Foreclosure isn’t a prospect anyone ever expects to face, but when you do it can wreak havoc on all areas of your life. Families view their homes with pride and don’t just see their home as a financial investment, but as a wealth of memories, celebrations and life experiences. Losing your home due to unforeseen circumstances like divorce, unemployment or illness can be devastating both emotionally and financially. So, it’s best to contact your lender the moment you know that your ability to hold up your end of the payment bargain could be a problem. There are solutions out there for alternatives to foreclosure but many have time limits that begin when you first fall behind on mortgage payments.
Consider Foreclosure Intervention Counseling
The Housing and Urban Development (HUD) offices in Texas offer Free Foreclosure Intervention Counseling options for homeowners experiencing financial difficulties. You can access free certified counseling that may help you to save your house and get your finances back on track. You can find out about programs you may be eligible for by contacting 1-800-569-4287. This toll free number can connect you with a HUD-approved Foreclosure Intervention Counseling program near you.
Another excellent resource is the Homeowner’s HOPE™ Hotline. This free counseling service can help you establish a better financial foundation to help you save your home, and has criteria for a variety of programs available to homeowners. The toll-free service is available through the Homeownership Preservation Foundation and can be reached by calling 1-888-995-HOPE.
Additional Foreclosure Prevention Tips
The Making Home Affordable Program, also known as MHA, is part of the services of the Treasury and Housing and Urban Development Department and also offers services that can help stop foreclosure. The government programs they offer require application, meeting specific income requirements and may help to lower payments during a time of financial crisis until homeowners get back on their feet. Programs are primarily targeted at low income, unemployed or under employed individuals.
The Federal Housing Administration (FHA) also offers programs to help in cases of disasters, when you or your spouse is on active military duty or when refinancing may be an option to assist you with mortgage repayment to stop foreclosure. Each of these programs has specific guidelines that must be met and will require extensive paperwork and documentation for approval.
Avoid Foreclosure with a Cash Sale
Another way to avoid foreclosure is to consider selling your home outright for cash. Working with a professional who knows the value of your home as-is and who is sensitive to dealing with individuals in financial crisis can be a huge relief. With very little paperwork or hassle, accepting a cash offer on your home can get you into a better financial situation fast. You may be thinking, “I don’t need to sell my house fast” but the reality is that for many people selling fast for cash is the best option to avoid foreclosure and remove the obstacle of your mortgage from your financial worries.
Foreclosure can have devastating consequences to your credit and finances going forward. You want to avoid it at all costs. With a cash sale for your home, you can have money in your pocket fast to handle your debts and move forward with more secure footing. Texas Ideal Properties is ready to assist you in finding a real estate solution to your need to sell your house fast. We are available by phone or you can contact us through the online form to set up an appointment so we can make you a cash offer for your home to help you avoid foreclosure.