How to Avoid Foreclosure and Retrieve Your Happiness
Nakul Kongovi | April 30, 2016
Had the explorer feared the greatness of mountains; they would have never been successful in conquering the peak! Yes, at times, what appears tough or seems to the end-point, might not be the same in real life!
Likewise, foreclosure, as we all know, is not the end of your happiness. Though it might bring in a series of few unwanted happenings, you can easily avoid falling a prey to it. Read below to know how you can avoid foreclosure and retrieve happiness in your life.
1. Refinancing Your Mortgage Helps a Lot:
This is done to allow a borrower to get a better interest term and rate. The first loan is paid off, and the second loan is to be created. A new mortgage is created while throwing out the original one. Though hard to achieve, refinancing your mortgage is a good way to pay off your debts while keeping your credit intact. This process may seem to be very difficult.
To avoid this, you could partner with Realty Simplified, LLC which could sell your home before foreclosure in Houston. We buy houses Houston to sell them at the best price and offer fast cash for your house in Houston. Read more Advantages of Selling House Before Foreclosure.
2. Forbearance Can Rescue You:
In forbearance, you enter into an agreement with the lender in which you can make your payments later on the condition that you would pay off the negative balance over time. Here, you convince your lender that it is because of illness or a lost job that you aren’t able to make the payments and that they would be recovered soon.
Under such circumstance, the lender will agree to forbearance rather than making the matter a legal issue. However, this process might be made easy by calling or mailing to Realty Simplified, LLC which could sell your home before foreclosure in Houston. We buy houses Houston and also spot offers or fast cash for your house in Houston; call us for a property consultation and cash offers!
3. Short Selling Your House Could Be an Option:
Before going for an auction, if you get an offer from a buyer, your lender must take that seriously. If a lender forecloses your property, he will simply try to re-sell the property. However, if you opt for a short-sale, your lender may consider it as a time-savior measure in searching or finding potential buyers in the market.
So, continue to seek a buyer for your property, even if the lender initiates the foreclosing process. Short selling your house means that you will lose your home but you will be clear of your debts and you would be prevented from being a defaulter. However, this can prove to be a lengthy process for you! Partner with Realty Simplified, LLC to sell your home fast in Houston and prevent foreclosure. Get How to sell your house rapid fast
4. Bankruptcy Can Avoid Foreclosure:
If you file a bankruptcy petition, your lender would be devoid of continuing the collection activities. The moment your lender comes to know that you are bankrupt, the foreclosure process gets stopped. However, you should always keep in mind – filing for bankruptcy will get extra time to recover financially, but won’t relieve you from your debts.
Although declaring bankruptcy is not a permanent solution, it can at least provide you with a place to stay until you find you a new home. This again is a difficult process, and to make it simple, you can call us and sell your home before foreclosure in Houston.
5. Getting Government Help:
To help homeowners facing foreclosure, the US government has two primary programs:
a. The Home Affordable Modification Program:
Under this, eligible homeowners can get their loan terms modified and prevent foreclosure on their properties.
b. The Home Affordable Refinance Program:
It helps homeowners who are owned and controlled by Freddie Mac or Fannie Mae. In this, the borrowers may be able to refinance their mortgages into a fixed rate, a low-interest rate.
However, this process might seem to be difficult for common citizens! Rather, call us today to sell your home before foreclosure in Houston and get cash for your house in Houston.
6. Deed in Lieu:
A deed in lieu is a transaction where the borrower voluntarily transfers title to the property to the lender in exchange for a release from the mortgage obligation. So, in order to avoid foreclosure this could be an important step. But this process may sound to be lengthy for you. Partner with Realty Simplified, LLC, sell your house fast in Houston, and retreat your family’s happiness.