Knowledge is power, and it is important to research and educate yourself about the process when you are facing the possibility of foreclosure. Unfortunately, sometimes bad things happen unexpectedly and you may be struggling to make your house payments. Hospital bills, sudden layoffs, loss of a family member, relocation … all these situations can affect the ability to pay bills on time. Taking steps to understand the foreclosure process will help you plan what you can do instead of allowing a foreclosure to happen to you. Avoid becoming a statistic and be proactive to find a solution. If you act now, you may avoid a foreclosure on your credit score and you may be able to sell your house and move on with your life if that is your best option.
Here are four things you need to know about foreclosures in McAllen.
Pre-foreclosure
The first thing you need to know about foreclosures in McAllen is that it is best to act while you as the borrower are still in the pre-foreclosure stage of defaulting on your mortgage and the lender is beginning the legal process towards repossessing your home. The last thing to do is to ignore the foreclosure notice your lender sends by piling them in the kitchen counter and think that the problem will go away. The communication from your lender will keep coming and piling up ; while it may be very stressful and uncomfortable, you need to take action. Therefore, you should contact the lender ASAP and try to work out an agreement. If you cannot work out an agreement, you have options. One of them can be to try to sell your house, not necessarily with a real estate agent (because it can take too long to get a potential buyer) but to a cash buyer or a investor that doesn’t need to get financing to close the deal and can buy your house in as is conditions, no repairs.
If you know that your circumstances have permanently changed and that you will not be able to stop the procedures by catching up on your payments, you definitely need to check your options. One option is to try to work out a new financing agreement with your lender. Another option is to sell the home to a direct buyer like Dolfin RGV. Unlike with a traditional listing where you’re not sure how long it will take you to sell your house and at what price, we offer guaranteed closing dates and price typically in a matter of days. You take what you need with you and you don’t need to worry about packing or cleaning the rest; we will take care to make the process less stressful.
Foreclosure
In essence, once a borrower reaches a certain number of missed payments, a foreclosure is the formal legal action taken by the lender to recover what is owned on the property. Every month, there are several houses being auctioned in Hidalgo and Cameron County courtsteps. Properties change hands as lenders offload the properties to new buyers.
While you will be able to remain in the house until the foreclosure is final, at that time, if you have not yet moved to a new residence, you will face eviction proceedings. You don’t want to be asked by a constable to place all your belongings on the sidewalk and have the neighboors watching the process. So the next thing you need to know about foreclosures in McAllen is that you now have very little time left to remain in control of what happens to your future. While no one likes to ask for help, it is time to reach out to someone experienced in dealing with properties in foreclosure. Professional investors like the experts at Dolfin RGV will work with you and explain the numbers to reach the offer. Every situation is unique and when we listen to you we will be able to tell you if we can purchase your house. If you work with us, you can forget about all the cleaning, repairs, and marketing expenses, not to mention the commissions with a traditional listing with a real estate agent. You can start sleeping again at night because a direct sale is for your property in as-is condition.
What happens after?
One important fact you need to know about foreclosures in McAllen is that they stay on your credit history for seven years. That will affect the amount of interest you will pay down the road on any credit you qualify and it could also affect your ability to obtain housing and even some types of employment. In addition, while any remaining equity after the sale of the property at auction would still be yours, it will likely be quickly dwindling between late fees and the fact that the bank will accept the lowest appraisal value and bids that are as low as 90% of that value. Additionally, you will be responsible for the expenses of the foreclosure, including all hefty lawyer fees. Sadly, on the other hand, you may still be left owing the lender any remainder of the debt on the mortgage, known as a deficiency balance. Additionally, you will face tax consequences; when a forgiven debt is considered income. A direct sale to a professional investor like those at Dolfin RGV will save you from all of the costly consequences of foreclosure so you can have a fresh start.
Dolfin RGV
Don’t delay! The professionals at Dolfin RGV understand that circumstances change beyond our control, and we have over 14 years of experience working in Hidalgo and Cameron Counties, Texas, helping people just like you who were facing foreclosure in McAllen. The offer you receive from Dolfin RGV is for cash, and there are no commissions, hidden fees or closing costs to come off the top at closing either. If you still have time to list your home on the traditional market, our team at Dolfin RGV will detail the costs of listing by owner or with an agent vs. a direct sale and show you how much you could get with each sales method. So then, even if you have ignored the lender’s notices and a foreclosure is in a matter of weeks away, it’s not too late. We can help you work with you and a title company to pay off your lender and liens on your property; and the extra money will go diretly to you via a reputable local title company so you can have a fresh start. Even if you already moved and are out of state, we can help you sell your house remotely. If you need more time to close, Dolfin RGV is flexible on the closing date, so you can close and move out when you’re ready. By working with Dolfin RGV, the only thing you have left to worry about is moving. Contact Dolfin RGV today at (956) 904 5234 to learn more.