Stop Foreclosure

Hi, My name is Chavel and I can help you stop a Foreclosure and do so at no charge.

I do ask that if I can Stop Your Foreclosure for you that you kindly provide me a testimonial so that others may want to use my services.

Foreclosures are a Very Stressful Process, but they can be Stopped if you act quickly.

Your Biggest Struggle in Stopping a Foreclosure is TIME. As in, Lack of Time.

In Texas, the Foreclosure Auctions takes place on the 1st Tuesday of every month.

Outside of Filing Bankruptcy or some other Legal Process you won’t be able to Stop the Foreclosure the day of the Auction/1st Tuesday.

In the Majority of cases you’ll need 5 working days prior to the Auction to be able to save the house from Foreclosure.

You might want to save or sell the house, I might want to help you save the house or possibly buy it from you, and the Lender might be cooperative but in most cases there is not enough TIME for the Lender to get you the paperworks you need to Stop the Foreclosure if not done 5 days prior to the Foreclosure Date.

Options for Saving the House from Foreclosure

Reinstatement:

Reinstatement means what it says. You reinstate the money you’re behind and move on as normal having saved the house from Foreclosure.

Problem with Reinstatement – Do you have the money to reinstate? If not, can you borrow it from a Family Member, Friend, Church Member? If not, then Reinstatement would not be an Option for you.

Loan Modification (Loan Mod):

Loan Modification is the Lender willing to modify your loan, add the owed balance to the end of your mortgage, and allow you to continue paying and living in the house.

Problem with a Loan Mod – In many cases the Lender won’t allow you to do a Loan Mod or worse they say they will and drag it out for a long TIME leaving you with less than 5 days before you’re foreclosed on, declining your Load Mod within those 5 days, leaving you without a House, and Foreclosed on. The paperworks are incredibly detailed and require a lot of time to fill out and submit back to the Lender. In majority of cases IF the Lender tells you they’ll give you a final answer, either yes or no, on the Thursday or Friday the week before the auction then the answer will be a NO, they’ll deny your Loan Modification request. Why they do this I don’t know but it’s so unfair, so lacking in empathy, and frankly, Wrong.

Forbearance:

Forbearance is when your Lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage.

You will have to pay the payment reduction or the paused payments back later. This might be a good option for you during this Covid19 period.

Problem with Forbearance – It does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments. Further the same 5 day standard for a Loan Mod applies to a Forbearance. If they haven’t told you a Yes or No 5 days prior to the Foreclosure or they tell you, they’ll give you a final answer the Thursday or Friday the week before the Foreclosure, the answer will be NO, and they’ll deny your Forbearance request.

Walk Away:

Walking away from the house and letting them Foreclose on it is an option. It’s not the best option but it will solve the problem, relief you of the overall stress and burden of the House.

Problem with Walking Away – You’ve been foreclosed on and that Foreclosure will could possibly stay on your credit record for 7-10 years. If will affect your ability to get another house, get credit, keep your current job, get certain jobs or promotions, and worse, it will affect your ability to co-sign for loved ones as needed for your loved ones car, house, student loans, etc…

Short Sale:

A Short Sale is when you sell the property for less than the amount owed on the mortgage. In other words, you are “short” the cash needed to fully repay the Lender. Typically, the Lender agrees to a Short Sale in order to recoup a portion of the money owed to them.

Problem with a Short Sale – It is difficult to get a Lender to take less for the House, make less money then what they are owed or what they know they can resell the house for. The paperworks for a Short Sale are incredibly detailed and require a lot of time to fill out. If the Lender agrees to a Short Sale, during the Short Sale period they can change their mind and cancel the agreement. Further, the same 5 day standard for a Loan Mod and Forbearance applies to a Short Sale. If they haven’t told you a Yes or No 5 days prior to the Foreclosure or they tell you, they’ll give you a final answer the Thursday or Friday the week before the Foreclosure, the answer will be NO, and they’ll deny your Short Sale request.

Lawsuit:

A lawsuit is different than filing for Chapter 13 Bankruptcy. You hire an Attorney and after discussing your situation with them, they will guide on what type of lawsuit you might be able to file to Stop the Foreclosure.

Problems with a Lawsuit – It requires money. In Texas on average, $1,500 – $2,500. Money you could keep and use if you decide to use for other options to save your house or sell the house. The Attorney might not have a lawsuit option available for you.

NOTE: If you decide to go the Lawsuit route please discuss it with a professionally trained and experienced Real Estate Attorney before you proceed and attempt to use this option.

Bankruptcy:

Filing a Bankruptcy can and will Stop a Foreclosure in Majority of cases. Please check with a professionally trained and experienced Real Estate Attorney should you decide to go this route.

Problems with Filing a Bankruptcy – It requires a down payment of $650 – $1200 in most cases with a recurring charge on a Monthly basis depending on what you work out with the Real Estate Attorney you use. Your credit will be ruined. You won’t be able to get credit or maybe even co-sign for loved ones. It’s a nuclear option that should you file and go through with will strain your finances, your relationships, and your mental and physical health. Majority of people that file a Bankruptcy to save their House from Foreclosure do not complete the Bankruptcy, their case is discharged, and the 1st thing the courts release and Lenders take back is the House. So, you filed Bankruptcy, you weren’t able to complete it, and you still lost your house along with money, relationships, and you’ve diminished your mental and physical health.

NOTE: If you decide to go the Lawsuit route please discuss it with a professionally trained and experienced Real Estate Attorney before you proceed and attempt to use this option.

Sell Your House:

Selling your House before it gets Foreclosed on is an option if you can Reasonably see the value of selling the house and Stopping the Foreclosure. You Sell the House, keep a Foreclosure from being on your record, keep from having to File Bankruptcy, keep from having the Constable’s coming to your house and placing your personal belongings on the front lawn and sidewalk. By selling you can move on with your life.

By selling your house you in affect get a Do-Over. That you sold your house will even cause your Credit Score to possibly improve. Either way it won’t go down at the time of the sale. The sale if started in TIME can be done quickly as to avoid Foreclosure and get you your money Quickly.

Problems with Selling Your House – You might not have TIME to sell it if you wait to long before you start the selling process. Remember, you need about 5 days before the Foreclosure date to be able to get all the paperworks you need to sell the House.

You won’t get much money for the house as off-hand you owe to much reinstatement money for an Investor or any Rational Buyer too be able to give you much money or full price. You might have to sell the house for what it’s worth or not much more than what it’s worth.

These are the Options Available to if you’re facing Foreclosure. Please give me a call so I can expand on them for you and if possible, use my vast experience Saving Houses from Foreclosure to help you. Also, if you don’t call me please consider calling a professionally trained and experienced Real Estate Attorney to help you through this difficult time.

Call Now for a Free No-Obligation Consultation

(210) 294-9639

%d bloggers like this: