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While it may have been unforeseen circumstances that led a homeowner into foreclosure, the process, or options to take from here do not have to be. Becoming knowledgeable about the foreclosure process and what your alternatives might be could go along way to improving a difficult situation.  


Some homeowners may not have realized how far behind they would get in missing a couple payments and just let them pile up until they could no longer afford to pay them. Then they end up losing their house to foreclosure because they didn’t try to take care of the situation until it’s too late.


Homeowners who are behind on payments should be taking actions to ensure the house isn't foreclosed on instead of procrastinating, a proactive course is what is needed.  These owners are often having financial troubles that can stress them out, sometimes to the point where they resign themselves to foreclosure. However, a lot of these homeowners don’t completely understand how a foreclosure can impact their credit and how difficult it can be to get a good mortgage in the future with a foreclosure on their record. There are a number of things that homeowners can do to try to stop foreclosure in Houston.




1.  Contacting your lender.


If you want to stop foreclosure in Houston, time is one of the most important factors since you have a deadline (your auction date) that you need to halt the foreclosure proceedings by. A foreclosure can take place a lot quicker than many people might think. A lot of lenders will start the foreclosure process on a property as soon as two or three payments are missed. All that matters to them is that the house is owned by someone who will faithfully make the payments month after month until the mortgage is paid off and if you can’t keep up with them, they’ll find someone who will.


However, it’s usually in their best interests to let you keep the house if they think you will continue making your mortgage payments. When you realize that you are going to be late on your payments, contact them immediately.  Ignoring their calls, notices, or letters will make them think that you aren’t going to pay them and will only encourage them to start the foreclosure process. By contacting them, you’re letting them know that you want to resolve the matter and they will probably help you out by delaying payments for a short while or telling you about any payment plans they might have.




2.  Hiring a foreclosure negotiator.


There are a few firms and individuals that specialize in negotiating with lenders for homeowners in distress. They act as middlemen between the bank and homeowner and try to find a way to save the house from foreclosure in return for a fee.


While there are a number of these negotiators that are quite skilled at getting homeowners out of foreclosure, you should be very cautious about any that offer to do more than negotiate. There are a number of people that will try to take advantage of distressed homeowners by scamming them out of their house, often by offering to purchase it with the promise of selling it back after a few months pass.


If you want to use a foreclosure negotiator, try to find one that is highly recommended and well-known. You want to hire a firm/individual that has a lot of experience and will do a good job of convincing your lender that you will be faithful with future payments or getting you out of your mortgage with as minimal losses.




3.  Modifying your loan.


You can also stop foreclosure in Houston by refinancing your house or having your lender repackage your loan. You can contact them and discuss modifying your current loan or getting a new one. Your lender may let you change to a loan that is more spread out and has cheaper monthly payments. Although this type of mortgage will probably cost more in the long run, it might suit your situation better if your current monthly payments are more than you can afford.


You can also contact other lenders and find out if they can refinance your home for less than your current lender. They will probably need to know your credit history, current financial situation, and a few other things before they make you an offer.  How far behind you are on your mortgage can also affect their offer so don’t count on getting a good deal if you’ve waited until you’re fairly close to your auction date.




4.  Surrendering the keys.


If all else fails, you can give up on your mortgage and sign ownership of your property over to your lender. This is commonly referred to as a “deed in lieu of foreclosure”. This obviously shouldn’t be your first choice but, if your other plans have fallen through, it could be the only way to stop the foreclosure. It also probably won’t damage your credit as much as a foreclosure will.


You can discuss a deed in lieu of foreclosure with your lender if you need to. Keep in mind that not all lenders will agree to this so you may not want to make surrendering your house your last bet.




5.  Selling your house.


One of the most common ways to stop foreclosure in Houston is to sell the house. This way, you can keep any equity you’ve have put into the house over the years and prevent any serious damage to your credit. If you have a sales contract signed by a buyer you can stop often stop the foreclosure process immediately. Some homeowners have been known to stop their foreclosure a few hours before their house was set to be auctioned off by presenting signed sales contract. Selling your property can also save you any embarrassment you might feel by losing your house to foreclosure. It can be easier to tell other people that you wanted to move on or get a better house instead of saying that you lost it because you couldn’t afford the payments.


Another advantage to selling before foreclosure is that you can often get a decent price for your house. You may even be able to find a buyer that will make you an offer that will cover what’s owed on the house and leave you with some cash still left over (perhaps enough to help you get back on your feet and moved into your new house).


Depending who you sell your property to, selling can be a relatively quick and hassle-free process. That’s what makes finding the right buyer so important. If you plan to sell on the property market you can put your house up and see what kind offers you get. However, you need to sell before your auction date and you might not be able to find a buyer in-time if your asking price is too high. You can also sell to a firm or company that will purchase your property for a reasonable price.


We purchase all kinds of properties and can buy your home before it’s lost in a foreclosure. We buy houses that are in good condition, properties that need work, and homes that are in need of major repair. We can purchase your house for a decent price and close quickly so contact us with your property details and a way to reach you so we can make you an offer. We will do our best to close before your auction date so you can stop your foreclosure in its tracks.