auction a House Process

The first step is you are going to have to find a professional that specializes in selling homes .  You are going to have to take some time to do some research in finding the right professional in your area. This can be a bit of a challenge but it is really important. The right auctioneer will know what kind of advertising needs to be done for the area. They will know who the target market will be based on the type of home you are selling.

Interviewing the Prospective Auctioneer

Once you have narrowed down your choices then you have the task of choosing the right expert. This is necessary to increase your chances of a successful sale. You will need to ask a selection of questions such as….

• How experienced is the individual?
• What is their sale portfolio like?
• What credentials do they possess?
• What code of ethics do they implement?
• Are they willing to provide you with a few referrals?

The right answers to all of these questions is going to determine how successful the auction sale of your house will be.

Payment Options for the Auctioneer

When you are determining can I auction my own house you need to know what your costs are going to be. When you sell in a conventional manner you have real estate fees. When you sell through auction using a professional then you have the auctioneer’s fees. You need to know up front what these are going to be. They can vary greatly by state and by the professionals themselves.

Auction Decision Making

You will find that when seeking out the answers to can I auction my own house that you be required to make a lot of decisions. You will have to decide whether you want to go with an absolute auction, or auction by reserve.

The Bidding Process

You should also be aware of the bidding requirements. These are set by the professionals who will be auctioning your home. They may set requirements for bidders to provide financial proof such as a letter of credit. Or, they may ask for a certified check for 10% of the expected amount of the sale of the house. At the close of the sale the checks are returned to those who did not win the bid.

Then it has to be determined how the bids will be accepted. It may be that the bids will be done according to the group gathering. In other cases bids may be accepted by sealed bids.

Can I Auction My Own Home without a Professional?

The rules vary for the way a homeowner is able to sell their house. In some states they may be allowed to auction the home themselves without the services of an auctioneer. It is important to understand what the auction laws are for your specific state. Keep in mind that an auction sale is different than a private sale. In most cases it would not be wise to consider the question can I auction my own house without a professional.

How to Auction a house online

Another question you may have is how to auction a house online. A sell real estate auction encompasses this type of opportunity.

First you have to be aware that if you are going to research how to auction a house online that you will discover it is all electronically done. The bids are done on the web. These do not just pertain to foreclosed homes. Many investors will use this method to sell homes that they are flipping.

The bidding price will be set then the bidding goes from there. The bidding price is just the starting point to kick off the auction. In most cases it is not the asking price of the seller. Nor, is the price the seller will take. Chances are there will be a reserve price that is not made public.

Disadvantage of Auction

You will discover some positive answers to how to auction a house. Plus, you will soon learn there can be several disadvantages to this way of selling.

• There are several steps as outlined that you have to go through. It is easy to make a mistake in choosing the wrong auctioneer.
• It could be difficult to find a professional in your area depending on your type of home.
• You most likely will pay more in auctioneer fees than you would with a traditional real estate sale.
• The potential buyers are more experienced at home buying. This can make it more difficult for a sale at the expected price.
•  Your home may have to compete against others that the potential buyers are already aware of
• Good potential buyer turn out could be limited. This  depends on the aggressiveness of the advertising tactics of the auctioneer.

Selling to a Cash Buyer

These are all significant disadvantages. Perhaps instead of asking how to auction a house, the better question would be Should I sell my house for cash. There are a lot of advantages to selling a house for cash.

• This  includes a lot less hassle for you.
• You don’t have the uncertainty of whether you will get a buyer.
• There are no hassles of having to do potential repairs to help sell the house.
• No inconveniences of house showings
• A realistic sale price
• Less selling costs
• Far less legalities

Selling to a cash buy is most definitely the easiest, most convenient and most effective way to sell your house.

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Matt Buys Houses TX, we’re here to help you. Ready to sell, or just have a question? Give us a call at 210-596-9669. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!
 

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

There can be many reasons homeowners find themselves in a position of needing to sell their house. Sometimes it’s necessary because you need to relocate for work or to take care of an aging loved one. It might be a financial decision, the need for a bigger or smaller living area, or the house needing too many costly repairs. No matter why the need arises, many homeowners consider auctioning a viable option. Maybe you have some of the same questions like: Should I auction my house? Or Can I auction my own house? Selling a house at an auction can be a viable option if the process goes smoothly. There may also be better options. Here are some of the things homeowners need to know about auctioning a home.

Should I Auction My House? Where Do I Start?

Auctioning your house can seem like a doable option if you are looking to sell. If you are asking, should I auction my house, there are several steps you will need to take. First of all, you’ll need to locate the right auction house. Make sure to do your homework on the auction house, they need to be reputable. You will also want to review their real estate auction fees so you understand what it is going to cost you out of your profits. The auction house should work with you to advertise your home. During this time, make sure to keep the house in good shape and looking good as people will be looking at the property to make their bids.

