Before we learn about how to stop foreclosure, it is imperative that you understand what foreclosure is and how the process is carried out. If you live in Fort Worth or surrounding areas and you are at risk of losing your house to foreclosure and you want to learn how to stop foreclosure, then continue reading below…
Understanding the Foreclosure Process
Foreclosure is the process by which a lender repossesses a property that they provided a mortgage on that is in default in the payment agreement. It is a legal process that allows the borrower to sell your property in order to settle the debt you owe.
Although owing money to a lender is one of the most popular reasons for a foreclosure, it is not the only one. Other situations that can lead to foreclosure include owing back taxes or when you owe loans for home improvement, or you even owe the association of homeowners.
How Do You Stop Foreclosure?
Once the process of foreclosure is complete, it will be difficult or almost impossible to regain your property. So time is of the essence when it comes to avoiding foreclosure in Fort Worth, Texas.
Here are some tips to stop foreclosure in Fort Worth, Texas.
Evaluate Your Need to Keep the Property
You need to decide if keeping the house is the best thing to do at the moment. Making your decision based on your emotional attachment to your home might not be enough reason to want to stop foreclosure. After proper evaluation, if you still feel it is best to keep the property, you can explore your options for stopping foreclosure.
Consult a Legal Professional on How to Stop Your Foreclosure
Consulting a debt attorney can help save your home. These legal experts are experienced with cases like this and know how to go about stopping foreclosure. They can also provide answers to all your questions about how to stop foreclosure, as well as the available options you have to succeed in stopping foreclosure.
Seek The Advice Of A Financial Professional
You can consult a financial professional for advice on how to pay off your debt. A financial adviser may be able to provide you with options to generate the funds needed to clear your debt.
File for Bankruptcy
Filing for bankruptcy is another option you can explore when trying to stop foreclosure. Once your case is filed in court, you get an automatic stay order placed on your home in order to prevent foreclosure from taking place. During this time, you can do a proper financial analysis and find ways to come up with funds to pay up your debt.
Suppose you’ve filed for a Chapter 13 bankruptcy; you will be presented with the option of restructuring your debt. Your debt could be restructured into a 3-5 year payment plan, which gives you enough time to come up with options of how to clear your debt.
Investigate Your Options for Selling Your House
Earlier we discussed evaluating the need for the home. Do you really need this home, this size, price range home at this point and time in your life? It’s an important question for you to answer. One sure way to avoid foreclosure is to sell the house and pay off the mortgage. Of course, there are many ways to do that i.e. FSBO, listing with an agent, and local trusted house buyers such as TMC Property Solutions. There are pros and cons to them all. TMC Property Solutions has been helping families prevent foreclosure for 20+ years now. They are an A+ rated and accredited member of the Fort Worth BBB. TMC Property Solutions will make you a fair no-obligation offer “as-is”, no cost, no repairs, no updates or cleanout required. Google TMC Property Solutions and see what you think.
If you are at risk of losing your home due to mortgage arrearages, it’s best to speak to a professional. If you waited and need to learn how to stop foreclosure at the last minute, call Tim. They will be able to examine your case and provide you with feasible solutions. Due your homework first before you decide! Request your No-Obligation free consultation by answering a couple of questions here.
TMC Property Solutions is a Veteran owned/family-run business and has been helping families for 20+ years “Sell your house fast“. They specialize in stopping foreclosure in Fort Worth and providing solutions that work. We are an accredited business and A+ rated members of the Fort Worth BBB.
Check out TMC Property Solutions on Google today to see what others have to say about us and our services.
Call the rest, then call the BEST – TMC Property Solutions, your local and trusted house buyer!