16. What is a Pre-Foreclosure in Dallas TX?

We buy properties in Dallas TX

We Buy Houses In Dallas Texas. We are a professional homebuyer in Dallas. We Buy Houses In Dallas Texas. We are a professional homebuyer in Dallas. With many homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to know how it works.

What is a Pre-Foreclosure in Dallas TX?

Many homeowners across America and Dallas are facing difficulties in making their monthly mortgage payments.

When a home-owner misses 3-6 months of mortgage payments, the financial institution will issue a warning, notifying the owner to pay or lose their home. This period is known as “pre-foreclosure.

Banks and mortgage lenders would normally provide at least three months to the homeowner. Although, it may vary by each bank and its policies sometimes.

If a home-owner fails to form the required payments, the bank will foreclose on the house, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgagee has the chance to consider several options to not lose their home.

Pre-foreclosure Options for Borrowers in Texas

In case you are running behind on paying your mortgage fee, you might likely receive a “notice of default” from your lender.

This document will simply say that you haven’t made mortgage payments for the last 90-180 days. It’s important not to panic.

You have options which will help delay or maybe prevent losing your home:

Dallas TX house buyer

Dallas TX house buyer

  • If your mortgage is “above water,” (meaning you’ve got equity in your house) you could refinance your mortgage and receive lower monthly payments. Check with a local mortgage broker or simply contact us and we’ll connect you with a trustworthy one.
  • You may be able to quickly sell your home to a real estate investor that’s reputable in Dallas like us at ‘We Buy Houses In Dallas/Fort Worth’, using the cash acquired to pay the months of back-payments owed or we could work something out with the lender and relieve you of all or part of your back payments.  We can buy your Dallas TX area home quickly, often in only every week or two, and can pay in cash, and it would take the stress out of seeking a buyer.

House Buyer in Dallas TX

house buyer in Dallas TX

  • You can contact your bank and request them to allow a short sale. In a short sale, you’ll sell your house in Dallas for less than its value, and the bank will take the loss as a tax write-off. In some short sales, you’ll still be required to pay the difference to the bank if the house doesn’t sell for what’s owed on the loan.
  • You could declare bankruptcy, which may buy you time to pay your debt. Although, bankruptcy will remain on your credit report for years and may cause significant damage.

Lenders are considerably conscious of the widespread financial troubles across the country and they’re willing to allow the borrowers tons of the time.

If you’re honest and communicate together with the lender, you’ll often find that there are options which will allow you to stay in your home, or at a minimum, let you salvage your credit rating.

A foreclosure may negatively affect your credit score by 200 to 400 points and has the capacity to prevent you from obtaining a loan of any sort for 5 to 7 years, so it could be very difficult if you have got a Notice of Default.

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 help you with a short sale – Just submit your details on this website so we can evaluate your situation to figure out if we will help.
  • We can buy your Dallas area house – We buy properties in Dallas and would love to make you an all-cash offer at 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 us an educated decisions. This doesn’t cost you anything, meaning there’s absolutely no obligation or any kind of pressure, only free guidance without a catch.

Sell My House In Dallas TX

We are a Dallas home buyer and if you need to sell your house in the TX area, we can help you. If you’re in the pre-foreclosure stage, you still have time to solve your situation. We offer cash for houses in Texas.

Just ask and check in with your bank to find out if they’ll work with you, or contact us to see what we can buy your house for or simply to know about our free foreclosure resources.

Want To Discuss Your Pre-Foreclosure Options? Call Us at (817) 298 8924
foreclosure process

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