Help I Am In Pre-Foreclosure in Dallas Fort Worth…
With many millions of homes all across the country going into foreclosure everyday, it’s important for both buyers and mortgage holders to understand the process fully in detail. We get called everyday with homeowners saying help I am in Pre-Foreclosure in Dallas Fort Worth.
So what exactly is a pre-foreclosure anyway?
Many homeowners across America and Dallas Fort Worth are starting to facie difficulties making their mortgage payment each month.
After a homeowner misses around 3-6 months of mortgage payments, then the lending institution will issue what is a warning, promptly notifying the homeowner that they need to pay or lose their home. This period is known as what is called “pre-foreclosure.”
Most banks and mortgage lenders typically provide around three months for the homeowner to catch back up and bring the loan current. Of course this time frame can vary from bank to bank.
When a homeowner fails to make these necessary payments, the bank will the shortly foreclose on the home, take back ownership, and quickly evict the homeowner. Thankfully, during this last stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several different options to prevent losing their home back to the bank.
Some of the Pre-foreclosure Options Borrowers Have Are….
If you happen to be behind on mortgage payments, you’re likely to receive a what is known as a “notice of default” from the lender.
This document will point out that you have not made any mortgage payments for the last 90-180 days.
You do however have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) you may be able to go ahead and refinance, resulting in you receiving lower monthly payments. Check with your local mortgage broker… or contact us and we will be able to connect you with a a trustworthy one.
- You can also quickly sell your home to a real estate investor that’s reputable in Dallas Fort Worth like Connor Buys Houses, while then using the cash acquired to pay the months of back-payments owed. We can buy your Dallas Fort Worth TX area home quickly, often in just 7-10 days, we can pay in cash, and this takes the stress out of trying to find a buyer.
- You can also contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than what it is actually worth, and the bank will do this because it can take the loss as a tax write-off. However, in some short sales you may still have to pay the difference to the bank if the house doesn’t sell for what is owed on the loan as it sits.
- You may also be able to declare bankruptcy, which will buy you time to pay off the debt. Bankruptcy will remain on your credit report for a long time and many years, and can cause significant damage to your financial future.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers most of the time.
If you’re are completely honest and communicate with your lender regurarly, you’ll often find that there are multipe options that can result in you being will allowed to remain in your home, or at least salvage your credit rating.
A has a good chance to negatively affect your credit score by 200-400 points and will prevent you from obtaining a loan of any sort for 5-7 years or even longer, so act very quickly if you’ve received a Notice of Default from your lender.
But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.
Some of the That We Can Help If You’re In Pre-Foreclosure…
- We can potentially help you out with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your Dallas Fort worth house – We buy houses in DFW market and would love to make you a fair all-cash offer on your house right now today. Just fill out the form here to get started
- You are free to ask us questions and we can provide you with FREE guidance and resources as to help you make a well educated decision free of charge. There’s absolutely no pressure and no obligation.
If you are just in the pre-foreclosure stage then you’ve still got time to fix this situation.
Want To Discuss Your Pre-Foreclosure Options? Call Us at (469) 209-5350
Or, Submit Your Info Here To Get A Cash Offer On Your House >>
I now know what to do when I am in Pre-Foreclosure in Dallas Fort Worth…
JUST CALL CONNOR BUYS HOUSES – 469-209-5350