Foreclosure Options for Homeowners and Lenders

Foreclosure Options for Homeowners & Lenders

Foreclosure options for  homeowners and lenders, they actually have a lot of options when it comes to foreclosures. Lenders do not have to foreclosure and, many times, the homeowners don’t know about all the options they have to avoid foreclosure. Often times, the homeowners have the ability to stop the foreclosure before it happens, by working with their particular lender, or with an investor.

Typically, once a homeowner misses(3) payments, the lender will start the foreclosure process. Depending on the State and County, it can take anywhere from (21) days to a year for a property to be foreclosed on. Yes, a Year! In Dallas, Texas, I have seen foreclosures take up to (18) months. That is from the time of missed payments, Notice of Default to the foreclosure auction. So there is plenty of time to find a solution.

In some states, once the lawsuit is filed, it can take anywhere from 21-45 days for the house to be sold at foreclosure auction. These days, the lender might actually stall and wait a few months before they file the lawsuit. Giving the homeowners more time to make other arrangements current, this includes Texas. The homeowner can stay in the house until that time.

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Selling Your House Fast

Other arrangements include selling the house or working with a real estate investor like me. Even though the homeowner is in default, they still own the property and have the right to sell it. Homeowners have a couple of different options for trying to sell their house, depending on how much they owe on it. In many foreclosures, there is no equity in the house, but if there is some equity in the house, or if what’s owed is equal to or below the market value of the house, then it is a good option to sell your house fast.

Two options for selling the property are For Sale by Owner (also known as FSBO) or through a realtor. There are Pros & Cons to each. Selling your house For Sale by Owner can be very stressful on the homeowner, who is probably already under a great deal of stress. It takes time for the homeowner to put ads in the newspapers and online. Now the homeowner has to be there ever time a buyer wants to see the property. They are also responsible for any marketing expenses for ads and signs that they want to put out. If they are already under financial distress, having more marketing expenses is probably not going to help.

Foreclosure Options for Homeowners and Lenders

Selling through a realtor can be less stressful as far as expenses go and having to do their own marketing. However, those things aren’t free. That’s where the realtor commissions comes in. When the house is sold,a certain percentage is taken from the seller’s proceeds in order to pay the realtor. If house doesn’t sell for a high enough price, once the realtor commission is paid, the homeowner (who is already unable to make their mortgage payment) then has to to bring cash (which they may not have) to the closing table in order to satisfy what’s owed to their lender.

Now, there are (2) types of repayment plans. They are Loan Modification and Forbearance.

The Loan Modification permanently changes one or more terms of the homeowners loan. For example, the interest rate may be lowered and permanently changed so that the homeowner has a lower payment and a better chance to make the payments. There could also be an extension on the payoff terms of the loan. A re-amortization of the loan takes place and the new payoff schedule is put into place. When this happens, the loan is reinstate and the payment is one that  the homeowner can afford. This gives the homeowner a better chance of being able to make their mortgage payments and keep their house.

The Forbearance agreement is beneficial for borrowers who have had a temporary financial difficulty rather than long term financial difficulty. The reason this is true is because a forbearance agreement has the borrower bring the loan current by rolling missed payments and late fees on top of their current mortgage payment, typically increasing their payments to an even higher amount than before.

Does this make sense? NO! For someone who is already having trouble paying their mortgage, this is a near impossible solution because it is increasing the monthly payment that they are already behind on. Most homeowners who are in foreclosure don’t have any extra money to make a higher payment, or even their current (lower) payment, so this isn’t a good option for most people.

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Foreclosure Options for Homeowners and Lenders

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Sell Your House Fast Dallas

Sell Your House Fast Dallas, using simple effective and inexpensive tips. You can expect an offer quick. Whether you are selling in Dallas, Texas or Fort Worth, Texas, you can sell your house fast, but putting your house on the market can be stressful. Having to keep it presentable and showing the house every week and weekend. Now, if you have kids and pets, double the stress.

