BEHIND ON PAYMENTS & FACING FORECLOSURE


Foreclosure

Behind On Your Payments

If you are potentially facing foreclosure, there are many options that you can evaluate as possible solutions when facing a potential foreclosure, depending on how far you are behind on your mortgage.

Some of the options you can consider immediately will largely depend on your equity position. They can include:

  1. Cash Offer

  2. Retail Sale

  3. Owner Financing

  4. Mortgage Assignment

  5. Short Sale

  6. Wrap Around Mortgage

  7. Subject To

Furthermore, if you’re facing foreclosure there are two more options that you can pursue with the assistance of an attorney.  These options can postpone the foreclosure temporarily, and allow you more time to find a solution.

The first option is a TRO, which stands for Temporary Restraining Order.  The benefit to you: if the judge agrees with your request and signs off on it, a TRO can postpone your foreclosure for about 30 days.   Consequently, this postponement will give you more time to find a solution, or the time you need to sell your house. The cost of a TRO is typically around $1500.

Another option is bankruptcy. Many homeowners try this route, thinking it will stop the foreclosure, and allow them to keep their house. Unfortunately that is rarely true, but a bankruptcy attorney won’t always be up front about that fact. Typically, once a bankruptcy is discharged by the court, the mortgage debt will be released from bankruptcy.  This will allow the bank to pursue foreclosure. The cost of bankruptcy is typically around $2000.

If you are unsure of what to do , you should speak with an experienced professional rather than ignore it.  Most of all, they can help you evaluate your options, while explaining risks and benefits of each.  Call us today at (210) 853-2788, or fill out our online seller form “Get An Offer Today” below, and we will get back to you as soon as possible.