Interview with Dallas Real Estate Expert Dan Shoemaker Explains the Truth about Selling a House Subject To as a Means to Prevent Foreclosure • What is a Subject To? Subject To is a short way of saying you're selling…
Foreclosure, The Other F-Word If you find yourself reading this post there is a good chance you are in a situation where you feel that foreclosure may be your only option and are gathering all possible information. The possibility of foreclosure…
Avoid Foreclosure Dallas Foreclosure can be devastating to your mental and emotional health, your relationships, and your financial future. But, you don't have to accept it as an unavoidable fact. You have options available and we're here to help. Contact…
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Avoid Foreclosure Dallas
Foreclosure can be devastating to your mental and emotional health, your relationships, and your financial future. But, you don’t have to accept it as an unavoidable fact. You have options available and we’re here to help. Contact us at 214-444-9385 or complete our Fast Response Form. We’re listing the top 3 methods to avoid foreclosure Dallas.
Top 3 ways to Avoid Foreclosure Dallas
Loan Modification- You may be able to negotiate a home loan modification with your mortgage company which will allow you to refinance your loan or extend the term of your mortgage. Be careful! It can take a few months before you know if you’ve been approved. Typically, you won’t make any payments during this time period. If you are denied a loan modification, your mortgage company may demand that you catch up on your loan payments in full or face an expedited foreclosure.
Short sale- If you are denied a loan modification or if you’ve defaulted on your modified loan, your next option to avoid foreclosure Dallas is to pursue a possible short sale. Shortsales are possible if you owe more than your home’s current value. Your bank may allow you to sell your house for less than your mortgage balance. While a shortsale will have a negative effect on your credit, it reflects more positively than a foreclosure.
Sell Your House “Subject To”- If your bank denies a short sale on your home and you don’t have enough equity to sell your house for more than what you owe, you have the option to sell your house to a real estate investor “Subject To the Existing Mortgage”. When an investor buys “Subject To”, they will pay the total amount in arrears including late fees and begin to take over payments. While you won’t be able to stay in your house, you will have the benefit of improved credit as the investor continues to make regular mortgage payments. If You’d like more info on Subject To, Check out this article with expert Dan Shoemaker.
If you need help to avoid foreclosure Dallas, contact us today at 214-444-9385 or complete our Fast Response Form. We’re here to help!
Please note that we are not attorneys nor are we giving legal advice. We’re just experienced real estate professionals and are familiar with the options to avoid foreclosure.
For more resources on avoiding foreclosure, go HERE.