GET STARTED | Get Your Fair Cash Offer Today

  • This field is for validation purposes and should be left unchanged.

Giving My House Back To The Bank In Dallas-Fort Worth

“I’m behind in payments…will I be giving my house back to the bank in Dallas - Fort Worth?”

Nobody desires to experience the loss of their home, but sometimes, due to unfavorable financial circumstances, the burden of financial commitments can become overwhelming.

If your financial situation deteriorates significantly, you may find yourself in the unfortunate position of having to surrender your home to the bank in Dallas - Fort Worth, TX, resulting in a temporary loss of residence. Moreover, this could have lasting repercussions, notably a severe and enduring negative impact on your credit score, potentially hindering your ability to secure a future home.

Such an outcome is far from ideal; it’s something nobody wishes for. The good news is that there is a proactive strategy you can implement today to safeguard your financial well-being and work towards a path of financial stability.

Here’s a brief overview of the foreclosure process

The foreclosure process can vary depending on location and the type of mortgage you have.

Typically, when you fall behind on a few mortgage payments, your loan provider will initiate a process of sending you notices and subsequently warnings. If you continue to neglect the repayment of these missed mortgage installments, the loan company might eventually arrange a public auction to sell your home.

The duration you can remain in your residence after it’s been sold through an auction varies depending on the specific regulations in your state. Nonetheless, there will come a time when you’ll be required to secure an alternative place to live.

Fortunately, you have options!

Delaying action until your home undergoes foreclosure can severely damage your credit score. One safeguarding option is to arrange an agreement with the loan company known as a “deed in lieu of foreclosure.”

This arrangement entails transferring ownership of your house to the loan company, allowing them to save the considerable expenses associated with foreclosure proceedings. In return, you avoid having a foreclosure notation tarnish your credit history.

Another route to avoid foreclosure is to sell your house before it reaches the auction stage. If your loan is fully paid off, there won’t be any further penalties affecting your credit score. However, if your loan isn’t completely settled, you’ll need to cover the remaining balance.

For instance, suppose you had a $100,000 mortgage on your home and sold it to us for $90,000. You would provide this $90,000 to the loan company, along with an additional $10,000 to cover the deficit, effectively paying off your loan. (By consulting a real estate attorney, you may have the opportunity to negotiate a deed in lieu of foreclosure agreement where the loan company agrees not to pursue the remaining balance in exchange for ownership of the property.

At Relief Home Solutions, we’re professional real estate investors. Contact us today at (214) 983-1833 to find out what we can offer you for your house — even if it needs repairs.

I want to avoid giving my house back to the bank in Dallas - Fort Worth!

What motivates individuals to opt for selling their homes instead of enduring the foreclosure procedure? (Even though they won’t be residing in their homes any longer.)

The rationale behind this decision lies in the fact that while losing a home is undeniably tough, the repercussions on one’s financial stability and credit rating are far less severe compared to allowing the foreclosure process to unfold naturally. In reality, going through a foreclosure could potentially slash your credit score by a significant 100 to 150 points. Hence, the near-term challenge of selling your house remains a superior choice when weighed against the long-lasting consequences of surrendering your property to the bank.

Interested in learning more about a proactive option besides giving your house back to the bank in Dallas - Fort Worth? Call us at (214) 983-1833 or fill out the form to get more information

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

What Do You Have To Lose? Get Started Now...

We buy houses in ANY CONDITION in Dallas-Fort Worth. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (214) 983-1833...
  • Hidden
  • By providing your mobile number, we may contact you via text message; standard message and data rates apply. Reply stop to opt-out.
  • This field is for validation purposes and should be left unchanged.

Call Us!
relief home solutionstaxi fare calculatorBest Coupons and Deals