Pros and Cons of Auctioning a House

Are you one of the homeowners asking, Should I auction my house?  If so, then you need to be aware of auctioning a house pros and cons. Going through the process is not always easy, and it’s important to work with professionals who have real estate auction experience. Here are some of the biggest pros and cons:

• Con – Extra Cost: There are going to be a few extra costs associated with going through a real estate auction company. The rates vary, but in essence, you are paying them to sell your house. They will choose how to handle the marketing efforts and when to hold the auction.
• Pro – Market Value: Setting a price for your house can be difficult, but when you open it up for bids, you’ll know what people are willing, and not willing, to pay for it. The bids are a way to get an immediate market value on your home.
• Pro – Faster than Real Estate Market: An auction is a quicker way to sell than going through a real estate listing. That can literally take months or even years before the property moves. An auction is a way to gather interested buyers together for a day. The whole auctioning process can be done in an hour or two.
• Con – Stuck with a Bad Offer: For most auctions to be successful, the seller has to agree to take the highest bid, whether or not they are happy with it. This is the type of auction that will attract the most bidders. Real estate investors feel like they are wasting their time if they have sellers who back out on selling the property at the last minute. But, if you agree to take the highest bid, you may be stuck with a price that is far less than you wanted.

How to Auction a House Online

Are you still asking, Should I auction my house? It’s okay. It’s a big decision to sell your house, any house, and you should take your time. Perhaps you’ve wondered how to auction a house online. For some, it is a workable option. Actually, as we live in the digital age, online auctions are increasingly popular. You will first have to locate a real estate marketer online who helps you auction your house. They will ask you a lot of questions to help you get started, and of course, they will charge you a fee. It works much like a physical auction, except the property is listed online and bids are taken online. Once the bids are in and selected, closing will take between 30 and 45 days on average.

Another Viable Option – Cash Home Buyer

Maybe you’re wondering now, Should I auction my house or not? It can sound very complicated. But there is another option that is easier, faster and less involved. Talk to a cash buyer. It can be a better option than putting your house on the market. Actually, it can save you a lot of time, effort and worry to sell to an investor who pays cash for houses.

How Selling to a Cash Buyer Works

A cash buyer is a real estate investor, who pays you cash for your house. They will do an informal inspection of your property and make you a cash offer. You do not have to make any repairs or spend time and money getting the house ready to show. Cash buyers will make their offer on our house as-is, meaning they will take it just like they see it. You’re not out time or money for costly repairs, and you have the money in your hand. There’s no need to list the house or wait for bids to come in through an auction.

The other good thing about selling to an investor is there is not waiting a month or more for closing. The investor will handle all the paperwork, and have it processed quickly and painlessly. Selling to a cash buyer is fast, easy and stress free. It’s the fastest option available!

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Matt Buys Houses TX, we’re here to help you. Ready to sell, or just have a question? Give us a call at 210-596-9669. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!
 

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Have you found yourself in a financial bind and need to sell a house to avoid foreclosure? Maybe you’ve even asked yourself, Can I sell my house to avoid foreclosure? While each situation is different, in most instances you can avoid a foreclosure auction altogether. There are some ways to sell a house to avoid the foreclosing process. Foreclosure can affect more than just your credit. However, you do have a few options available.

What is the Foreclosure Process?

Many people do not understand the foreclosure process. Honestly, they just want the answer to the question: Can I sell my house to avoid foreclosure? The goal, of course, is to avoid the foreclosure auction if there’s any way to do so. Foreclosure doesn’t happen out of the blue.

Step 1: Missed Payments:

Maybe you got laid off at work, lost your job, lost a second income, or hit a rough spot financially. It happens to everyone at some time or another whether it’s illness or job related, a few house payments go unpaid. Once you have missed three and are 90 days behind on mortgage payments, lenders can start the foreclosure process. If you have not received a Notice of Default (NOD), there is still time to work out a deal with your lender.

Step 2: Pre-Foreclosure:

The lender will record a public notice that you are in default on your mortgage payments. The NOD is often posted on your front door. This is still considered a grace period and you still have three months to find a way to get out of “default” status on your loan. You may work out something with the lender, take out a separate loan to bring your mortgage up to date, or any other option, including to sell a house to avoid foreclosure.

Step 3: Auction:

If you have not been able to get out of default three months after the NOD, the lender will set a date to sell the property at auction. At an auction, your home will be sold to the highest bidder whether it is enough to pay off the mortgage or not. The homeowner will still be responsible for any balance remaining on the initial mortgage if it didn’t get covered by the auction.

How Does a Foreclosure Affect a Homeowner?

One reason many people want to sell a house to avoid foreclosure is that the foreclosure affects a lot more than just your credit rating. In most instances, after a home is lost through foreclosure, the individual’s credit score drops about 250 points on average. It can take at least three years of making every single payment on time to restore the initial credit score. Besides being devastating to your credit score, there are other areas affected. These include:

• Buying another house – After a foreclosure, it can be difficult to purchase another house. Some lenders only require a waiting period, others will not make a loan to a person who has been through foreclosure.
• Tax Difficulties – For many people who lose their home through foreclosure, there are tax implications. You may be liable for taxes on the home the lender sold through auction.
• New Jobs: In most instances, a foreclosure may not affect your job or ability to get one. However, you will not be able to work in the financial industry such as in a bank if you have poor credit ratings.

Can I Sell a House to Avoid Foreclosure?

