“I’m behind in payments…will I be giving my house back to the bank in Baytown?”
Nobody wants to lose their home. But sometimes financial circumstances turn against you and those financial commitments become simply too much to manage. Losing your home is one of the most devastating things that can happen to anyone. Unfortunately, for those living in Baytown Texas, it is a reality that some may face if their situation progresses too far. Being forced giving my house back to the bank not only leaves you without a place to stay temporarily but also has long-lasting effects on your credit and future housing opportunities. It can be difficult to imagine bouncing back from such a situation, but it’s important to remember that there are resources available to help you through the process. Despite the challenges, it’s possible to come out stronger on the other side with a renewed sense of hope and resilience.
No one wants that. That’s not an ideal outcome. Fortunately, there is a strategy you can take today to help you proactively protect yourself and get back on track to financial solvency.
Here’s a brief overview of the foreclosure process
The foreclosure process can vary depending on location and the type of mortgage you have.
Missing mortgage payments is a scary thought, but unfortunately it can happen to the best of us. It can start with a few missed payments, and before you know it, you’re drowning in debt and struggling to keep your head above water. The loan company will start sending you notifications and warnings, hoping that you’ll catch up on your payments and avoid any further consequences. However, if you continue to forget or are unable to pay back the missed mortgage payments, they may take a drastic step. They may decide to put your home up for public auction, leaving you without a place to call your own. Make sure to communicate with your loan company and come up with a plan to pay back any missed payments before it’s too late.
How long you can stay in your house after it is sold in auction depends on the state where you live. At some point, however, you will need to find a new place to stay.
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Fortunately, you have options!
Foreclosure is a nightmare scenario for any homeowner. It not only means you lose your home, but it can have a long-lasting impact on your credit score. Your credit score is essential to securing loans for big purchases like a car or house. But what can you do if you’re struggling to keep up with mortgage payments? One option is a “deed in lieu of foreclosure.” This arrangement, if successful, will allow you to hand over the deed to your home to the loan company and avoid the foreclosure process. This solution may not be the easiest to swallow, but it’s one of the best ways to protect yourself from a devastating effect on your credit rating.
We all hope to never find ourselves in a situation where we have to relinquish ownership of our homes, but sometimes life doesn’t go as planned. In cases where foreclosure seems inevitable, there is an alternative – deed in lieu of foreclosure. This option allows you to hand over the ownership of your house to the loan company, which saves them a significant amount of money that would have been spent on foreclosure proceedings. Not only does this save the lender money, but it also keeps a foreclosure from being listed on your credit report. While it may not be the ideal solution, deed in lieu of foreclosure can offer a measure of relief in tough times.
You can also avoid foreclosure by selling your house before it’s lost at the auction. If your loan is paid in full then there will be no more penalties against you and your credit rating. (If your loan isn’t paid in full you will need to make up the shortfall).
Here’s an example: Let’s say you owed $100,000 on your home and you sold your home to us for $90,000. You would give that money to the loan company, along with $10,000 to make up the short-fall, and your loan would be paid off. (If you contact a real estate attorney, you may be able to negotiate a deed in lieu of foreclosure deal in which the loan company agrees not to go after the difference in exchange for the deed to the house.
I couldn’t believe how easy it was to engage and have this transaction happen so that it was a “win-win” for every one.
I am a power of attorney for a friend who had a stroke and was in need of selling her home. Being removed from the location of the home, and my friend also living several states away, I stared searching for a way to sell her house remotely. MoveOnHouseBuyers were so very quick to respond, and make an offer. They were so professional, very open and honest about how they worked, and were very respectful of what my friend needed out of the house. I couldn’t believe how easy it was to engage and have this transaction happen so that it was a “win-win” for every one. I would highly recommend this company to anyone needing to sell their home, and want to least painful way to do it. My friend is ever so grateful for this sale. Thank you!!!
I want to avoid giving my house back to the bank in Baytown!
Why do people choose to sell their home instead of going through foreclosure? (After all, they still don’t live in their home anymore.)
Well, losing a home can be difficult but the impact on your financial situation and your credit is considerably less than if you simply wait out the foreclosure process. In fact, going through foreclosure could impact your credit score by as much as 100 to 150 points. So the short-term challenge of selling your house is still a better choice than the long-term pain of giving your house back to the bank.
We Buy Houses For Cash – Reasons
Life has its challenges for everyone. We buy houses with a fair, all-cash offer to help you better resolve your issues. There are many reasons for you to look for “sell my house fast ”, such as financial crisis, loan payment, health conditions, job relocation, divorce, etc.
In any of these cases, when you need fast cash for your house, no one can give a better offer than Move On House Buyers. We provide you with a genuinely equitable fair, all-cash offer for your house anywhere in Texas. Unlike traditional methods involving bank approval and prolonged waiting for cash, we deliver swift cash within as little as 7 days. Hence, you get immediate cash in situations where you badly need it. Now, you can contact us online and sell your house, bypassing the traditional methods of repeated house showings, real estate commissions, and prolonged closure.