Stopping Foreclosure in Austin

Know Your Options

We have shown homeowners how to not only stop foreclosure in Austin… but to save hundreds and even thousands of dollars by avoiding the mistakes that others make.

Know Your Options so that you can make the right decisions!

If you have been facing financial hardships, or just slumped because of job loss, injury or set back, you must educate yourself.

Don’t get Emotional – Foreclosure is an emotionally charged event. Owners who let their emotions, instead of logic, invade their thoughts and decisions make irreversible mistakes.

Let us help you make logical decisions that will not only stop your current Austin foreclosure, but will also set you up for future financial success.

The Most Common Foreclosure Options in Austin

The following are the most common options for people facing foreclosure in Austin. Depending on your situation, all these options may or may not be available to you.   Everyone’s individual situation is different.

1. Reinstate the Loan
2. Forbearance
3. Loan Modification
4. Mortgage Refinancing
5. Sale Property
6. Deed in Lieu of Foreclosure
7. Bankruptcy Filing
8. Nothing

The Most Common Foreclosure Options in Austin

Reinstate the Loan. The most obvious option is to pay the loan current.  If foreclosure proceedings have already been filed then the amount needed to get the loan current will not only include back payments, but also late charges and possible attorney fees.  This is the quickest way of ending the foreclosure action.

Forbearance.   The lender stops or postpones legal action.  Forbearance is usually granted when you make satisfactory arrangements to bring the overdue mortgage payments current.

Loan Modification.  A loan modification seeks to avoid foreclosure by negotiating with lender to modify the terms of the loan. Loan modification may include adjusting the interest rate, extending the loan period or adding the delinquent portion and fees back onto the principal of the loan to be repaid over time.

Mortgage Refinancing.  In most cases, once foreclosure has started, you may have been through several months of late payments or no payments.  These late payments have a devastating effect on your credit rating.  In addition, the new mortgage company will easily find out about the current foreclosure action.  This most often leads to denial of the refinance loan application.  If you are approved you can bet it will be very high interest rate with higher than normal closing cost etc.

Sale of the Property.  If you have been unable to work with your lender, or unable to find another suitable solution in a Timely Manner, it is time to seriously consider selling.

When time is of essence you should consider selling to an investor or real estate company who offers an as-is quick closing. “As-is” means you should not have to spend any money doing repairs or spend time putting the house in perfect condition.  By selling your property to a real estate company, you can get a quick sale allowing you to instantly stop the foreclosure.

Deed in Lieu of Foreclosure.  Is when you voluntary deed title to your property to the lender.  You basically give the house back to the bank without foreclosure proceedings. The lender is not required to accept the Deed in Lieu and can show his/her refusal by filing a Notice of Non-Acceptance with the County Recorder. 

Bankruptcy
A viable alternative if your financial situation has improved, filing bankruptcy prior to the auction will stop the sale. Unfortunately for most people, it only postpones the sale for one or two months. Immediately after filing a Chapter 13 bankruptcy, you will have to file a repayment plan with the courts.  If you feel as though you have the income to immediately begin repayment of all your debts and the courts agree, this may be a good choice for you to save your home.

Nothing
You may find it odd that nothing is listed as an option however one of the most common options taken by homeowners is NOTHING.  Don’t fall into the trap of thinking that everything will magically work itself out, because it will not.
 

You are likely confused by your options and fearful of making a bad decision, but by doing nothing you are making a decision.  The decision you are making by doing nothing is the decision to turn a blind eye to reality while losing your home.

We would love to tell you that stopping a foreclosure is simple process and that it requires no special skill or knowledge, but this is simply not the case.

We hope the overview of foreclosure options for Austin homeowners will help you start down the path of informed decisions making to protect yourself, your family, your home and your bank account!  If you would like to discuss any of these options, call us, and will gladly answer your questions.

Time is Not on Your Side!

If your house payments are more than a month or two behind, your lender has probably already started foreclosure proceedings.  As time passes thousands of dollars in penalties and legal fees can be added to the balance you owe.  Be aware extra interest is added every single day!

The longer you wait, the harder it is for us to help you.  To avoid this you must act quickly!

If you have already decided that it is in your best interest to sell you property, and are ready to discuss this option, we may be interested in buying your home. 

We are affiliated with a group of investors who have bought and sold hundreds of properties.  If your property qualifies, we will structure several options and let you choose the option that best suits your needs.