Have you been saying, Just stop my foreclosure! You have options. There are always options, even if you just want to sell a house to avoid foreclosure. Look at the options you have available to see which one will work best for your situation. Every individual situation is unique, and finding an option may take creativity, but there is always a way out of a foreclosure. Here are some options to explore:

• Do a short sale to stop foreclosure. This can take a lot of work, and you are on limited time before the lender sets a date to auction the house. However, a short sale is a viable option for many. If your house is in the foreclosure process and you get a bid on the property, the lender is required to consider it as an option to foreclosure. You usually have the option to sell a house to avoid foreclosure.
• Discuss refinancing options with your lender. You may have some refinancing or mortgage modifications available that can help make your payments more manageable. In some cases, depending on finances and other criteria, lenders can lengthen the time you pay while reducing the amount you pay. This modification helps keep you in your house. However, before they make modifications, the lender may require that it be brought up to date. That may present a challenge.
• Sell to a cash buyer. The best option for homeowners who want to sell a house to avoid foreclosure just might be selling their house to a cash home buyer. The process is actually a simple one. The cash buyer takes a brief look at your house and then makes a cash offer. If you are comfortable with the offer, they give you the cash and complete the paperwork for the sale. Closing usually takes as little as a week since it is a much faster process. You take the cash to the bank and pay off the mortgage. It really is that simple. You do not have to show the house, prepare the house or make any repairs as a cash buyer is an investor and will take the house as-is. No preparations are necessary.

Want to Avoid Foreclosure Auction?

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Matt Buys Houses TX, we’re here to help you. Ready to sell, or just have a question? Give us a call at 210-596-9669. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!
 

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Just the term, foreclosure brings up feelings of fear and dread. No one wants to lose their house. You may have already heard the term, or you may fear hearing it soon as you’ve fallen behind on mortgage payments. If you’ve missed a mortgage payment or two, you’ve probably already received some communications from your lender. After you miss three or more, they’ve probably started sending you notices about foreclosing on the property. Fortunately, there are some things you can do to stop the process. Here are five tips to stop foreclosure fast.

5 Tips to Stop Foreclosure Fast:

These tips to stop foreclosure fast will save your home and your financial situation. Don’t stress, it happens to a lot of people. These easy tips will make it simple for you to bounce back.

Tip 1: File for Bankruptcy

The first of five tips to stop foreclosure fast is to file for bankruptcy. Filing bankruptcy is one of the ways to stop foreclosure immediately. Foreclosure is considered a collection activity and the federal government mandates that as soon as a petition or bankruptcy is filed, debt collectors must stop engaging in collection activities. The day lenders become aware you filed for a bankruptcy, the foreclosure process stops immediately. Bankruptcy doesn’t do anything but give you time to sort things out financially. Maybe you were behind on payments because you lost your job, or because you were unable to work due to a temporary disability. Filing gives you some time to get it all together. The law requires that your creditors, including the mortgage company, work in good faith with you to find a workable way to help you get back on track with your payments. Of course, filing for bankruptcy will have a negative impact on your credit and future borrowing abilities. Discuss this option with a knowledgeable attorney to see if it is a good strategy in your situation or not.

Tip 2: Sell Your House in Short Sale

The second of our five tips to stop foreclosure fast is to sell your house in a short sale. Once the lender files a Notice of Default (NOD), but before an auction is scheduled, if there is an offer to buy the property, the lender has to consider it. Lenders who foreclose on a property, are just going to sell it to try and make up for their losses. If you have asked, My house is being auctioned, what do I do? Or How can I save my house from auction? A short sale may be your answer. If you are able to present your lender with a reasonable offer from a short sale, they may take it. It would save them the trouble, effort and time it takes to try and find another buyer or schedule an auction.

Tip 3: Apply for a Loan Modification

Our third of five tips to stop foreclosure fast is to apply for a loan modification. You can apply for a loan modification with your lender. Both federal and state laws prohibit lenders from continuing with the foreclosure process if a loan modification review is in process. When you apply for a loan modification, the lender will look at the terms of the loan. If there is a way to redo the loan so that your payments are lower, they may be able to modify the terms of the loan to accommodate you. Sometimes, they add more time to the loan, which lowers your payments into a range you can reach, but adds another year or more of payments you’ll need to make. They may be able to adjust the interest rates to the going rate if it’s lower. There are a few alternatives available with a loan modification. It may be one way how to stop a foreclosure sale date if you request it in time.

Tip 4: Offer a Deed in Lieu

The fourth of our five tips to stop foreclosure fast is to offer a deed in lieu of foreclosure. That term basically describes exactly what it does. You offer the lender, or mortgage company the deed to your property voluntarily “in lieu” of them going through the foreclosure process. It can be a way to stop bankruptcy fast, but it does have a negative effect on your credit standing. The other problem is that lenders are not required to agree to take a home back. A deed in lieu can be declined for many reasons. For example, if you have numerous mortgages on the house, or the lender thinks you are not in as much financial stress as you claim, they may choose to not take the deed back and continue with the foreclosure process.

Tip 5: Sell to a Cash House Buyer

Our fifth of five tips to stop foreclosure fast is to sell your house to a cash buyer. Investors will offer you a cash price on your property after an informal inspection. If you accept, they will pay you in full for your house, in cash. It’s fast, simple and done. You do not have to worry about making a lot of repairs or renovations to make the house ready for sale. Cash house buyers offer you cash for the house “as-is” meaning they will take it just like they see it. There’s no inspections needed or any other assessments. You don’t have to worry about a sale falling through, or another person not qualifying for a loan with their lender. Another great thing is that the cash buyer helps with all the paperwork. You don’t have to wait months for a closing date that gets scheduled and rescheduled. The entire transaction is completed in just a matter of days. You get to stop the foreclosure process and are relieved of all the stress.

These are our five tips to stop foreclosure fast. After you look at your situation and all the details, you can decide which way is going to work best for you.

Want to Stop Foreclosure Fast?

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Matt Buys Houses TX, we’re here to help you. Ready to sell, or just have a question? Give us a call at 210-596-9669. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!
 

