Knowledge is truly power, and educating yourself about a subject you're unfamiliar with can help alleviate the dread of the unknown that plagues borrowers facing foreclosure. If you're having trouble making your mortgage payments, learning about the process will help you plan your next steps rather than allowing a foreclosure to happen to you.
Being forewarned is to be forearmed, so here are four things you need to know about foreclosures in Arlington.
Pre-foreclosure
The first thing you should know about foreclosures in Arlington is that it's better to act while you're still in the pre-foreclosure stage of failing on your mortgage and the lender is only getting started with legal proceedings to reclaim your home. You should not bury your head under the blankets and hope that the problem would go away. Your lender will continue to communicate with you; while this may be inconvenient, discomfort is where progress happens. As a result, there is no better time than now to address your mortgage payment issues head on. You must, however, take action if you are aware that your circumstances have permanently changed and that you will not be able to stop the procedures by catching up on your payments. One possibility is to try to secure new funding. Another alternative is to sell the house to a direct buyer, such as Top DFW House Buyers. Unlike a traditional listing, where you must hope for a buyer, we guarantee closing dates, which are usually within days.
Foreclosure
A foreclosure is the formal legal step taken by the lender to recover the debt for the property once a borrower has missed a set number of payments. While you will be able to stay in the house until the foreclosure is completed, if you have not yet relocated, you will be subject to eviction proceedings. The second thing you should know about foreclosures in Arlington is that you only have a limited amount of time to prevent your future from becoming a disaster. While no one likes to ask for help, now is the time to contact someone who has dealt with foreclosed houses before. Professional investors like the experts at Top DFW House Buyers will detail every figure used to reach their offer that you will agree is fair. You can forget about all the prepping, repairs, and marketing expenses, not to mention the commissions with a traditional listing. You can start sleeping again at night because a direct sale is for your property as-is.
Aftermath
Foreclosures in Garland, Tx linger on your credit history for seven years, which is something you should be aware of. Not only will this effect the amount of interest you pay on any credit you qualify for in the future, but it may also impair your ability to find housing and even work. Furthermore, while any leftover equity after the auction sale would be yours, it would most certainly be swiftly depleted due to late fees and the fact that the bank will accept the lowest appraisal value and bids as low as 90% of that value. In addition, you will be accountable for the foreclosure costs. Sadly, on the other hand, you may still be left owing the lender any remainder of the debt on the mortgage, known as a deficiency balance. Additionally, you will face tax consequences; when a forgiven debt is considered income. A direct sale to a professional investor like those at Top DFW House Buyers will save you from all of the costly consequences of foreclosure.
Top DFW House Buyers
Don't waste any more time! The professionals at Top DFW House Buyers recognize that things happen that are out of our control, and they have years of experience assisting customers in Arlington who were facing foreclosure. The offer you receive from Top DFW House Buyers is for cash, and there will be no commissions, hidden fees, or closing costs to pay at closing. If you still have time to list your home on the traditional market, the expert investors at Top DFW House Buyers will compare the costs of listing FSBO or with an agent vs. a direct sale and show you how much money you may make with each mode of sale. So then, even if you have delayed taking any action, and a foreclosure is a matter of weeks away, it’s not too late. If closing in a matter of days is a little too fast for your plans, Top DFW House Buyers is flexible on the closing date, so you can close and move out when you’re ready. By working with Top DFW House Buyers, the only thing you have left to worry about is moving. Contact Top DFW House Buyers today at 972-284-9713 to learn more.
