Alternatives to Foreclosure
  • Cesar Candelario

Alternatives to Foreclosure


We Can Make You a Fair Offer Before Foreclosure Call Us @ (281) 972 - 4555 We Can Help You.

Buying a house is a big investment. It puts a dent on your financial resources. Of course, the expenses do not end with the down payment. You still have to contend with the monthly payments for the mortgage. You will have to live with this financial situation until you have fully paid off your mortgage loan.


But what happens if you get behind in your mortgage payments? Delaying payments can have very serious consequences for your situation with the loan. If the delinquency in payments has become too severe then your home could be in danger of foreclosure. A foreclosure means that your property will be repossessed by the lending institution that gave you your mortgage.


Fortunately, even if you have defaulted on your payments, it does not necessarily mean that your property will be foreclosed. There are various alternatives to a foreclosure that you can take. Some of these are:


Paying the delinquency. Generally, all lending institutions are required to accept all the payments that were delinquent and reinstate the loan. The delinquent payments that you have to pay may also include some legal fees especially if you are already in the foreclosure stage. There are also lending institutions that require certified funds in order to reinstate the loan.


Forbearance and Repayment. One of the most common ways of resolving a delinquent mortgage is to work out a plan with your lending institution wherein you get to pay a part of your delinquency every month on top of your regular monthly payments. If you are in a situation where you are not able to meet the monthly mortgage payments, your lender can elect to extend the forbearance by suspending payments for a certain period up until you can start a repayment schedule.


Payment Assistance. Some state and local governments and also private charitable organizations have instituted programs that help people with delinquencies pay all or part of their mortgage obligation for a certain time.


Re-amortization. In a re amortization, the delinquent mortgage amount is added to the loan balance as a way of bringing the mortgage payments up to date. This move increases not only the total loan amount but also the monthly payments. Of course, the increase in payment will not be as large if the life of the loan is also extended.


Private sale. A private sale of the property affected by the delinquency can also be done as it will allow you to meet your obligations as well as get any equity that may have accumulated. In private sales, it is usual that the amount is greater than the stated amount owed on the loan.


Most of these alternatives presume that you will be able to pay your mortgage payments at some point. There's also a particular alternative called a loss mitigation program. The federal government, as well as the mortgage industry, established this type of program as a way of stopping foreclosures. Under this program, you are given options that will not only assist you in keeping your home even if you do not have the financial capability to pay for the mortgage payments. With these types of programs, it becomes so much easier to address the problem of foreclosures.

We can buy your house. Get in contact today! Even if an agent can’t sell your house, we can help. (Sometimes selling a house through a real estate agent is not for everyone)

And the best of all is that you don’t need to clean up and repair the property, you don’t have to waste time finding an agent who you trust and who can deliver on their promise of selling your   house quickly, you won’t need to sign a  long contract that binds you to an real estate agent for a long term, or deal with the paperwork and the waiting and wondering (and hoping)

We’ll know very quickly if we can help you, and unlike selling through an agent, you don’t have to wait to see if the buyer can get financing…


If you want - lets say - you need to sell your house... we’re ready to converse with you and give you a fair all-cash offer.

We can help you stop the frustration of your unwanted/problem property. You can sell us your Houston house (or any surrounding area) regardless of condition.


Call us Today @ (281) 972-4555


Cesar

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