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Help For Foreclosure In DFW – 3 Ways To Avoid Foreclosure

Few situations are as distressing to families as the looming threat of foreclosure. Your home, a cherished asset that has faithfully served your needs, may now be at risk due to unforeseen circumstances.

For local families in TX grappling with the specter of foreclosure, the accompanying stress can become almost unbearable. What’s even more disheartening is that the foreclosure process can drag on for months or even years, prolonging the agony far beyond anyone’s wishes.

Thankfully, there are viable solutions available to you right here in TX—possibly more than you might realize. There exist numerous legal strategies for averting foreclosure in DFW, which you can put into action to address your foreclosure predicament and regain control of your life.

Within the following blog post, we will explore three methods for preventing foreclosure (in addition to other potential options). These strategies aim to guide you in legally and ethically sidestepping foreclosure, thereby alleviating the distress and frustration you’re experiencing while minimizing any lasting financial commitments or burdens. While not every strategy may be applicable to your specific situation, you will likely discover at least one of these three approaches that suits your needs.

Strategy #1: Work out a deal with your lender

The initial approach is known as a “foreclosure workout.” In this process, you’ll engage in a discussion with your lender, expressing your concern about your current mortgage obligations and your desire to explore potential solutions that would enable you to retain ownership of your home while continuing to meet your mortgage obligations.

Contrary to common misconceptions, lenders do not aspire to foreclose on properties. Instead, they prefer satisfied customers who consistently fulfill their mortgage commitments. Consequently, lenders are often open to collaborating with homeowners to devise a mutually beneficial arrangement. This may involve a temporary suspension of your mortgage payments, a structured plan to help you catch up on outstanding payments gradually, or even a potential adjustment to the outstanding debt you owe.

Strategy #2. Bankruptcy

Initiating bankruptcy proceedings may appear to be a drastic step, but it serves as one of the tools at your disposal for averting foreclosure. When you opt for bankruptcy, you signal to all your creditors that you are no longer financially capable of meeting your financial obligations. This decision effectively puts a halt to the foreclosure process, as all creditors are mandated to cease their collection efforts.

However, it’s important to note that resorting to bankruptcy is a rather extreme measure. It may necessitate the liquidation of certain assets to settle outstanding debts with creditors. Furthermore, a bankruptcy filing will have a lasting impact on your credit history, potentially affecting your ability to secure loans, purchase a vehicle, or even secure employment. As such, it should not be your initial line of defense in addressing foreclosure concerns.

Strategy #3. Short sale help for a foreclosure in DFW

The third strategy to consider is a short sale. In a short sale, you sell your home and allocate the sale proceeds towards the outstanding balance on your mortgage loan. Opting for a short sale is a favored approach for individuals confronting foreclosure because it is proactive, swift, and highly successful.

  • It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).
  • It’s fast — in some cases, you can sell your home in as little as a week! That’s also because it’s local: You can get help for foreclosure in DFW since organizations like Relief Home Solutions help people going through short sales.
  • It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).

In a short sale, you ultimately face the necessity of vacating your home, but there is a silver lining to consider: The effect on your credit is significantly milder in comparison to that of a bankruptcy or foreclosure. This makes it a wise long-term decision, affording you a range of future possibilities.

If you find that you’d love to sell your house to get out from under your TX foreclosure…

Give us a call today at (214) 983-1833 or click here to fill out the form and we’d like to make you a fair all-cash offer on your house.

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