Foreclosure

Foreclosure

Text Box: 	Home For Lease Or Sale
 	Contact: Yiqun Xie                                  Tel: (214) 394-7876
	Email:  Yiqun.Xie@gmail.com              

It’s sad to mention this word. Unfortunately it happens all the time in this world. With the slow economy and scarce job opportunity, foreclosure rate stays high in Dallas-Fort Worth area. There are so many unpredictable things possibly leading to foreclosures: loss of job, pay cut, sickness or death of bread-earner, unexpected medical expense, divorce, etc. If you do not pay mortgage for several months, you will get a notice of default from mortgage company. Usually you will be given 21 days to payoff your late payment and fees. If you do not, your home will be auctioned off at county court to the highest bidder. In most cases your bank will get your house for what it is owed. You will have to move out. You lose your house for nothing and your credit record is ruined for at least a couple of years. You will have difficulty to get any loan in the future. To avoid foreclosure should be your first priority. Many home owners do not know what they can do to prevent a foreclosure when they cannot make their mortgage payment. Actually a lot of options exist that may allow you to save your credit, and/or save your home as well.

 

First of all, you should be candid to your mortgage company about your difficulty. Call them when you cannot make your payment. Ask what they can do to help you. In some cases they may agree with you a tentative plan to reduce or defer your payment.

 

You should also try to sell your home to avoid a foreclosure. You are welcome to call me and see if I can help. If you are in a hot real estate market and you have considerable equity in your home, selling is usually not a big problem. But we all know that the real estate market in Dallas-Fort Worth area are quite slow now, unless you have large equity in your home and are willing to take a deep price discount, it is probably not an easy job to sell your property quickly enough to avoid foreclosure. Time is of essence here, so please take action as soon as you see a financial problem. The more time you have, the more flexibility you get, thus more possibility to get a good sale price. The longer your home sits in the market, the more expense it incurs. The monthly mortgage payment, late fees, penalties, attorney fees, property tax, homeowner insurance, homeowner association dues can quickly add up and eat your equity in the home.

 

In the worst but not uncommon case of foreclosure, what do you do if you have little or no equity in your home at all? It often happens that you owe bank more money than the fair market price of your property. In that case you cannot sell it in the market, because if you do, you still owe bank money after closing. You need to bring money to the closing table to lose your house. Is there any solution to this situation? Yes, call me and maybe I can help. I can negotiate with your bank a deal which allows investor to buy your property at market price, and let the bank, not you, to take the loss. The money you owe the bank will be forgiven. By doing that, you take your debt off your back. Of course, you still lose your house, which happens anyway if foreclosure happens, but you can save your credit by avoiding a foreclosure. The whole process is called “short sale”. Many people have never heard of it and it may sound too good to be true, but it happens. I can make it happen if you cooperate. This is a win-win situation for all involved. You save your credit by avoiding foreclosure, and take the debt off your back, investor get the house at a reasonable price, the bank can write off a bad debt, it saves bank trouble of foreclosure and sell your house later in the market for a loss.