How To Stop Foreclosure In San Antonio and Texas State
Foreclosure is always a stressful time it is in fact a very important topic for anyone who is facing the possibility of losing their home. If you are one of these people, you have come to the right place. Here I will tell you everything you need to know about the foreclosure process in Texas and how you can avoid it
When faced with a bank or property tax foreclosure, the majority of people wonder how to avoid foreclosure right away in Bexar county. You can stop foreclosure at the last minute or even after it has started. The last thing that any homeowner wants to do is give up their home without knowing they have options to stop it.
We buy houses in San Antonio and we frequently come across situations where homeowners are uninformed or misinformed regarding their foreclosure. Our goal is to help homeowners have a better understanding of what happens during a foreclosure so that they can take the best option for their unique situation.
Foreclosure in Texas is divided into two categories
Judicial foreclosures are handled by the court system, usually happens after a judgment in a lawsuit
Non-judicial foreclosures are handle outside of court. This is the most common type of foreclosure in San Antonio and the state of Texas
Consequences homeowners face with a Foreclosure
The effects of having a foreclosure are immediate as well as long-term. Foreclosure can follow you for years and put you in circumstances that are tough to overcome. There are emotional consequences as well as financial and social ones, which may have an impact on where you can live in the future.
These are a Few of the Most Frequent Consequences of Foreclosure:
- Loss of home
- Lower credit score
- Social and Emotional Effects
- Possible Tax Implications
- Inability to get a loan in the future
- Harder for you to buy another house, car or even find employment
- Ability to Rent a House
- … And Many More
What Happens When The Bank or Lender Is Foreclosing On Your Home
When you stop making mortgage payments and stop communicating with your lender or loan servicer about any problems that you are having making these monthly payments the lender will eventually start foreclosure proceedings against you
When does the stop foreclosure process begin?
The process officially starts when the lender files a notice with the county clerk’s office. This notice is called a “Notice of Trustee Sale” this notice is the document that announces to you, your neighbors and all other interested parties that foreclosure proceedings have begun.
Keep good records of all the foreclosure actions and conversations with your lender or loan servicer. This will help you in the future.
After this notice They must first send you a document by certified mail. This document is titled “Notice of Default” and it states that if you do not stop foreclosure proceedings by making your mortgage payments, the lender can take possession of your home.
After this notice has been sent, the lender must wait a specific amount of time before they can start non-judicial foreclosures in Bexar County – time period is 21 days
Your lender is going to send mail to the address they have on file, if you moved and you haven’t updated your address you will not receive these important notices, we have talked to many homeowners in San Antonio that were in this situation. If you didn’t receive the letters because of this you won’t be able to say you did not know the foreclosure was actually started.
What are the options for homeowners in Texas facing foreclosure?
If you are in foreclosure proceedings, there is hope. If you act quickly, it may be possible to stop the sale of your home and get back on track with making mortgage payments
There are 5 main options that homeowners have:
The loan modification process is the option that most homeowners opt for when they want to stop foreclosure proceedings. This type of action will usually lower your monthly mortgage payment but most likely extend the terms of repayment. There are several types of loan modifications: interest rate reduction, term extension or principal reduction. This option should be considered early in the Foreclosure process.
A Short Sale is when you sell the property and do not have to come up with any money because your lender agrees to take less than what’s owed on it . The short sale process can take a long time and you should start talking to your lender as soon as possible to see if they are willing to work with you .
Bankruptcy is the option that you choose when you can’t afford to pay your mortgage payments. This process will stop foreclosure proceedings immediately but it does not get rid of any existing debt. Also you should be able to pay the attorney fees.
Sell to an Investor:
This is the best option for all homeowners that want to stop the foreclosure process. An investor will purchase your home directly from you. You can sell it “as is” without making any repairs, this type of sale usually does happen quickly and allows you to get out of a property without losing everything, instead you can walk away with money in your pocket and most importantly without a Foreclosure in your record. This gives peace of mind quickly.
Deed in Lieu of Foreclosure:
This option is the absolute last resort, this happens when the lender agrees to take back the property and you transfer ownership over to them. The lender might agree to accept the deed of the property instead of foreclosing on it. You are pretty much giving them your house.
Foreclosure for Delinquent Property Taxes in San Antonio and Texas State
If you are delinquent on your property taxes in San Antonio, Texas the Tax Assessor’s Office can initiate foreclosure proceedings against you Usually within two years of back taxes becoming due. There will be plenty of notifications so it is important to keep your mailing address updated.
There are a number of ways you can avoid this process.
The most common way is by paying your delinquent property taxes.
One of the other ways you can avoid foreclosure in San Antonio for delinquent property taxes is to request a payment plan with the Tax Assessor’s office . To do this, you need to contact them and set up an appointment where they will review your financial situation , including income levels that may be available to help pay off what it owes on its real estate tax bill.
Another option is to sell your house to an investor to avoid foreclosure. An investor will be paying all back taxes on the house and potentially giving you cash at closing, this option could be the best of all three if there is not possibility for you to make the taxes current.
If these efforts don’t help resolve the issue, call us immediately so we can review all available options for stopping foreclosure on delinquent property tax debt in Bexar County! We work hard to ensure our clients.
Don’t wait for your home to go into foreclosure before doing something about it! If action isn’t taken soon enough then you the homeowner could lose their house. The best thing that any individual can do is get informed about what exactly goes on during a Texas Foreclosure Process so that they know how much time they have left to save their home from being repossessed by the bank. We buy houses in San Antonio and Texas State whenever homeowners need help avoiding foreclosure. We have a great offer for homeowners who need to sell to avoid foreclosure or repossession, please call us right away so we can help you out!
We work hard to ensure our clients get the best deal possible and that is why we are known for offering the best offers in town.
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