With countless homes throughout the nation entering into foreclosure, it’s very important for both buyers and mortgage holders to understand the process.
So what is a pre-foreclosure in San Antonio anyway?
Lots of homeowners across America and San Antonio are dealing with difficulties making their regular monthly mortgage payments.
When a homeowner misses 3-6 months of home mortgage payments, the loan provider will issue a caution, alerting the property owner to pay or lose their house. This period is called “pre-foreclosure.”
Banks and home mortgage lending institutions typically provide three months for the homeowner to become current. Of course, this number can vary sometimes by bank and situation.
If a homeowner fails to make the necessary payments, the bank will foreclose on the house, presuming ownership, and evict the property owner. The good news is, during this phase of the foreclosure procedure, a mortgage holder has the opportunity to make the most of several options to prevent losing their house.
Pre-foreclosure Options for Borrowers
If you fall behind on your home loan payments, you’re most likely to get a “notification of default” from your home mortgage lending institution.
This document will state that you have not made home loan payments for the last 90-180 days. It is very important not to panic.
You have choices that can postpone or perhaps prevent losing your house:
- If your mortgage is “above water,” (meaning you have equity in your home) you might be able to refinance your home loan, receiving lower monthly payments. Contact your local San Antonio mortgage broker… or contact us and we can connect you with a reliable one.
- You might have the ability to quickly sell your home to a real estate investor that’s trusted in San Antonio like us at [business], utilizing the money acquired to pay the months of back-payments owed (or we * might * be able to work out something with the loan provider that alleviates all or part of your back payments). We can buy your San Antonio Texas area home fast, often in just a week or two, will pay in cash, and takes the stress of searching for a buyer.
- You can get in touch with the bank and ask them to permit a short sale. In a short sale, you’ll sell your house for less than it’s worth, and the bank will take the loss as a tax write-off. If the home does not sell for what is owed on the loan, in some short sales you might still be required to pay the difference to the bank.
- You may have the ability to declare bankruptcy, which can give you time to pay off your debt. Bankruptcy will stay on your credit report for years and can cause considerable damage.
Lenders are quite familiar with the prevalent financial problems across the nation and they want to work with borrowers a lot of the time.
If you’re truthful and communicate with your lending institution, you’ll often find that there are alternatives that will allow you to stay in your home, or at least salvage your credit ranking.
A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from acquiring a loan of any sort for 5-7 years, so be really dutiful if you’ve received a Notice of Default from your lending institution.
However, if you’re not able to find a solution with your lending institution working directly with them… connect with us. We might be able to help.
Ways We Can Help If You’re In Pre-Foreclosure
- We can potentially help with a short sale – Submit your information on this site so we can assess your circumstance to see if we can assist.
- We can purchase your San Antonio area home – We buy houses in San Antonio and would like to make you an all-cash offer on your house, too. Just fill out the form here to get started >>
- You can ask us questions and we can provide you FREE guidance and resources so you can make a well-educated decision. This costs you nothing, there’s absolutely no pressure and no obligation … just free guidance without a catch.
If you’re already in the pre-foreclosure phase … you’ve still got time to fix this situation.
Simply connect with your bank to see if they are willing to work with you … or contact us if you want to see what we can buy your house for or to tap into our totally free foreclosure resources.