An easy to follow guide to stopping foreclosure here in San Antonio, TX

Assess your situation

You wake up one morning, three months behind on your mortgage payments, and think: “How can I get myself out of this situation? What are my foreclosure options?” In the back of your head, you know — you know full well that the foreclosure notices and calls won’t stop. They don’t stop for you, not for your neighbors, nor for anyone.

You owe someone, an institution, money and they’ll get it back. One way or another.

At this point in the process, you have two options to get out of the situation. You can pay back what you owe until now, plus fees, or you can sell the house. Whatever path you take, you must act fast! Foreclosure, just like anything in this world, will not solve itself.

Technically, it can actually solve itself. The only problem is that you’d get nothing and be left out in the cold — or heat, we are in Texas after all.

Decide what you’d like to do with the house

By its very nature, a foreclosure allows you two “simple” ways to get out of the situation: sell or pay what you owe. This, in turn, gives you the very first choice you’ll have to make. Can you realistically keep the house, or is selling it a better option?

Understandably, you need to be well informed about the process for both of those options to make a sound decision. Luckily, we’re here to help you get the most out of the situation.

Keeping the house

So you want to get out of the foreclosure and keep the house, right? Well, do you have the money to make up the missed payments? If you did, you wouldn’t be reading this, so I’ll assume you don’t the money right now. Do not fret, my dear reader, for you do have a plethora of options that will, at the very least, give you some time to get the money together.

Talk to your mortgage lender

This is the first, and most obvious, move you should make if you are facing foreclosure. Most institutions have an entire department specifically created to help lendees in distress. Believe it or not, the process to foreclose on a homeowner is something that the majority lenders use as a last resort.

  • Wells Fargo has a Homeowner Assistance program with a step by step guide on how they can best help you avoid foreclosure and keep the house.
  • Bank Of America’s website has a ton of useful info to help you understand the foreclosure process and the solutions they can provide for you.

Your mortgage lender, through loan modification, has the power to modify your monthly payments and work with you on terms that can help you get out of the foreclosure. You don’t need to lose your home! Sell only as a last resort.

Get yourself an experienced attorney

If speaking with your lender gets you nowhere, the next best thing is to hire an experienced foreclosure attorney. However, keep in mind that, according to nolo.com, a foreclosure attorney can range anywhere from $ 1,500 to $ 4,000 depending on the complexity of your case.

Strategies to slow down foreclosure

Keep in mind that most of the following strategies do require you to work with a specialized real estate agent or an attorney that can guide you through the process.

These strategies only serve to slow down the foreclosure and give you the time you need to get back on your feet. Nothing more.

  • Bankruptcy can be a powerful tool against foreclosure if used as a last resort. Obviously filing for bankruptcy will damage your credit score almost as much as a foreclosure.
  • deed-in-lieu can be used to simply give the property back to the lender. However, this strategy is rare, as it is seen as one step behind a foreclosure. It is because of that reason that many lenders will decline a deed-in-lieu unless a short sale has been attempted.
  • short sale can only be carried out by a real estate agent and the sale itself has to be approved by the lender. Short sales serve to skip the foreclosure and subsequent listing of the house by selling it below market value. By the way, in most short sales you will receive nothing from the proceeds of the sale.

Whichever way you slice it

Like I mentioned above, the only way to really get out of the situation and keep the house is to catch up on your missed payments. All other strategies serve simply to slow down the inevitable auction and your subsequent eviction from the house.

Selling your home

Although selling your house is the easier option, a lot of factors have to be taken into consideration in order to streamline the selling process. First, you want to find out how much you actually owe on your mortgage. Second, you want an estimate of the value of your house. Lastly, you will need to figure out the repair costs needed to warrant that after repair value (ARV).

Great job! You’re all set to hire a real estate agent, put the house on the market, and get it sold in a few months!

Oh, wait…  you’re in foreclosure so a few months won’t do you any good. *thinking*

Sell your house as is. Foreclosure and all.

Too good to be true, right? Selling your house whilst in the middle of foreclosure and without any repairs that it may need. This is exactly one of the reasons why real estate investors, such as ourselves, exist. Sold ASAP fills the niche that a real estate agent simply cannot.

Founded out of necessity

Remember back in high school when you first learned about Darwin’s Finches? I was fascinated by how quickly they evolved to fill a niche left open by other birds.

We see ourselves as one of Darwin’s finches, a finch born out of the desire to help homeowners get to a better place financially. Sold ASAP fills the niche left open by real estate agents and other investors who are unable or unwilling to deal with complex situations such as yours.

Our proposition is simple

No matter what stage of foreclosure you are in, we will work alongside you to structure a game plan that gets you the most out of the situation. Selling your house under normal circumstances is stressful enough, adding foreclosure into the equation can increase that stress exponentially. We want to help you minimize that stress as much as possible.

Sold ASAP is here to help

When it comes stopping foreclosures here in San Antonio, there is no one-size-fits-all solution. The way we structure an offer depends on how much you owe to the mortgage company, what stage of foreclosure you are in, how far behind you are on the payments, and whether you have liens on your title or not.

Nevertheless, you can count on us to take care of the carrying costs for the transaction. Our end goal is for you to pay nothing out-of-pocket.

  • We will buy your house as-is
  • Pay for all closing costs
  • Can help you with moving expenses
  • We can deal with the lender
  • We will set a closing date that works for you

Interested?

Get in touch and we can chat about what Sold ASAP can do for you.

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