Foreclosure Prevention Measures In San Antonio and the rest of Texas

Local Texas homeowners who are facing a financial challenge may find themselves in foreclosure.

Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses.

If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it.

In this blog post, you’ll read about a few foreclosure prevention measures in San Antonio that you can take to keep your home from foreclosure.

Foreclosure prevention measures in San Antonio Texas

These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself:

1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.

2. Work out a deal with your bank. If you’re struggling to make your mortgage payments, you may be able to work out a deal with your bank. You can talk to a mortgage or foreclosure specialist about changing the structure of your mortgage. For example, your payments may be spread out over a longer period of time, which would lower your monthly payment amount.

It’s important to make sure that any deal you reach with your bank is beneficial for you. You don’t want to end up in the same situation as before, so be sure to carefully consider all of your options before agreeing to anything.

3. Do a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!

4. Give your deed in lieu. Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.

5. File for bankruptcy. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.

If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.

If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.

Considering selling your Texas house?

We buy houses in for cash and would love to see if we can help you during your short sale. Contact us by filling out the form on this page and we’ll see if we can work with you.

Laurine Hollis

Laurine is the CEO of Alpha Lion Properties, She have an excellent reputation for quality, professional work and have established many long-standing relationships with her clients, resulting in repeat customers. She feels there is nothing more important than providing her customers with exceptional service. She is personally involved with every house transaction from beginning to end no matter the size, every client is treated with the same level of respect and priority.

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