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Foreclosure is a legal process that a lending institution or mortgage company obtains ownership of your home, in other words, a repossession of the property. There can be any number of reasons that cause the foreclosure process, as well as a few ways to avoid it. Your next question is likely How can I save my house from foreclosure? First, let’s look at why you may be facing it, and then, how to avoid foreclosure.

What to do if You are Facing Foreclosure

The most common reason people end up facing repossession is failing to make their mortgage payments on time. Foreclosure is the legal way the lender can get their money back. The problem is the result of the process is you will have to move out of your house. What’s worse, is you could end up still owing the mortgage company if the deficiency can’t be made up by the sale of the property.

Is there any Way I can Save my House from Foreclosure?

Your most obvious question is Can I save my house from foreclosure? And the answer is that there may be some ways of avoiding foreclosure. It will depend on if it is a non-judicial or a judicial foreclosure. These are the two ways lenders can use to take back possession of the house.

• Judicial Foreclosure: This involves the lender taking you to court before a judge. This process can take months, even years and can be costly.
• Non-judicial Foreclosure: This process doesn’t involve the court at all, but it can be more troublesome and more expensive than the other. You’ll still be out the expense of legal help, you’ll have to gather evidence and make a strong case for yourself.

There are some options you have before the process gets started. To answer your question, how can I save my house from foreclosure, let’s look at some of the steps to avoid the process entirely.

What Options do I have to save my house from foreclosure?

If you want to know how to stop foreclosure, there are several options available. Some are faster and easier than others, and some are difficult. Look through these choices, and decide which one is the best for your specific situation.

Talk to Your Lender

Depending on how far behind you actually are on your house, your lender may be able to help you. In some instances, they may be able to adjust the loan. They may be able to help in a number of ways, such as:

• Offer a repayment plan. You keep your house and loan, but make additional payments to pay off the past due amounts.
• Provide a forbearance. Sometimes, lenders offer a short forbearance where they allow you to get your account current.
• Offer a loan modification. Occasionally, lenders alter a mortgage so it runs for a longer period of time. You will ultimately pay the same amount or more in interest, but it can reduce your monthly payment.

File for bankruptcy

If your house is due to be sold in a short time, filing for bankruptcy might stop the sale.  An automatic stay goes into effect when you file. However, if you are already in the process, a chapter 7 bankruptcy may not be enough to save your home. It will, however, give you some time to talk with your lender about possible options.

Sell to a Cash Buyer

An investor will offer you a cash price for your house. If you accept it, they will buy your house as-is for cash.

Can Selling to a Cash Buyer Help Save my House from Foreclosure?

The foreclosure process can be long and difficult. It can be hectic and discouraging. There can be some distinct advantages to selling your house for cash, especially those who are asking, Can I save my house from foreclosure? Here are the specific benefits you will enjoy.

• Quick – You don’t have to spend weeks wasting time, money and energy, worrying about the process. You’ll have your money in hand and the paperwork done quickly as well.
• No Need for a Real Estate Professional – A cash sell cuts out the middleman. You don’t have to worry about listing your house, or finding a real estate broker to help. You also do not have to use your money to pay off a real estate professional.
• No Hassles – you do not have to worry about the hassle of selling your house. Cash sales are immediate. You don’t have to list your property or wait for interested buyers to come look at it and then decide whether or not they want to purchase it.
• Fair Price – Cash home buyers will offer you a fair price for your property, even though you can still negotiate.

Which is the best option for you?

Each situation is different and has various elements. In very few instances, a lender may re-negotiate the terms of a loan. It’s always worth the try, but if you are already behind on your mortgage payments, it’s not likely. Bankruptcy might help a few people, but it will mar your credit for at least 7 years. For most people, selling to a cash buyer is the best option. It’s simple. It’s easy. It’s fast. And it’s done. They will offer you a fair price, you accept the offer and then they will take care of all the paperwork. There is far less worry involved, you have no expense and it’s done in a very short amount of time saving you the headache of suffering through the foreclosure process.

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Matt Buys Houses TX, we’re here to help you. Ready to sell, or just have a question? Give us a call at 210-596-9669. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!
 

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Having to say my house is being foreclosed is something that homeowners never want to have to admit. Unfortunately home ownership comes with a lot of financial responsibilities. Not meeting these responsibilities can lead to serious problems. It can put you in a position of having to say my house is being foreclosed.

Why My House is Being Foreclosed

Everyone has their own unique personal situations. These are comprised of circumstances that can change. There are some common factors that can lead a person into a situation where they have to say my house is being foreclosed.

Change in Health

In order to be able to earn a decent income it means being in good health so you can perform your work duties. This applies to those who work as employees as well as those who own their own business. If poor health interferes with the ability to make money then it has an adverse effect on the finances. This in turn can put a person in a position where they cannot afford to pay their mortgage.

Change in Relationship

It is not uncommon for a couple that is going through divorce to experience a big change in their finances. It may also be difficult to agree on who will be responsible for the house. This  includes its mortgage payments. As a result the mortgage can soon end up in default.

Over Extending Finances

Owning your dream home is one thing but being able to afford it is another. Many people over extend themselves financially. This includes the ownership of their home. They soon find out that there is not enough money being generated to cover the monthly expenses. They cannot keep up with the repairs and maintenance.

Any of these circumstances can put you in a position where you are now saying my house is being foreclosed.