Know this, buyers will most interested in your property in the first few weeks on the market. So things you need to do well are here…

Steps to Selling Your House Fast

  1. Get that storage unit: Do you really think the easiest way to declutter a home is to shove everything into the closets? Wrong, Buyers who tour your house will check out the storage space available. Don’t get caught unorganized with overstuffed closet space. Go get that storage unit instead, to house all the items. This will also make for a quick move out, once the your house sells. You can also call the Salvation Army to pick up any furniture you will not use again.
  2. Promote your house yourself- don’t leave all the market to somebody else. Do your part to get the word out about selling your house by using your own personal social media accounts. Send  the a promo to all of your family and friends and ask everyone to pass it forward. You never know who is in the market to buy a house. Tell your neighbors, they may have family or friends who are looking to move into the area.
  3. Find the Right Real Estate Agent, not all real estate agents are the same. What really matters? The agents track record of sales in your area is what proves who should get the job. An agent must be familiar with the neighborhood, be able to walk into your home and be able to tell the story of exactly what buyers want to hear. Be sure to check the online reviews the agent should have. If not, you may get stuck with a house you no longer want. Will the agent promote the property online and post the photos on their website and other websites?

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Should You Make Upgrades to Get A Better Price

Making small upgrades may help. Don’t go overboard with it though. Chances are that you will not get your money back from upgrades. Let’s focus on the smaller upgrades, particularly the kitchen and bathroom(s). These are the areas where you will get a return on your investment. New sinks, and cabinet hardware for the kitchen. Light fixtures, and maybe appliances. Shower curtains, hand towel hangars can easily transform these areas. Do this you can spend around $3,000-$4,000 and should not spend more than that.

Selling Your House at The Right Time

This is a must, if possible. Spring and summer are typically the best times to sell a home. If you can wait until then,you would be better off. Inventory may be higher in these seasons, but if you did your work correctly, no problem. Be sure your home is looking good, and price the property correctly. Just because you want or need a certain amount does not mean the neighborhood or area calls for that price. Do your research on the CMA (Comps) and get listing prices suggestions from a couple of agents. Taking one agents price quote may not be the correct one. Sell Your House Fast Dallas, but sell it with the correct asking price.

Here are several online sources where you can get free CMA’s. Visit redfin.com I have found gives the closest to what an agent will get as for comps in the area. Don’t go beyond 1/2 mile radius, and be sure to describe your property correctly. Stay away from zillow.com  they have whacked out comps and are never what should be used.

Article Subject: Sell Your House Fast Dallas

Are you the Executor of a Will? Now what?

Are you the Executor of a Will? Now what?

Are you the Executor of a Will? Now what? Now that you are the Executor of a Will or (Personal Representative) it doesn’t have to be overwhelming. Get organized to make things a bit easier. First, did the decedent have a Will?

If no Will, then in Texas, yo do not have to Probate the Estate. In Texas, you can legally sell and divide all property owned by the decedent and you can gain access to any bank accounts , as agreed to by all family members. Simply give ma call at (214) 723-1304, and I will walk you through the process of ‘No Will’.

It is much easier than people think, to work with a Title company who can handle the sale of real estate owned by the decedent, when there is no will.

You can ask yourself, are you willing to be the executor, and possibly have to work with a co-executor? if yes, then find out if there…

  1. Are co-executors? If so, can you and are you , willing to work with the other(s)?
  2. Is there property owned or real estate to be sold?
  3. Are there banking accounts or investment accounts to be handled and divided?

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Once Determined the Executor of a Will, Now What?

Among all of this, are you ready to take on the financial responsibility that goes with the position? Not to mention the time and work involved, because it will be a journey. Are you the executor of a will? Now what?

The executor of a will and /or the estate is responsible for the funeral and burial arrangements. An executor will pay for the cost involved with the estate and probate. Which includes Attorney fees and Court cost.

Get all important documents together-life insurance policies, titles-deeds to all properties owned by the decedent. All tax returns, and documents relating to any benefits such as Social Security, Medicare or Medicaid, investment certificates, and burial plots. Put everything in a file folder. on a spread, add all items that are in that folder.

Keep it as simple as possible, keep it current, keep it in a safe place.

We Buy Houses Inherited by Heir’s

Since 2001, we have been buying houses from heirs of decedents and have seen many easy a process go bad fast, when the heirs do not agree on the most simple issues. A consideration would have been to look into a Revocable Living Trust. Problems solved, or could have been.

