To Stop Foreclosure In Houston – or any city in the US – there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.
Here are a few directions you can take:
- Sell your house prior to the foreclosure auction. If you have a non-luxury home, this is a real possibility since the housing market in Houston has been reasonably strong compared to the rest of the United States (see the warning below)
- Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
- Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.
To Stop Foreclosure in Houston, the key is fast action.
Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud in Houston with “Stop Foreclosure” scams, and it is wise to be very, very careful.
Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!
Thanks for reading this information about how to stop foreclosure in Houston. I hope you’ve found value here.