Is it possible to reclaim your Fort Worth House after foreclosure?
What happens after foreclosure? Can you get your house back after foreclosure? After all, you’ll need somewhere to stay!
You might be wondering what will happen next? Unfortunately, once the court rules in favor of your lender and agrees to proceed with foreclosure, it is extremely difficult for you to reclaim your home.
Some homeowners leave their houses quickly. They either leave before or after the house is sold. However, depending on the circumstances and rules in your state, you may have other options, such as staying in the house for a longer period of time, being compensated to move out, or even purchasing it back.
Buying back the home
Foreclosed homeowners may be able to repurchase their homes under state law. This is known as “redeeming,” and it must be done within a certain amount of time after the sale, known as a “redemption period.”
To redeem a home, you must normally pay the full purchase price, plus interest and any authorized costs, to the person who purchased it at the foreclosure sale. Other areas, on the other hand, require you to pay the entire mortgage amount. This includes both interest and costs. The deadlines and procedures for exercising a right of redemption vary by state, and not all states provide a redemption period after the sale.
The good news is that if you haven’t already gone into foreclosure, you still have options.
Paying off your mortgage or working out a payment plan with your lender is the first and best option. Lenders would rather you stay in your home and simply collect the money owed to them.
When paying off your mortgage is not the best option, you may want to do what many homeowners facing foreclosure do: Sell your home before the foreclosure process begins and also protect your credit!
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure. Do you know why? Because you’ll have cleared up your debt to the bank. Also, you won’t have the long-term impact on your credit score that a foreclosure would have.
This option is proactive and long-term, which is why it is popular among homeowners facing foreclosure. It’s proactive because you’re taking charge of your finances. It is also long-term because you are willing to accept the short-term inconvenience of selling your home in exchange for the long-term benefit of a better credit rating.
Here’s a secret to selling your Fort Worth area home fast so the bank can’t take it
You don’t have a hold on what happens after foreclosure. However, you could work at trying to find a buyer to take your home. A faster and easier option is to find an investment firm such as TMC Property Solutions that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like TMC Property Solutions will buy the house from you at a fair price, and very quickly. This will also help protect your credit as well.
Simply fill out our short form and tell us about your house, or just call us at (817) 550-5069 OPT# 4 and let us know that you want to sell fast.
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 and we shall assist you in the shortest time possible to sell your house and avoid foreclosure in Fort Worth and the surrounding cities. 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!
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