Are you the Executor of a Will? Now what? Or is there no Will? Give us a call at (214) 723-1304 to find out more about how the process can work when there is No Will. There is no need for family disputes and most times an outsider can help resolve the mater quicker.

Article Topic: Are you the Executor of a Will? Now what?

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So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

So You Are Selling Your Home Yourself? FSBO in Dallas, Texas. What paperwork is needed when selling your home on your own. You don’t want to pay a realtor’s commission. You can take an offer from investors, but need the most money. There is certain paperwork you need before you can sell. You also need to clean up the house inside and outside, before showing the place.

State Regulations

So, know this, different States have different regulations when it comes to selling residential real estate. So, in Texas, do some research before getting started. Look at websites for the State of Texas and Dallas County for which your property is located. You will also need to find a friendly Title company or Real Estate Attorney to complete your transaction and transfer title to the buyer.

A Real Estate Attorney can provide the documents needed for you and close the deal. Or at least guide you in the correct direction and watch to make sure no State Laws are broken. Get all documents together and make (2) copies. One copy for you and the other copy for the buyer, as the buyer will need any copies of the transaction. You will want to make all copies of your ownership of the property available for potential buyers.

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So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

Remember to get an appraisal and inspection done, so all copies are provided to buyers as well. Should you need to make minor repairs to the house, keep all receipts and be sure they are transferable to the buyer.

The property survey should be made available

Property Title showing your ownership

Again, all receipts from any work competed

Warranties for all appliances, finishes and upgrades

Any plans for additions and upgrades

Get a Home Equity Line of Credit which shows value of the property

Any utility bills to show energy conservation

Property Tax bill

Home Insurance Documents

Any Homeowner’s Association agreements and covenants

Floor plans and blueprints

You Must Disclose All Problems

You will need a full disclosure statement and plan available with copies to share with each potential buyer as you show your home. In Texas, the disclosure needs to outline any and all defects and dangers on or within the property. The disclosure will need to include, any mold, lead paint, radon, structural issues, flooding, asbestos, and other potential problems.

Your local Realtor Association can provide you with the disclosure documents. There is a series of yes-no questions to answer detailing the property and your experience living therein.  Before your buyer(s) start making offers to purchase your home, it’s only fair they are aware of any problems or issues with the property.

Time for the Real Estate Contract

Now the agreement between buyer and seller, preparing and executing the proper legal agreement is critical. This contract should outline all the terms and agreement(s) for both buyer and seller, and should include:

Identity of the buyer and seller

Property characteristics (type of property whether a condo, single family home, multi-unit, address, lot size, parking sites, legal description)

Purchase price

Amount of Earnest funds and the terms of the borrower’s financing

Any contingencies (an attorney and inspection provisions)

Closing date

Tax prorations, assessments & utilities

The particulars of what type of Title clearance the seller is obligated to provide

Particulars as to which party pays for what closing cost.

Legalese regarding Notice of Default, etc.

Any miscellaneous provisions the parties agree on

You can find all the contracts and addendums needed when selling your home FSBO at the Texas Real Estate Commission and get moving selling your home FSBO.

So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

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With so much going on in the world of Dallas Real Estate

With so much going on in the world of Dallas Real Estate

With so much going on in the world of Dallas Real Estate, it is good to find your business amongst the competition.  We buy houses in Dallas. So called gurus are selling their real estate programs to newbies as veteran investors and realtors alike are finding and landing real estate contracts.

As a real estate investor since 2001, I usually have 12 to 15 houses lined up for rehab. We stay very busy with all rehab projects and I find myself having to perform multiple tasks in our acquisitions. Enjoying the fruits of our labors for the last 16 years will be past to our children very soon.

So should you need to sell your home in Dallas, you need to call me at (214) 723-1304. I will make you a Top Dollar Cash Offer for your house.

When trying avoid foreclosure, that can be a scary time. We have found that many home owners in Dallas foreclosure, have never contacted their lender for help. By the time the home owner does anything it is some times too late.

