Wanting to stop foreclosure in Waxahachie can have a grim tone. Fortunately, the future doesn’t have to be as dark as it seems. In this post, we will show 6 different options available to homeowners to stop foreclosure of their home in the DFW area.
Have you found it difficult to pay your mortgage every month? Are stuck with bills that are always piling up without end? Before the bank moves in to claim your home, you need to find a way out. Keep reading and we will show you options you have and how Burnson Homes LLC can help you stop the foreclosure of your house in Waxahachie.
If you want to stop foreclosure in Waxahachie it can be stressful, and oftentimes a direct, fast sale is the best way to go. Burnson Homes LLC is a professional home buyer in Waxahachie that can help you to sell your house fast, stopping the banks and preventing destruction of your credit. Not all buyers are equal—Burnson Homes LLC is dedicated to helping homeowners in distress by providing fair solutions and positive outcomes for everyone involved. While you may not receive the retail price, we can help you sell in just a few days, saving you thousands on commissions, repairs, and holding costs. Selling your home can feel difficult, but it is far better to sell by choice than to have a bank forcefully take over your property.
Borrowing money can be a quick solution to buy you some time to stop the bank. For some homeowners, this can be a good short-term solution if you are able to get back on track very quickly. However, the key is that this is a short-term solution and should only be used to buy some extra time if you are close to being back in control. This isn’t a long-term solution. If the mortgage is difficult to pay now, it is generally difficult to pay moving forward as well. Getting into a pattern of continuously borrowing money will only get you further into debt—except now with more creditors. Borrowing money from loved ones could also strain relationships with the people you are about, which could add even more stress and difficulty to your situation.
Ask For Forgiveness
Reaching out to a lender and explaining your situation is also an option when you are struggling to make your mortgage. Sometimes they will work with you to create a payment plan to alleviate some difficulty and payback what you owe. Some also allow you to defer a payment or two so that you have some breathing room. That said, you will still eventually have to pay off these debts as well, as mentioned in the previous section. However, this does not stop foreclosure, it only defers the problem and pushes things back a month or two, it doesn’t mean you will automatically get caught up or erase your debt. Asking for forgiveness should be a one-time thing to help deal with very special, unexpected situations—not something to bail you out long term, because things will eventually resume to they way they are currently. Loan forgiveness is also called forbearance, generally to be used after illness, loss, or a one-off circumstance.
Refinancing can also be an option to change your situation for the better. It can lower your monthly payment, but there are costs associated with this route. There are two ways to do this. One is to refinance with a hard money loan, but this can often lead to interest rates that are through the roof. This could help you save your house from the bank, but generally means you will be paying much more over the full course of the loan. Another option is to work with your current lender to refinance your current loan. This does generally incur more closing costs from the loan, and you will need to prove that you won’t have any troubles paying in the future. But, the interest rates are likely lower. While both of these options have costs associated with implementation, they are a possible route to stop foreclosure of your Waxahachie home.
Rent The Property To Someone Else
Another option to stop foreclosure that doesn’t include giving up your house or borrowing money through a different route is renting out your property. Of course, this means that you will definitely need to find somewhere else to live at a more affordable price to you. First, you will need to find high-quality tenants you can’t count on who will pay rent on time and in full each month. Another creative way to rent your property is to rent out just one bedroom in your house for some extra cash while you continue to live in the home as well. If you choose this route, make sure that you set boundaries for both sides early on so that everyone is comfortable with and clear about the living arrangements. BE SURE that you do a background check on your prospective tenants before renting out your property. Having the wrong people move in can cause you to default on your mortgage anyways, ending up with the same result of losing your Waxahachie house to foreclosure.
No one likes to hear the word bankruptcy, but it can provide a way for you to fight off foreclosure. Declaring bankruptcy will allow you to restructure your debt and create a payment plan that works with your finances to get you back on track. This won’t look good in the future when you are applying for loans, but it can be a way for you to keep your current home, and stop foreclosure from happening to you.
At Burnson Homes LLC, we want to help you stop foreclosure of your Waxahachie property. Our team can help you review your options and make you a no-obligation offer to help you sell quickly. Let our team help you quickly and efficiently handle any difficult property or situation you are dealing with.
If you are having trouble paying the mortgage, we can help you stop foreclosure of your Waxahachie house! Send us a message or call Burnson Homes LLC today! 214-659-1502
For more information about stopping foreclosure of your home, check out our downloadable guide here.