Do you know that how many home owners are victims of foreclosure annually? Millions! every buyer and mortgage holder must read this to understand foreclosure works.
So what is a pre-foreclosure in San Antonio anyway?
Statistics account for over 60% of home owners with mortgages across America and San Antonio. What’s worth your concern is; a good number of them are struggling to pay up their mortgages.
Where does pre-foreclosure come in? In the event that a home owner fails to meet mortgage payment deadlines consecutively for 3-6 months. The lending institution would issue out a warning informing the homeowner to pay or lose their home. The warning issued by the lending institution states a period after which when the homeowner doesn’t pay-up the mortgage they lose ownership of their homes. This period stipulated by the lending Institution is called “pre-foreclosure”.
Usually the pre-foreclosure elapses three months; nevertheless, it can vary for each lending institution. If the homeowner is unable to pay-up (i.e become current), the bank is forced to kick the homeowners out and assume ownership of the house.
to make the most of an ugly situation like a pre-foreclosure you must understand how it works, and where you can what can you do and what are your options when a pre-foreclosure is looming.
Pre-foreclosure Options for Borrowers
Following the notice of default from your mortgage lender, you have a number of options that can save the day. Nevertheless, panic is not an option, it’s important not to panic.
Your options for delaying or preventing loss your home:
- Contact your bank and ask them to for a short sale. If your bank agrees to a short sale you would be allowed to sell your home for less than its worth while your bank absorbs the lox as a tax write-off. Depending on your mortgage lender you may be required to pay the difference between your short sale and debt you owe.
- Be proactive and sell your home to a real estate investor that’s reputable in San Antonio like us at Sell My House Fast SA TX. Use the cash made from the sale to make payments for your debt with your lending institution. Also, rather than making back-payments for your debt with your mortgage lender; you can implore us to find a good offer for your lender that strips you off commitment to pay back-payments owed after we buy your home . it doesn’t take so much time to conclude buying your home. We can buy your San Antonio TX area home within a week or two. Payments would be made to you in cash: we would eliminate the stress and time taking hunt for a buyer.
- Is your mortgage “above water”? Your mortgage being above water means that you have equity in your house. no mortgage lender wants to take a house with equity so, they would prefer to refinance your mortgage and receive lower monthly payments. Check with your local San Antonio mortgage broker… or contact us and we can connect you with a reputable one.
- Do none of this option pull the weight you want to pull? Declare bankruptcy; it would buy you enough time to pay your debts. Nevertheless, the downside of declaring bankruptcy is that it would dent your credit report. This can significantly reduce your chances for future credits during your lifetime.
You must understand that your mortgage lender is also aware of your struggle to meet up with your payment deadlines. They have an idea of your financial trouble as well as the prevailing financial troubles in the country. Bottom line is; they’re willing to work with borrowers a lot of the time.
To further foster understanding with your mortgage lender always communicate with your lender the prevailing situation. As much as they want the debt payed, they have your interest at heart and they would provide you with options. At the very least their advice would salvage your credit rating and help you remain in your home.
A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.
But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.
Ways We Can Help If You’re In Pre-Foreclosure
- We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your San Antonio area house – We buy houses in San Antonio and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
- You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.
Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.