Our Competition is Tough

With the competition such as the Chinese Investors and Hedge Funds buying houses at a higher price than what some investors are willing to pay. It’s no wonder some of those investors are closing their doors. For clearer explanation, the Chinese Investors have always been a good competitor.With_so_much_going_on_in_the_world_of_real_estate Buying at fair prices, now we have the Chinese buying houses and all real estate in America, directly from the banks and auctions. Even if you need to avoid probate, there are ways to do just that. These competitors will also be there to buy that Dallas probate property.

Hedge Funds have stepped into the game buying multiple packages of properties from banks and portfolios of properties. Some have asked how we have been able to stay in the market of buying and selling houses in the Dallas area. We have worked with many wholesalers in Dallas, Texas.

Wholesalers are those who buy directly from the property owner(s) and resell that property to us at a slightly higher price. Must sellers will cal us saying, buy my house, and once we have made our cash offer, they find the process very smooth going.

Where to Find Property to Purchase

Wholesalers have been doing this for years and will continue to do so for many years to come. One reason we buy houses in Dallas from real estate wholesalers is, I don’t have the time to market our services in order for the property owner to find my business. That is a full time job to stay in front every day. Although I do pay cash for houses in Dallas every week.

So we ask ourselves, do we expand our area or farm? I say we stay patient and the property will continue to come to us for purchase. We will soon be purchasing from Banks, Auctions & Hedge Funds as they will all start selling those properties looking for their profit or loss. One can only hold a piece of property for so long before it is time to sell.

Article Topic: With so much going on in the world of Dallas Real Estate

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Curb Appeal Makes the Difference When Selling Your Home

Curb Appeal Makes the Difference When Selling Your Home

Curb Appeal Makes the Difference When Selling Your Home. First impressions matter when it comes to selling your home. According to National Association of Realtors, 63% of home buyers will go visit a home, after viewing it online.

The homes exterior including the front yard, walk way(s), driveway and sidewalk all play a big part in the homes curb appeal.  Even if you’re not planning to sell your home soon, a fresh welcoming exterior is nice to come home to.

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Big and Bold Address Numbers

We added big bold house numbers to our exterior, and a new coat of paint. Color schemes make a difference. Clean up the landscape and basic small exterior repairs make the curb appeal work. Paint that front door and shutters to match.

Replacing the lighting, from small to big statement-making pendant light. Add lighting beneath the eaves or install solar lights along the front walk. Remember to lay out a neat path to the backyard. Use natural state of Texas plants and flowers in the front and backyards. These will grow year round and not need much attention throughout the year.

Remember, a little can go a long way to great curb appeal. When you live in the city, it can be hard to personalize your home’s exterior. Though working with what you have by adding neat window planters, glossy black shutters, good lighting and clearly visible house numbers.

Curb Appeal Makes the Difference When Selling Your Home

Spending a couple of weekends working on the outside of your house, in beautiful weather to make sure your home looks great, benefits everybody and the neighborhood. Before long your neighbors will be doing the same to their properties.

Now, let’s look at those windows. Sometimes a good cleaning will do the trick. But then there are times when a new set of windows are needed. One of the simplest but most satisfying fix-ups you can do is to make your windows shine again. We all enjoy natural light in the house. You may need to pull some weeds or ivy around the house to get that natural light inside.

How does the trim around the window panes look? Does it need more than a paint job. Clear out the rotted wood if needed. Not such a hard to thing to do. DIY clapboard repairs.

Renew the deck(s) in front and back. Fixing the deck spaces around your home, so they’re safer and more inviting for summer and fall entertaining.

 

Doing these repairs and clean ups may take a couple of weekends, but in the end it will be well worth your time and effort.

Article Topic: Curb Appeal Makes the Difference When Selling Your Home

Should I Fix-Up My Home or Sell It As Is?

Selling Your Home In “As-Is” Condition

Should I Fix-Up My Home or Sell it As Is? A few years ago, a past client called to say her next-door neighbor needed to sell their home A.S.A.P. To say it needed work was an understatement.

It had holes in the walls all the way to the exterior. There was urine-soaked wood floors. Few of the electrical outlets work. The bathroom tub had fallen through the joists. All in all, the home appeared inhabitable.

All faucets in the bathroom’s and kitchen leaked. In one bedroom, I found a pile of dead rats swept into a pile in the center of the floor.

