We Can Help.
You’re behind on your mortgage payments. Even though you’re doing your best to make ends meet, the bank keeps hassling you. Then one day…BAM! You get a notice of foreclosure letter from your bank, complete with the date they plan to auction off your house. What do you do now?
You aren’t the first person to go through a foreclosure, and you definitely won’t be the last. These things happen in life. Financial situations change. You don’t have to feel ashamed. But you do have options to avoid foreclosure. We’ll help you figure out which one is right for you and provide you with the necessary tools and resources along the way.
Common Questions About Foreclosure
What is Foreclosure?
Foreclosure happens when a person takes a mortgage out on their home but fails to make the necessary payments on the loan, which allows the bank to repossess the property as collateral.
Since banks are not in the business of owning houses, however, they’ll turn around and auction it off to the highest bidder in order to recoup their losses.
What is Pre-Forclosure?
Pre-foreclosure refers to the period of time between when the bank files the initial foreclosure paperwork and the day of the auction. Here in Texas, banks are required to file foreclosure at least 21 days before the date of the auction (which takes place on the first Tuesday of each month.) Note, however, that some will refer to a home being ‘in pre-foreclosure’ as soon as the mortgage payments are 30, 60, or 90 days late.
How Does a Foreclosure Affect Me?
Foreclosure is probably the worst thing that can happen to your credit. Besides slashing your existing credit score, it will also appear as a red flag anytime you try to apply for credit of any kind in the future. This doesn’t just mean credit cards and new houses. A foreclosure on your credit can even keep you from getting an apartment or a car—and it stays there for seven years.
But it’s not just your credit. The effects of foreclosure can be devastating to you and your family. You will lose your home, and unfortunately, the bank isn’t all that concerned with what you’re going to do next or where you’re going to live.
Time is Not Your Friend
If you’re behind on mortgage payments and have already received a notice of foreclosure letter or are expecting one at any moment, it can feel like there’s nothing left to do but give up and accept an uncertain future. If you’re like most people, you were never taught what to do in this situation, or who to turn to. You have so many questions…more importantly, you have a deadline. That’s why we’re dedicated to giving you real solutions fast. Don’t wait until the day of the auction — reach out now to find out how we can help you avoid foreclosure and save your credit score.
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