Stop Foreclosure Options

When you are dealing with my house is being foreclosed the lender is also not happy about this. Foreclosure procedures are a hassle for them. They would rather find a solution. They may offer some help with foreclosure options.

The lender may offer a compromise. The lender may offer you a grace period as help with foreclosure issues. This may work if your financial situation is temporary.  You have to be realistic as to whether this type of help is really all you need. Or, is it just prolonging the inevitable? Will it mean that you eventually will still be dealing with the my house is being foreclosed issue.

A short sale option is something else that may be viable. From a financial aspect it may be better for you to sell your home yourself. The price you get for it may be better than what you would get at auction. Many times the lender will accept this option. This is because it saves them the time and relieves the hassle of the foreclosure procedure.

Filing for bankruptcy is yet again another potential form of help with foreclosure. Many that are faced with the my house is being foreclosed dilemma believe they won’t lose their house if they go bankrupt. In reality all bankruptcy will do for you is to stall the foreclosure process. This is in hopes that you will be given enough time to rectify your financial situation. If this is possible then the bankruptcy trustee will work out a payment schedule. This is to allow you to get back on par with your mortgage obligations.

The Repercussions of Disclosure

Of course there is the embarrassment and sense of failure that may come with my house is being foreclosed situation. This is difficult to deal with when you are already under the financial stress that has led you here. Then there is the worry about how quickly you will have to vacate your home. The next problem is trying to find another place to live. Stop foreclosure options seem to be only viable if your financial situation is temporary. If this is not the case then the negative effects of foreclosure will carry forward . This is because foreclosure also impacts your credit rating.

How To Avoid Foreclosure

If foreclosure can be avoided then those in this situation are going to want to know how this can be done. There are the help with foreclosure options. There is also another how to avoid foreclosure option that has a lot of great benefits to it.

Selling Your Property to a Cash Buyer

There is the option of a quick sale. This is often in reference to hoping a traditional buyer comes along when your house is on the market. This is not always easy and especially depending on the real estate market at the time. Also, if the buyer knows the house is pending foreclosure they are not likely to make a reasonable offer.

The other and perhaps best option is to look for investors who buy houses for cash. There are many reputable investors that buy property in this way. They will not make the purchase based on your dire circumstances. They will pay the price based on the value of the home as the market dictates. It may be lower than what you are expecting but there are several things to keep in mind.

• You will not be paying the real estate fees that you normally would. If you are trying for a quick sale then you would have to rely on a realtor to help you with this. Their fees would be taken out of the sale.
• You do not have the stress and fear of trying to strike a deal with the lender of your mortgage.
• You don’t have to go through the bankruptcy process.
• You don’t have to deal with the embarrassment of everyone knowing that your home is in the foreclosure state.

If you have no options for turning your finances around then seeking out a cash buyer is your best option. This is something that you can do quickly. It is a way to avoid having to say my house is being foreclosed. It removes the stress of not knowing what is going to happen and when regarding your home. Dealing with a reliable cash buyer is really the best answer to how to avoid foreclosure.

Need to Stop Your Foreclosure?

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Matt Buys Houses TX, we’re here to help you. Ready to sell, or just have a question? Give us a call at 210-596-9669. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!
 

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

So, you’re facing foreclosure? One of the best options you have is to sell your house fast when facing foreclosure. We can help with that!

Selling a house can be a daunting process for those inexperienced in the real estate business.

However, this article will help you break down and explain all questions you might have about how to sell your house fast when facing foreclosure.

I’ll teach you how to sell a house to avoid foreclosure, how the owner can sell a house fast when facing foreclosure, how to sell your house before foreclosure and selling your house during foreclosure.

Let’s go.

What is foreclosure?

Foreclosure is a legal process which is undertaken if the homeowner fails to pay his mortgage. If you’re from San Antonio, have a look at my Texas Foreclosure Process article to fully understand the laws and the consequences of the foreclosure process in Texas.

The trick most people aren’t aware of is, that you can sell a house fast when facing foreclosure.

Here’s how.

How to sell your house fast when facing foreclosure

There are several options you have when you want to sell a house fast:

• Sell with an agent at a reduced price
• Sell to cash home buyers
• Sell for sale by owner
• Marketing sale

Sell with an agent at a reduced price

Plenty of websites will tell you how to sell a house with an agent, but not many go into how to sell with an agent at a reduced price. There are a few tricks you can consider when you want to sell your house fast when facing foreclosure.

Trick #1: Lower the commission fees

Realtors usually charge 6% or more on commission. It’s what many accept as a standard fee, however, you are often able to negotiate this fee in half.

Trick #2: Compare agent fees

Don’t go with the first agent you find just because they’re the closest to you – they might be charging fees out of this world. Instead, shop around – find someone who you feel will be willing to lower the fees and still perform an excellent job.

Trick #3: Up the value of your property

Although this might not necessarily lower your agent fees, it will help you balance it all out and keep a steady cash flow.

Sell to cash home buyers

Selling your house fast to a cash home buyer is becoming a popular option in the USA and it’s slowly spreading around the world. There are many pros that come with this decision:

• Your house can be sold in a week – if you sell with Matt Buys Houses TX, we will aim to sell in just a couple of days if necessary.
• Sell without making any repairs on the house.
• Receive a cash offer within 24 hours.
• Hassle-free sale.

Sell for sale by owner

There are many reasons why someone might not want to go through a realtor to sell their house:

• It’s expensive.
• It takes time.
• It’s a gamble.
• It depends on the season.

