How Does Selling Your House Under Foreclosure in Dallas Work?
Financial difficulties are running rampant across the nation these days. In fact, the majority of American families are only one or two paychecks away from being hungry and homeless. Unless the cost of living begins to drop or average wages start heading in the right direction, this problem is only going to grow during the coming years.
All this leaves hundreds of thousands of families facing the prospect of foreclosure. While it may seem few alternatives are available at that point, those who need to sell house fast dallas have other options at their disposal.
Understanding how the process works can help take some of the stress out of the situation.
So, let’s dig into how to sell your house under foreclosure and things you need to consider along the way.
First Things First
With financial hardships becoming increasingly common, a number of mortgage lenders have revisited their policies regarding late or missed payments. Though they offer a little more leeway for such situations than in the past, they’re not willing to budge.
In most states, lenders allow four missed payments on a property before resorting to measures beyond late fees, penalties and harassing phone calls.
Up until the fourth payment is missed, a homeowner is generally considered somewhat safe. Lenders are often willing to work with borrowers during this time to help prevent them from losing their homes and to defray their own losses.
Government-based relief programs and other options may come into play here, but not all homeowners are eligible for these types of assistance.
Lenders may list the properties in question in local public records along the way as a means of advertising, so to speak, to let people know it may be up for sale soon.
After that point, a property is considered to be in the pre-foreclosure state. Homeowners then have an additional 90 days during which they can seek out other alternatives.
If they happen to come up with the full sum of the missed payments and other fees owed, they can pay the lender and bring a halt to the foreclosure proceedings.
Deed in lieu is sometimes an option as well. With this solution, the homeowner signs the deed to the property over to the lender of his or her own free will rather than having it forcibly taken.
Borrowers looking to sell my house fast dallas to prevent foreclosure may take this route during the pre-foreclosure period as well.
Moving Forward
From there, the foreclosure process begins. Lenders are required to send borrowers on the brink of foreclosure a Notice of Default as well as a Notice of Trustee before taking over the property.
The latter indicates the lender is ready to appoint a trustee to handle the process and place the property up for auction.
Auction dates are typically scheduled 21 days from the date of the Notice of Trustee or Notice of Sale as it’s sometimes called.
Before the auction date arrives, you may visit https://www.cashhousebuyersdfw.com/ for help.
In a Nutshell
More than 600,000 properties were lost to foreclosure last year.
That being said, thousands of families were able to save their homes or at least avoid having foreclosures appear on their credit reports.
Many turned to companies stating “we buy houses dallas” to sell their properties before the foreclosure process was completed.
Most lenders make at least some effort to work with borrowers. Some allow for multiple missed payments and provide other types of resources.
Various loan modification and relief programs are also out there, but not everyone is able to take advantage of them. In some cases, selling the property beforehand is the most suitable solution.