Many San Antonio homeowners are facing that monthly mortgage bill with a lot of uncertainty these days. Perhaps someone lost a job or there’s unplanned medical expenses. Whatever the situation may be, know that you are not alone. You have options and alternatives that can help you fight off that terrifying foreclosure.
Once you start getting those late notices from your lender, the next step is to discuss your options with them. This may be the hardest thing to do since no one likes to talk about this problem, but it’s the best start. They may offer you options like refinancing, a repayment plan that fits your budget, a temporary suspension of mortgage payments (forbearance) that will be tacked on at the end of the loan, or even a loan modification.
What if you speak to your lender and you can’t find an option that works? You still have options:
1 – Sell to Big Sky Home Buyers
The easiest way to avoid foreclosure in San Antonio without hurting your credit is to sell your house fast, and use the proceeds from the sale to pay off your mortgage. This works when the house’s value is higher than the outstanding mortgage debt. If your house sells for more than the outstanding mortgage debt, pocket the remainder.
Contact Big Sky Home Buyers for a fast, free, no-hassle cash offer on your Texas house. We buy houses in San Antonio fast! With Big Sky Home Buyers there are no showings, no potential for offers to fall through. We know that time is of the essence when it comes to getting you out of this debt, and it’s the quickest way to accomplish the sale.
2 – Short Sale
This involves selling your San Antonio home for less than what it’s worth. First, you need to get the sale approved by the lender, and it will still ding your credit, although not as bad as foreclosure itself. However, the bank is also in charge of selecting which offer to accept, if any, and is part of the selling process all the way through.
3 – Deed in Lieu of Foreclosure
Just as it sounds, this is where the San Antonio homeowner turns the deed over to the bank voluntarily. The bank usually doesn’t agree to this as often due to the number of factors and restrictions that must be met, and it has the same negative effect on your credit as the foreclosure does itself.
4 – Bankruptcy
As a last resort, you can file for bankruptcy. If you do, the law requires that all debt collectors cease collection activities. That’s not to say that you don’t have to pay them back. It’s a matter of buying you some time to get a new job or recover from an injury, for example. Once you have a court date, that’s when the bankruptcy trustee will mediate between you and your creditors. The law requires that your lenders help form a reasonable repayment structure while taking a big hit on your credit.
If you’re stuck and don’t know what to do about your home foreclosure in San Antonio, contact Big Sky Home Buyers today.