If you’re real estate savvy and an excellent negotiator, you can sell your house fast when facing foreclosure by selling it by yourself. The truth is, you can save more than 7% of the property value if you decide to sell a house by owner.

Here’s how you can be your own real estate agent:

• Put a value on your home.
• Obtain a flat fee listing on the MLS
• Research laws in your state.
• Hold a house viewing.
• Sell, sell, sell!

Please note that selling your own home is not for everyone – it requires plenty of business skill and some marketing experience.

But don’t you worry – just move on to the next step in this article to find out how to correctly market your property and sell your house fast when facing foreclosure.

Must-do marketing tricks to sell your property FAST

So here’s how you should market your house to sell it fast when facing foreclosure.

• ‘For sale’ sign on your front yard.
• List your property on reputable services such as Zillow or any newspaper ads if you’re looking for a local buyer.
• Start a property auction!
• Create a website for your property. Use Google Adwords to attract more users.
• Put your property website in your email signature.
• Promote your property on Facebook and Facebook real estate / house buying groups.
• Do a tour of your house on Youtube.
• Network. Network. Network.
• Word of mouth – your buyer might be living next door!
• Use flyers to attract locals.
• Advertise at your local events.
• Find property buyers in your area.
• Email campaign!
• Open and friendly communication with everyone you come in contact with – be AWESOME!

Marketing tips: Don’t overdo it. Make sure your reputation is positive – sometimes too much marketing can bring bad reputation to your property and it will make it harder for you to sell. The best option is always to start locally – just ask around, you never know what or who you might find in your area. For more information about preventing foreclosure, please read this article.

Avoid Foreclosure By Selling Your San Antonio House Before Auction

Remember: Matt Buys Houses TX can make you a cash offer to buy the house as-is. Paying cash for houses allows us to close very quickly…in as little as 2 days if absolutely necessary.

Click here to get a cash offer for your house or just give us a call at 210-596-9669. We look forward to talking with you about what options you have.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Many homeowners feel powerless when their bank sends them a Notice of Default and might consider filing bankruptcy to stop foreclosure on their house. Knowing that they’re behind on mortgage payments can force borrowers to seek help in unlikely places.

If government loan modifications and repayment plans are unavailable to help a homeowner stop foreclosure, they can feel like their options are limited while going through a foreclosure.

With the threat of losing their family home and the stress related to major financial hardship, many homeowners will jump at any chance to stop foreclosure, no matter at what cost. Some homeowners might feel like their best option is filing for bankruptcy, but there are a multitude of problems with using bankruptcy to stop foreclosure.

Bankruptcy Misconceptions

One of the main reasons homeowners choose to file bankruptcy on the cusp of foreclosure is due to the misconceptions associated with bankruptcy. Through misinformation and word-of-mouth exposure, people make assumptions on the bankruptcy process that are simply not true. These common misunderstandings contribute to the problems with using bankruptcy to stop foreclosure.

A likely misconception is that bankruptcy can stop the foreclosure process completely.

This is simply untrue.

Although declaring bankruptcy will buy time during the foreclosure process, it isn’t a permanent solution.

If bankruptcy is filed before the Notice of Sale, homeowners will experience a foreclosure bankruptcy stay. This automatic stay bars lenders from pursuing collective activities on a homeowner’s assets to repay what they already owe and begins as soon as the borrower files.

However, mortgage companies have the right to file a relief from stay.

Their case is especially strong if the borrower has already stopped making mortgage payments.

If the bankruptcy grants the motion, lenders will be able to continue with the foreclosure process. Unless a borrower is able to continue to make mortgage payments, filing for bankruptcy isn’t a reliable method to stopping foreclosure. It temporarily halts the foreclosure process; it doesn’t stop it permanently.

You Still Have to Pay Back the Loan

Another common misconception is that homeowners who file bankruptcy can keep their residential property without having to pay back their loan.

Most borrowers file for bankruptcy to obtain a discharge, or release, from personal liability for their home loan debt. However, the foreclosure bankruptcy discharge is not guaranteed and is, thus, one of the ample problems with using bankruptcy to stop foreclosure.

The foreclosure bankruptcy discharge differs between chapters. When filing for Chapter 7, for instance, lenders have the option to object during a four-month-long grace period. They can file a motion to dismiss the case for a number of reasons and force borrowers to pay missed mortgage payments while continuing the foreclosure process.

With a Chapter 13 bankruptcy, however, homeowners can see a discharge only after successfully completing a payment plan, which usually lasts between three to five years. Before completing it, homeowners are vulnerable to foreclosure.

Amy Loftsgordon, contributor to a site all about national laws, wants homeowners to remember “that even though the borrower is no longer personally liable for the mortgage debt [with a successful bankruptcy discharge], the lender still has the right to foreclose if the borrower isn’t making mortgage payments.” Don’t count on a foreclosure bankruptcy discharge to save your home.

Foreclosure Bankruptcy Laws

Before filing for bankruptcy, knowing your state’s foreclosure bankruptcy laws is necessary. Although there are a few slight variations to the laws throughout the country, the basic regulations apply to most homeowners seeking bankruptcy to disrupt foreclosure proceedings.

The changing bankruptcy laws can be a hassle when deciding to file. Approximately a decade ago, Congress overhauled the national bankruptcy laws, effectively making it harder for many people to file.