This was no easy fix for this house and a coat of paint would not have helped sell this place. The owners priced it low enough that it attracted multiple offers and sold with zero days on market. Only contractors and flippers made offers on this home.

Some Home Buyers Want Fixer-Upper Homes?

Yes, a few home buyers want to buy a fixer upper house. But most of those buyers want a home that needs light cosmetic repairs. Some buyers who do want fixer-uppers are those who don’t qualify to buy a more expensive home. So, again, should I fix-up my home or sell it as is?

I’ve yet to meet a first-time home buyer who says, “Give me a home I can tear down”. Most fixer-upper buyers will do simple repairs. Maybe paint the walls, put in new carpeting or replace light fixtures. They typically don’t want to rebuild a foundation or move walls. That is more for the fix-n-flippers who buy to make a profit.

Fixer-upper buyers will discount the price of the home to allow for the repairs. So, let’s say, a home is worth $100,000 fixed up, but it needs a new roof. A new roof might cost $10,000. A buyer most likely will not offer $90,000 for this home. Otherwise, they could buy an identical home with a new roof for $100,000 and not have the hassle.

Sometimes the insurance will cover the cost of the new roof should a storm have had damaged the roof.

A buyer for this type of home might offer $75,000, or even less. In this scenario, a seller would be smarter to pay for a new roof and sell the home for $100,000. Should your house need minor repairs, or just a few repairs. Fixing it yourself is the way to go.

Should I Fix-Up My Home or Sell It As Is?

Should I Fix-Up My Home or Sell it As Is?

Now, Before Fixing Up Your Home, a smart home seller will weigh the cost of improvements against the home’s market value, after the repairs or upgrades are completed.

If an upgrade won’t return the investment, the improvement might not be warranted.
Go tour other homes in the neighborhood before taking on repair project on your home.

Find what you like or dislike about some of these houses. Ask a real estate investor to make an offer on your home in it’s “as-is” condition. Make a list of everything that is defective, broken or worn out.

Here are 10 minimum improvements to make before selling your home:
• Patch holes and cracks in walls and ceilings.
• Fix all broken appliances and HVAC systems.
• Repair leaky faucets.
• Replace worn or stained carpeting.
• Repaint dark or marred walls with neutral paint (not white).
• Replace broken window glass.
• Repair the roof.
• Change out any dated light fixtures / ceiling fans.
• Replace old drapes and window coverings.
• Fix code violations.

Get an offer that reflects what you’ve put in.

Tell us about your home and what makes it unique. What have you upgraded? Also, what needs work? We will take all that into account, along with neighborhood data and recent nearby home sales. At that point, we can make you a competitive offer. Then we’ll call you to talk it through.

If the home is in poor condition or has not been updated, most buyers interested in the home will be investors or builders who will look to fix up the home and flip it or tear it down and build a new structure. Real estate investors and builders will want to purchase an “as is” home at below the property’s current market value to ensure they make a profit on their investment.

Since 2001, we have been buying and selling homes in the Dallas, Fort Worth area. We have purchased hundreds of homes in the DFW area with many very happy clients.  Being able to remodel, and update to current standards is what we pride ourselves on.

Call Robert – (Cash For Houses Dallas) at (214) 723-1304 or email robert@cashforhousesrh.com to get your competitive cash offer today.

Should I fix-Up My Home or Sell It As Is?

Some quick fixes when selling your home pay off. But which brings the most return on investment? Many sellers try to do the right thing, they often make repairs that are not needed. So ask yourself, what time of year is best to sell? The location of your home, is it accessible to highways, shopping etc?

Is now a good time to sell? What is the market, hot or not? Drive your neighborhood to see what competition is selling. Do you have ranch style home or a shot-gun style home? These things matter when selling your home.

There is no hard rule. But there are general guidelines and the National Association of Realtors may be helpful. With so much information to research, most sellers get tired and quit. Do yourself a favor, call a local realtor or investor for help. Call me at (214) 723-1304 or email robert@cashforhousesrh.com and I will provide you with a Comparable Market Analysis (CMA) and go over it with you.

