If you’re behind on your mortgage, you may be wondering what you need to do to avoid the foreclosure of your San Antonio house. Let us help you with these tips!
Negotiate With The Bank
When you have missed some payments your first step may be to contact your lender and discuss your available options. After all, they need to see the return on their investment, they do not benefit if you default on your loan. Often times you’ll be able to negotiate a repayment plan to get caught up on what you owe. Before you pack your bags and sneak off in the middle of the night, call your lender, you may be surprised at what they’ll do to work with you.
Short Sale
A short sale happens when the lender agrees to sell the house for less than what’s currently owed on it. This happens if a house is purchased at a high price, only to lose value over time. If the owner gets behind on payments, they may find themselves in a place where they owe more than the house is worth. Lenders might often agree to a short sale after they see this as a way of recouping most of their costs, allowing them to avoid the foreclosure process. Once a sale amount is approved with the lender and a buyer comes through, the mortgage lender will consider the loan paid in full.
Sell Your House
Maybe you just wish to put an end to a troublesome situation. The house might not be affordable for you, which is ok! Things change whether it’s a job loss, people moving in or out, an illness, new addition, education costs and so much more. There are all types of things that happen in life which may change your ability to pay back your loan. There’s no shame in this, however, you should work on finding a solution that works!
If you opt to sell your house in the traditional sense, without negotiating a short sale with the lender, there are two main ways that you can go. The first would be to place your house on the MLS with a San Antonio agent. The second would be to sell your house directly to a private buyer in a very short amount of time with no additional costs to you.
Listing
Depending on wherever you stand financially, this might or might not be a wise choice. Listing your San Antonio house could take months, and if your agent is not working with the urgency they ought to be, you may end up losing your house to the bank because your agent didn’t to find a buyer in time. Additionally, you’ll need to deal with out of pocket costs that may be tough to pay if you’re struggling financially. If your mortgage is behind, it’s extremely likely that you simply haven’t been able to keep up with the maintenance on the house either. For a listing to be successful, you’ll need to get the house into the best shape you can.
Selling Directly
A direct sale is a preferred alternative for many people who want to avoid foreclosure now San Antonio. Not all buyers are alike. Once you decide to sell your San Antonio house to Lone Star Real Estate Solutions LLC, you can rest assured you’ll receive a fair price and a quick closing. We understand that tough financial situations could happen to anyone at any time. We’ve all been there, there is no shame in this! Let us help you with a fast and fair sale of your San Antonio house!