How To Stop a House Foreclosure in Fort Worth
Receiving a foreclosure notice is a nightmare. We understand what you’re going through at this crucial time, it’s imperative that you take swift action. If the winds are favorable, you may end up saving your property. Most importantly, foreclosure ruins your credit rating. We can help you with some options for going through foreclosure with ease.
Getting a foreclosure notice does not mean that you immediately lose your home. The first option is bringing the loan current. That is paying the default amount and the extra fees, and you don’t have that kind of money on your hands, so let’s move to another option. Try modifying your loan, check whether you are eligible for Homeowner Affordability and Sustainability Plan (HASP), which can restructure your mortgage. If not, try coming on favorable terms with your lender for a loan modification. You can even get your mortgage payment temporarily suspended and pay them later towards the end of the loan. It is called forbearance, refinancing. This implies increasing the loan balance to include payments to re-amortize the loan. It would help if you had sufficient equity to back up the transactions.
There’s another option available for repayment by raising a separate loan. If you fill the criteria set up by the government, you can get an individual loan for repayment. But if you have tried this all and still there’s no hope, try getting in touch with a HUD-approved housing contractor. These are federally-funded agencies that coordinate with various lenders to be a source of relief for the struggling homeowners. Irrespective of the hardships you face, it’s an indispensable part of foreclosure that you only approach legitimate sources. There are plenty of scams out there waiting for people in a desperate situation trying to save their house, and they know exactly how to take advantage. Before giving out any financial information, make sure to scrutinize that it’s a federally approved agency working for free.
Moving ahead, if you feel like any of these options don’t work for you, then you can consider a short sale. All you have to do is ask your agent to negotiate with your lender to cooperate on a quick sale. This process is called pre-foreclosure redeemed. A short +sale can save your credit rating by the damage a foreclosure could cause. Different people have different options to go through foreclosure. Still, if all these options don’t work for your situation, then lastly, you can file for bankruptcy. Here, your credit rating falls sharply, but you get some time to delay your foreclosure while reducing or eliminating your debt. Here’s the technical part. As soon as you file for bankruptcy, an “Automatic Stay” is imposed that starts the collection process, and a foreclosure is temporarily suspended. Further digging into details, you will come across two types of bankruptcy; Chapter 7 and Chapter 13. Depending upon your income, you can file under the respective chapter. In Chapter 7, a court-appointed trustee will sell off your non-exempt property to pay back your debt and wipe off your debt once and for all. Whereas in Chapter 13, you get to pay back your debt with a repayment plan, and you even get to keep your property. Any of them will help you to move forward with your property. Lastly, concluding our list of suggestions with you. If you are going through these tough times and you find our information useful, or you simply need someone to walk you through, feel free to get in touch with us.