 

Article Topic: Should I Fix-Up My Home or Sell it As Is?

So, You’re Thinking of Selling Your Home?

So, you’re thinking of selling your home? And considering doing the repairs yourself? There are many home improvements you can do on your own to add value to your home. While being aware of the projects that can provide the best return. Can you do all the repairs yourself? A good home owner will keep track of all repairs and updates over the years.

Maximizing your home’s value by making improvements can be costly. Doing it yourself may save you time and money. Or, maybe not! Add curb appeal to keep up with your neighbors can be good when selling your home.

Resale Values

Resale for home improvement projects is an average 64.4 percent of a project’s cost if the home is sold within a year. With home improvement projects getting more expensive and the increasing home prices. Here are a few do-it-yourself tips you can check off your list for cheap, prior to sale.

Keep it clean Curb appeal and first impressions count when selling your home. Make the interior of your home shine from floor to ceiling. Spruce up the place. Pick up personal items and store them neatly away. Keep counters, baseboards and all areas inside and outside of the house clean. Clean all the windows, doors, and mirrors. Deep cleaning and declutter your home.

So, You’re Thinking of Selling Your Home? I Dallas, Fort Worth, TX

Exterior Cleaning and Curb Appeal

Add lighting Simply opening windows, cleaning skylights and removing outdated curtains can add natural light. Have old lighting fixtures hanging from your ceiling? Get new fixtures for your home. Include ceiling fans.

Yardwork Good yardwork improves the curb appeal of your home. It is important to think “green” when it comes to your landscaping. Choose low-maintenance landscaping, such as adding beds of mulch instead of grass or choosing Native Texas Plants plants to cut costs by requiring little effort on upkeep.

Interior Eyesores

Wood floors are the In Most homebuyers are moving away from wall-to-wall carpeting. With a preference on homes with hardwood floors. Refinishing wood floors on your own can seem like a daunting task. With the proper tools this DIY project can be done on a budget.

Interior painting Stick to neutral colors when choosing your paint, as you’ll want your paint colors to appeal to a larger number of people.

Update the kitchen Your kitchen is the part of your home that will get the greatest return on your dollar. Upgrading your current kitchen appliances like dishwashers, microwaves and stoves can increase the value of your home. Consider choosing stainless steel when updating your kitchen.

So, You’re Thinking of Selling Your Home?

Consider the Utilities

Check all electrical A healthy home electrical system is crucial, to pass a home inspection. Test your sprinkler systems and doorbell. Fix any lights or outlets that don’t work properly. Most of these tasks you can do on your own.

Update your bathroom(s) Bathrooms are another update must do. Giving your bathroom a quick refresh is a great DIY project when selling your home. Upgrade fixtures, such as knobs and pulls, check for leaky faucets or poor drainage, consider re-grouting your shower or installing a tile backsplash, and always keep it clean. These easy fixes will add value to your home.

Popcorn ceilings are ugly Popcorn ceilings are a thing of the past and tend to date and devalue a house. You can remove your popcorn ceiling yourself with the proper equipment.

Article Topic:  So, You’re Thinking of Selling Your Home?

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I Inherited My Parents House, Now What?

Inheriting My Parents House

I inherited my parents house, now what? Suddenly, you’re faced with questions you may not be prepared for. Should you sell the house, rent it, or live in it yourself? The wrong decision could cause serious financial hardships later, or even lead to family feuds.

Should you be the only person to inherit the house, decisions can be easier. But, what if you want to sell it and your brother wants to rent it out, or live in it himself? If so, let him pay the mortgage and other bills. You will still have a responsibility to the Estate. Be careful here.

To Rent or To Sell the Inherited House

Talk with your siblings and other family members included in the ‘Will‘. Get a census of what everybody wants. There’s a good chance the mortgage has been paid off. Or, did your parents taken out a reverse mortgage to cover expenses in their final years? This, you will need to consider Now! Do you pay off the reverse mortgage now, or rent the house to pay it off? -Reverse mortgages cannot be assumed by heirs.

So you want to rent out the house? You must first pay off the Reverse Mortgage. Is it worth going through the headache? Renting the house, while having no experience in the house rental business, can become a nightmare fast. Prospective tenants can destroy the house and drag you through the municipal courts for months without paying the rent. Guess who gets to pay the mortgage now?