They reconfigured Chapters 7 and 13 bankruptcy specifically. Homeowners must pass a stricter means test to qualify for chapter 7 or risk paying back some of their debt in a separate Chapter 13 filing. In addition, the new bankruptcy laws require homeowners to get credit counseling prior to filing a bankruptcy case. These new additions are costly to homeowners in need of a speedy solution to foreclosure.

Before the change in policy, most homeowners were allowed to choose the type of bankruptcy ideally suited for their specific situation. Most decided to file for Chapter 7’s liquidation method over Chapter 13’s repayment plan.

The bankruptcy law initiated in 2005 now prohibits some homeowners with reported higher incomes from utilizing Chapter 7 bankruptcy. If a filer’s current monthly income is greater than the median for a household of equal size in their state, they must pass an additional means test before filing for Chapter 7. This bankruptcy law forces many homeowners to jump through time-consuming hoops before halting their foreclosure. If dealing with a foreclosure deadline, this added step can be costly.

The foreclosing bankruptcy laws requiring additional credit counseling also contributes to the problems with using bankruptcy to stop foreclosure. Before filing for either Chapter under the new law, homeowners must complete mandated counseling with an agency provided by the United States Trustee’s office.

Although their purpose is to help struggling homeowners, these counseling sessions can hinder certain cases for bankruptcy. If the appointed counselors believe a borrower can meet monthly payments, they’re required to submit their findings to the court. These preliminary findings can be devastating to borrowers that need to stop foreclosure immediately or face eviction.

Before receiving an automatic stay from bankruptcy, filers must trek through many hurdles. These hurdles often impede a homeowner’s desire to keep their home. Although they may seem straightforward and simple, the ever-changing foreclosure bankruptcy laws and increased cost to qualify are some of the main problems with using bankruptcy to stop foreclosure.

Foreclosure Bankruptcy Taxes

Another one of the major problems with using bankruptcy to stop foreclosure is the current taxes aligned with selling. Homeowners must be wary of the additional costs to filing bankruptcy, especially if their goal is to ultimately save their home.

A common tax law requires bankruptcy filers to pay tax liability after receiving debt forgiveness. The principal treats any kind of financial forgiveness as a financial benefit, even if it means losing a home through foreclosure.

Homeowners are required to pay additional foreclosure bankruptcy taxes due to the federal government’s regulations, the Cancellation of Debt Income, or as a capital gain from foreclosure. If homeowners are currently struggling to pay their monthly mortgage payments, they’ll likely be unable to pay Uncle Sam, resulting in yet another incurred debt.

If a homeowner’s main focus is keeping their home despite their mortgage lender initiating foreclosure, filing for bankruptcy shouldn’t be a consideration. Filing for bankruptcy is time-consuming, the laws are constantly changing, and foreclosure bankruptcy taxes can be brutal on a homeowner’s wallet. Instead of experiencing the many problems with using bankruptcy to stop foreclosure, homeowners are advised to avoid the bankruptcy misconceptions and explore alternatives when facing foreclosure.

Are You Considering Using Bankruptcy to Stop Foreclosure

If foreclosure is looming for you, you should consider getting a cash offer from a cash home buyer. Matt Buys Houses TX has helped dozens of sellers in San Antonio sell their house before foreclosure. This has allowed them to keep the foreclosure off their credit and receive some of the equity they had in the home instead of losing it all.

If you’d like to find out how much we can offer if you decide to sell your San Antonio house fast, give us a call at 210-596-9669. We look forward to talking with you about how the process works and what we can do for you.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

Homeowners have several options when facing foreclosure.

Loan modifications, secondary loans, borrowing from acquaintances, filing for bankruptcy, and selling are all possibilities with varying success rates.

But all foreclosure options aren’t equal. Some common methods used to avoid facing foreclosure can leave the homeowner incurring a larger debt. Other recommended strategies used to stop foreclosure require third-parties to be sympathetic to the foreclosure plight.

If halting foreclosure is a homeowner’s goal, the best foreclosure option might be the least likely.

Modifying Your Loan When Facing Foreclosure

One of the most common foreclosure options homeowners consider when facing foreclosure is modifying their pre-existing mortgage. This method consists of contacting your mortgage company and requesting one of the many loan modification programs currently out there. While this method is attractive due to its lack of major lifestyle intervention and the ability to keep your home, many homeowners can’t meet the strict modification regulations to keep the foreclosure process at bay.

Typically, loan modifications change the terms initially instituted by a loan agreement between a borrower and a lender.

The lender can change the mortgage payment multiple ways: by lowering the interest rate or late fees, extending the loan term, or reducing the original amount of the agreement. The goal is the same though. Loan modifications are used strategically to lower the monthly payment plan so the homeowner can keep making payments.

It’s an effective solution as long as a borrower is willing and able to continue payments.

There are several loan modification programs to assist homeowners in making those monthly payments. One of the most popular is the new Home Affordable Modification Program, enacted by President Obama. Also known as the Homeowner Affordability and Stability Plan (HASP), it allows homeowners to refinance to reduce monthly payments. This program implements a special Making Home Affordable loan modification that can be applied by lenders for homeowners at risk of facing foreclosure.

HASP, as well as most other loan modification programs, comes with mountains of paperwork and a hefty application process. To begin, a lender will ask the homeowner for a set of documents which will be assessed for general qualification. This will include a hardship affidavit in which the borrower explains the set of circumstances that led them to the inability to pay the current mortgage amount.

