Foreclosure is a long and difficult process in which your home is seized by your bank. If you have missed payments on your mortgage and haven’t resolved the issue with the lender, odds are, you’ll eventually face foreclosure.
Typically, before your lender even begins sending you foreclosure notices, they will notify you about late payments due both by mail and by phone. During that time, you will likely have many opportunities to negotiate alternatives to allow you to keep the house and catch up on payments. However, if nothing works out, then you may have to face foreclosure.
In Texas, your lender must wait 120 days (or four months) before sending you an official notice or filing for foreclosure. Once they do, you will have 30 days to make up your late payments. Otherwise, you have to pay off the mortgage in full, or—more likely—they will seize the home.
You’ll typically be notified by a breach letter making you aware of the lender’s intent to foreclose the mortgage.
Selling a Foreclosed Home
If you have received a breach letter or other notice that they intend to sell your home for cash, you only have a short period of time before they post a notice of sale (at least 20 days). During that time, one of the options you can take is to sell your home.
Due to the short period of time you have to do this, you may not have time to go through an agent. A home investor, such as SellMyHomeToday.com, can make an offer on your home right away and allow you to get through the process as quickly as possible.
Advantages of Selling a Foreclosure Home
While you may be reluctant to sell your home, it can enable you to pay off your mortgage in full and avoid a massive hit to your credit score. Selling your home for cash to an investor is a much better alternative to foreclosure; you may be able to salvage some of the equity you have in your home. If nothing else, you’ll be able to move on to a more affordable housing arrangement. If you are facing foreclosure, call SellMyHomeToday.com at (972) 643-8320.