I Inherited My Parents House, Now What? Dallas Fort Worth TX

What about the House Inspection?

So, you have looked at mortgage. What about the house itself. Look at updating the house. How or rent the house? Who pays for the inspection? Here is another area where you want to consider selling the house(s)

I inherited My Parents House, Now What?

Call me at (214) 723-1304, for a Free Inspection. I will also make you a ‘Top Cash Offer’ to buy your house(s). You get (2) services with (1) phone call. Now, how much money will you have to spend to make the house insurable? To Rent or To Sell the Inherited House? A lot to consider here after inheritance. Now, what about the bank and other financial accounts?

Article Topic: I inherited My Parents House, Now What?

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Several Options to Avoid Foreclosure in Texas

Reinstate Your Mortgage

Several options to avoid foreclosure in Texas. You may be able to reinstate your mortgage if you have enough cash at this point. Make up all the missed payments plus fees and interest the lender charges you.

Your state’s law will probably give you a certain amount of time. After the lender gives you notice that the foreclosure is beginning. You do have a legal right to reinstate the loan this way. (Check State of Texas rules here Summary of State Foreclosure Laws.)

For example, in California you have the right to reinstate your loan for three months after the lender mails you a notice of default. After that period ends, if you haven’t negotiated a workout, the lender can and will does accelerate the loan.

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Contact the Lender

The lender will notify you that it is declaring the entire amount due immediately and send you a notice of sale. Informing you the house may be sold in 21 days. Even then, you can reinstate the loan up to five days before to the sale pursuant to state law.

In some other states, the lender may accelerate the loan as soon as you fall behind in your payments. In those states, the law does not give you an opportunity to reinstate.

But more and more lenders are not eager to accelerate the loan and push ahead with foreclosure. Tthey would prefer to work something out with you. Additionally, many mortgages and deeds of trust provide a right to reinstate as part of the agreement.

If you have enough money to be considering reinstatement, you can probably also negotiate something with the lender. Several Options to Avoid Foreclosure in Texas.

Be mindful that most lenders don’t want to foreclose—it’s a hassle for them. Especially these days when some house prices have fallen and banks don’t want to be saddled with real estate that may be hard to sell.

Negotiate a Workout

Contact the Homeownership Preservation Foundation at 888-995-4673 or http://www.995hope.org/.) With the assistance of a counselor, you may be able to get:

  • temporary relief from having to make your monthly payments (forbearance)
  • a plan to make up your missed payments (at the end of your mortgage or on top of your current payments within a specified period of time)
  • a lower interest rate—and as a result, lower monthly payments, or
  • a reduction in your principal loan balance.

Find a HUD-approved housing counselor. Visit the Making Home Affordable website. (To find a HUD-approved housing counselor, visit the Department of Housing and Urban Development website and click “Talk to a Housing Counselor”.

Even though you can negotiate directly with the servicer, it’s always worth talking to a counselor. Their services are free, and they will help you explore possible remedies and negotiate a workout with your servicer or lender.

You may have even more workout options available to you if your loan is owned, insured, or guaranteed by a government agency such as Freddie Mac, Fannie Mae, the Federal Housing Administration, HUD, the VA, or the Rural Housing Service.

In fact, mortgages insured by the VA or the Federal Housing Administration (FHA) do not qualify for modification under the Home Affordable Refinance or Home Affordable Modification programs.

Refinance

If you can refinance at a better rate and pay off your old loan, you can start fresh. Fortunately, refinancing is easier these days if you have equity in your house. If the home value curve in your community is trending up rather than down. Several Options to Avoid Foreclosure in Texas.

Of course, if your mortgage is owned or controlled (through securitization) by Fannie Mae or Freddie Mac and you qualify for a refinance under the Home Affordable Refinance Program. Your refinancing worries may be over. (See the article here on refinancing under the Making Home Affordable program.)

Some states give you the right to “redeem” your mortgage by refinancing up until the time of the foreclosure sale.

A few even let you redeem for a certain period of time after the sale.

Article Topic: Several Options to Avoid Foreclosure in Texas