What are the right questions to ask anyone offering you help avoiding foreclosure?
Before you seek anyone’s help avoiding foreclosure, you have to determine who is legitimate and who is not. Here is a list of 15 questions you might want to ask anyone who offers to help you avoid foreclosure.
It is best to have these questions answered before you get someone’s help.
- Are there any fees or commissions associated with your services? No. TMC Property Solutions will NEVER charge you a fee to meet with you and discuss alternatives, explain what we believe is the best option given your specific circumstances, or work with you to avoid foreclosure. If someone asks you to pay for his or her services, consider calling us or speaking with someone else.
- Can you guarantee that I will avoid foreclosure? Unless someone truly understands your situation, promises made are unlikely to be worth the breath it took to make them. We will work as hard as we can to help you avoid foreclosure. We will exhaust every option available to us. We will not make promises we know we will be unable to keep.
- Will I need to repair my home before I sell it? No. We will take possession of your property exactly as it is now. We will then make the necessary repairs before selling or renting the property.
- Will you require me to sign any contracts? TMC Property Solutions will NEVER ask you to sign a contract before sitting down with you to discuss your options. We will not require you to sign anything in exchange for a consultation. If we agree to buy your house and you agree to sell it, we will ask you to sign a Texas Real Estate Commission standard real estate contract.
- The other consulting firm assured me that they would handle all of the paperwork. Should I give in? TMC Property Solutions will complete all paperwork for whatever type of transaction we both agree best meets your needs. We will, however, request that you sit down and carefully read each document. TMC Property Solutions will be available to answer any and all of your questions. We may even recommend that you have an attorney review the documents if you are not completely comfortable understanding them. We recommend that you do not work with anyone unless they are willing to do the same. Our professional team will also give you as much time as you need to fully read and understand the contract before signing. Never sign a contract under duress or pressure unless you are completely comfortable doing so.
- Will you help me with anything else besides avoiding foreclosure? TMC Property Solutions is dedicated to assisting you in achieving freedom from your current situation. We would then be guiding you along the path to prosperity. Once we have worked with you to avoid foreclosure, we will provide you with the opportunity to learn how to: restore your credit, reduce your consumer debt, manage within a budget, and generate real prosperity in your life at no cost to you. To the best of our knowledge, no other company provides these additional services.
- Is it necessary for me to reveal any personal financial information to receive assistance? Yes. You should not reveal any personal information to anyone unless you completely trust them. We do not require you to provide any personal information in order to sell your home. If you sell your home through a short sale, you will be required to provide some personal information to the bank.
- Can I get any money back if I agree to let someone buy my house through a short sale? Banks will generally not allow the homeowner to receive cash at closing in a short-sale transaction. The bank is losing money by reducing the mortgage balance, and they do not want the homeowner to profit from their loss. Federal law requires that all monies in any real estate transaction be disclosed on the HUD-1 Settlement Statement, making it easy for banks to monitor the transaction. The primary exception is for Federal Housing Administration-insured loans (FHA). You can receive up to $1,000 back at closing from the bank. If another company promises you cash back from a short sale and intends to conceal this from the bank, this may qualify as bank fraud, putting you in grave danger.
- Is it legal for me to sell my house to you and then buy it back after a short sale? After a short sale, it is illegal for anyone to rent or lease your home. Federal law clearly states that you are not permitted to remain in your home afterward, and anyone who offers you this is intending to break the law. Again, do not participate in this type of situation or you may endanger yourself.
- I’ve been told to stop making mortgage payments and instead pay another company to assist me. Should I go ahead with it? No, you should never make payments to anyone other than your lender. If any company has asked you to do this, consider reporting them to your local law enforcement agency right away.
- Is it possible for any company to provide official government-approved loan modifications? No, the government subsidizes banks’ loan modification programs. In general, foreclosure consultants are unable to offer loan modification programs; these are solely at the discretion of your lender.
- Can you provide me with a new loan to help me catch up on my current loan? No. If a company offers you a loan to help you catch up on your mortgage payments, you should not accept it. This is known as “Bait and Switch”. It is a type of fraud that is currently prevalent in the market. Be wary of anyone who offers you this option. If a company offers you this option, you should contact your local law enforcement agency.
- Should I refrain from contacting my lender? When someone advises you not to contact your lender, the person is usually attempting to provide illegal or illegitimate services. Your lender is the one who is evicting you from your home. The only way to stop the foreclosure process is to talk to them. Call your lender, work with them, and make alternative repayment arrangements if possible. A reputable company will always be willing to assist you in these communications.
- Can I stop the foreclosure by filing for bankruptcy? No, bankruptcy does not prevent foreclosure; it can only postpone it. The bank may still proceed with the foreclosure even after you complete your bankruptcy. If you have any questions about bankruptcy, consult with a qualified bankruptcy attorney.
- Because of the recent bank problems, can a company invalidate my mortgage and get my house for free? Several banks made mistakes in their paperwork while processing foreclosures.
Be on the lookout for scams and people who would take advantage of you and your situation. If you do not feel comfortable working with someone, take a break and consult with your attorney or law enforcement.
We buy houses in Fort Worth and surrounding cities for cash and/or take-over payments and would love to help you during this difficult and stressful time.
To learn more, fill out our short form and tell us about your house to receive your no-obligation offer, or just call/text us at (817) 550-5069 OPT# 4, and we’d be happy to answer your questions and explain how we can help you. Call/Text TODAY!
Armed with the above knowledge on foreclosure effects in Fort Worth – what sellers need to know, you can guard yourself by calling TMC Property Solutions at (817) 550-5069 Opt# 4. We shall assist you in the shortest time possible to sell your house and avoid foreclosure in Fort Worth. Got any questions? Call or text us today. However, to fast-track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution!
If we can’t help you, we probably know someone that can, so give us a call today.
TMC Property Solutions is a Veteran owned business and has been helping families across the DFW Metroplex. We are an accredited business, and A+ rated member of the Fort Worth BBB.
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