It also must include the reasons way the borrower will be able to pay the proposed modified mortgage. These hardship letters can be tricky and time-consuming to write and are not often accepted when considering a home loan modification.

Borrowing Money

Other common foreclosure options include borrowing money. Homeowners threatened with facing foreclosure need money fast to keep the creditors satiated. Even with a successful loan modification, borrowers need to pay their monthly payments. Often times, cash-strapped homeowners will seek help from friends and family.

Borrowing a large amount of money from friends and family is a bad idea though, especially when your home can be seized by the bank at any time. Money Crasher’s Casey Slide compiled a list of reasons why a person shouldn’t lend money to family and friends.

However, this list can be used to argue why homeowners should avoid borrowing from their loved ones too. Some of Slide’s complaints included people’s ability to be unreliable, borrowers feeling like a servant to the lender, and ending an important relationship due to a loan agreement gone wrong. At best, receiving a loan from a friend or family member will leave a homeowner indebted; at worst, it can leave them with an eviction notice and a failed relationship. Before borrowing money from loved ones, consider other foreclosure options.

Homeowners also choose to borrow money from other loan-offering entities to offset any arrears accrued by their missed mortgage payments. Attempting to pay off a loan with another loan can be dangerous for a homeowner’s credit and lead to a larger debt. It’s an ill-advised method to avoid facing foreclosure.

Facing Foreclosure & Filing Bankruptcy

Many homeowners in financial distress believe the best foreclosure option is filing for bankruptcy to stop foreclosure.

This is due to the numerous misconceptions associated with bankruptcy relief. These misconceptions allow homeowners to believe several fallacies, including bankruptcy will stop you from facing foreclosure, it’s a simple process to file, and that filers will be able to keep their home without paying what they owe on their mortgage. Unfortunately for homeowners, these blanket statements are simply untrue.

Although declaring bankruptcy will buy time during the foreclosure process, it won’t stop the process completely.

If a homeowner files for bankruptcy during the foreclosure process but before the bank sets an auction date, homeowners will be granted an automatic stay. This motion stops lenders from collecting a homeowner’s assets to repay what they owe on the mortgage.

Although an automatic stay is initiated as soon as the borrower files for foreclosure, lenders have rights to appeal this motion. Mortgage companies may file a relief from stay, especially if the borrower has already stopped making monthly mortgage payments. If the bankruptcy grants the lender’s motion, the mortgage company will be able to continue with the foreclosure process and limit the homeowner’s foreclosure options.

A major hassle when filing for bankruptcy are the laws and restrictions associated with the process. Even though all homeowners are allowed to seek the bankruptcy option, many are unable to file due to recent laws that were passed by Congress.

The new bankruptcy laws require homeowners to receive credit counseling from creditors approved by the United States Trustee’s office before filing a bankruptcy case. If the counselors believe a borrower can meet monthly payments due to any number of factors, they’re required to submit their findings to the bankruptcy court. These preliminary findings can devastate a borrower’s bankruptcy case while forcing homeowners to continually pay for a mortgage they can’t afford.

In addition to mandatory credit counseling, homeowners must pass a stricter means test to qualify for bankruptcy. The newest bankruptcy laws restrict some homeowners with higher incomes from filing for Chapter 7 bankruptcy. Whereas outdated bankruptcy laws allowed homeowners to file for either Chapter 7 or Chapter 13 without restraint, the new regulations require homeowners to pass a means test if a filer’s current monthly income is greater than the median for a household of equal size in their state. This addendum to the already tedious bankruptcy laws are costly to homeowners in need of speedier foreclosure options.

Whether it’s a Chapter 7 liquidation of all debts or a Chapter 13 repayment plan, filing for bankruptcy is not a permanent solution to avoid facing foreclosure. Homeowners are not guaranteed to keep their home while risking seven years of poor credit. For borrowers that need to stop foreclosure immediately, this is not the best foreclosure option.

Selling Your Home Fast

One of the best options a homeowner has when facing foreclosure is selling their home before an auction. This allows the homeowner to pay off their mortgage and other secondary loans associated with the house, while pocketing any extra profit made from the sale. If the threat of foreclosure is imminent, selling your home as quickly as possible is the best way to avoid facing foreclosure. When a homeowner sells their property, they avoid the credit-destroying experience of foreclosure while able to pay off any lingering debts that caused their initial financial hardship. Consider a cash home buyer to sell immediately, if you’ve already received your Notice of Default. Selling before the lender regains ownership saves the homeowner time and money.

Foreclosure help comes in various shapes and sizes. While asking for help from your mortgage lender or family can be successful, homeowners are often put in precarious financial situations worsening their debt. Filing for foreclosure may also help some borrowers in need, but the heavy restrictions and general misconceptions make it an unreliable option. One of the best options when facing foreclosure is selling your home before auction and paying off your mortgage. Selling a foreclosed home can be simple and lucrative if sold to the right buyer. Weigh your options before attempting to stop foreclosure.

Get a Cash Offer if You’re Facing Foreclosure

We buy houses in Texas and can close very fast. This gives you an option if you are facing foreclosure. We are able to buy the house completely as-is so that you don’t have to make repairs or wait for them to be made.

You won’t have to wait for a qualified buyer to come along because we are the buyer!

We make cash offers within 24 hours and there is no-obligation or fee for us to do so. If you like the offer, we move forward. If you don’t, we won’t. Simple as that.

Give us a call at 210-596-9669 to see what can pay for your house today.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.