How to Avoid the Foreclosure Process – And Sell My House Quickly in Dallas

Are you kept up at night with thoughts like “I need to sell my house quickly!” Has your mortgage become too much to handle? Have your financial circumstances changed? Are you worried that you could soon be facing foreclosure on your home? Here is some practical advice from our team to help you understand and avoid the foreclosure process as well as find the cheapest way to sell your house.

What is the Foreclosure Process in Dallas?

When buying a property in Dallas, buyers sign a promissory – a legal document in which the buyer is bound to a promise to pay back the home loan to the government or bank according to the terms they have set. Buyers also sign a deed of trust, which is then held by the bank as security until the loan is paid off. It is these two documents that give the bank or lender the legal right to foreclose on your property in the event that you don’t comply with the agreed payment schedule.

Ideally, payments on your loan should happen at the regular intervals set out – but missing one or even a few payments will not immediately start the foreclosure process. Usually, there is a grace period of 10-15 days in which you can make your regular payment without incurring additional costs or problems. After this grace period, you may face late fees – usually around 5% of your overdue amount and interest – that will make your payments more expensive. Your promissory note will have the exact details of what your grace period and late charges are, as these can vary between lenders. At this point, you can expect your lender to start sending you reminders to pay your loan. Try to make the time to respond to these letters and calls – your lender only makes money if you make your payments, and foreclosure costs them a lot to go through, so it’s in their best interests to try and find a way to help you manage your payments better or to modify your loan terms.

As part of the rules established by the Federal Consumer Financial Protection Bureau, your bank or lender has to wait until you have defaulted by 120 days before officially starting the foreclosure process on your home. If you take longer than 120 days to start repaying your loan, you will then likely be delivered a legal notice of foreclosure.

This notice is known as a breach letter or demand letter and it will contain information about the default on the loan, what you have to do to fix the default, the date by which this needs to be done and the consequences of failing to meet these goals.

If these goals aren’t met (generally within 20 days of the breach of trust letter), then the lender can go ahead with the process by issuing a notice of sale for your home. (Please note that if you are a member of the military, it is important to notify the lender of your military status). They are allowed to do this because your deed of trust usually contains as power of sale clause, which makes it legal for the lender to take this action. If your deed of trust doesn’t have this clause, the lender will take the case to court to get permission to foreclose on the property and put it up for sale.

The property will then go on sale on the first Tuesday of the month in an auction, going to the highest bidder or – if the bids are too low – becoming a bank-owned property. If it is sold for less than the mortgage cost, you may owe the remaining amount to the lender.

As you can see, this process – once started – moves quickly and can leave you homeless as well as in debt. For these reasons, and for your peace of mind, foreclosure should be avoided at all costs. Fortunately, we have a solution.

Sell My House Quickly! Avoid Foreclosure with Our Cash for Houses Program in Dallas

A financial crisis can hit with no warning or be completely out of your control. It’s a scary, stressful and intimidating thing to be faced with the possibility of foreclosure – but there are solutions that can assist you in avoiding foreclosure and helping you get back on your feet. At Shiny Key Properties, we offer an easy way to sell your home quickly in Dallas and the Fort Worth area – and you don’t need to fix it up, clean it or spend a cent on it. We buy the property from you directly, so you don’t pay any real estate agent commission or fees – making us the cheapest way to sell your house and get out from under the threat of foreclosure.

Our team is compassionate, professional and dedicated to giving you the best possible client service and the best price for your home. To find out more about our cash for houses service and to sell your home quickly, contact us today and speak to one of our friendly team members.