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  • Your situation. Our solution.

  • Overview of foreclosure timeline.

  • Glossary of terms for this section

    • What is your situation?

    Here's how we can help.

    Scenario 1: You are behind on payments due to some unfortunate circumstances, but now you are getting back on your feet again, and you want to get back in good standing with the mortgage company and save your house.

    Solution 1: We can work with your lender to re-instate your loan and try to arrange terms that can work for you to 'catch-up' on your mortgage.  This is not an easy process, but if your financial situation has improved greatly, this might be a viable option for you.  A word of caution, many people who try this, eventually end up behind on their mortgage again.  So I encourage you to look realistically at your situation as you decide. (Call Now to learn about your options)

    Scenario 2: You do not have any equity , which is to say you OWE about what the property could sell for.  This can happen if you have been in your home 4 years or less, and/or if your house needs repair, (including but not limited to carpet and paint, etc.)  You might also be in this position even if you have paid off a good portion of your loan, but due to the many repairs needed on the property, you can not sell for current market value in your area.  Unfortunately, many times, this is the case.

    Solution 2:  We can try to work out a settlement with the bank to take less money than what you owe on the house.  This procedure is called a short sale.  If the bank accepts a short sale (or a Short Payoff), you will not have a foreclosure on your credit  (The sooner you call the better chance we will have to stop foreclosure and save your credit!)

    Scenario 3: You have 20% equity (or more) in your home, but you cannot afford to keep up your mortgage payments.  There are (virtually) no repairs to your home, and you can leave your home in rentable/saleable condition when you leave.

    Solution 3 A: In some cases we may choose to purchase your house and close in thirty days (or less, depending on how urgent the need to close quickly, and/or our availability of funds.)
    Solution 3 B: If we choose not to personally purchase your property many times we can offer the property through our network of other investors who may be interested in purchasing your property.
    Solution 3 C: In some cases we may be able to make your mortgage payments, and put your home in our Lease Option program for "would be" home buyers.  This relieves you of the burden of your payments so you can move on with your life.

     Scenario 4:You have 20% equity , (or more) in your home, and you think you are able to and want to keep your house. (If you have less than 20% equity it is very unlikely that another mortgage lender will want to refinance your house.)

    Solution 4: Speak with a lender representative or mortgage broker to pursue refinance options.  Look on our site or call our office (817-581-7520) for referrals you can trust.

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    Overview of Foreclosure Timeline
    Step 1. - You get behind one or two payments -
     Lenders will generally not take any drastic collection action until the borrower is 2 or more months behind. (best time to contact us)
    Step 2. - Demand Letter -
    After the initial requests to send in the payment, the lender may become a little more aggressive.  In Texas the lender's first legal step prior to foreclosure is to send the borrower what is called a certified ‘demand letter'. This gives the borrower 20 days to cure the default before the lender will proceed with a foreclosure by sending them a 21 day Foreclosure Notice.   (If the borrower tries to send money to the lender during this time without sending the entire required amount, the lender may return the check un-cashed.) (We can still help you at this point, fill out the form and/or call asap)
    Step 3. - 21 day foreclosure notice -
    The trustee (on the lenders’ behalf) must send a foreclosure notice stating the date, place, and earliest time of day that the sale will take place.  (Typically the trustee will give a time range between 10:00 am- 1:00 pm.)  In Texas, the sales of foreclosed property take place only once a month on the first Tuesday of each month, regardless if it is a holiday or not. [The good news is, if you have not received notice of a Foreclosure Sale and it is less than 21 days till the next Tuesday sale date, the lender will not be able to sell your house until the following month at the earliest.]     (We can still help you at this point, fill out the form and/or call asap)
    Step 4. -  Foreclosure Auction -
    In Texas, this is held on the first Tuesday of every month on the county courthouse steps (Foreclosure can be delayed up to the morning of the auction by filing for bankruptcy. In some cases, we can stop the foreclosure process if contacted by the Friday before the auction. This gives us an opportunity to work with your lender to stop the foreclosure. If this is you CALL NOW!)

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    Glossary of Foreclosure Terms
    Equity - The interest or value that an owner has in property over and above any indebtedness.
    Forbearance Agreement - A negotiated agreement between the Lender and Borrower where the Lender allows the Borrower to become current over time.
    Foreclosure - A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document.
    Notice of Default - A notice filed to show that the borrower under a mortgage or deed of trust is in default (behind on payments).
    Refinance - To obtain a new loan to pay off an existing loan, or to pay off one loan with the proceeds from another.
    Short Sale - A sale of property which includes some forgiveness of debt by the lender under a mortgage or trust deed.  The amount of debt forgiven may be considered taxable income to the seller.
    Reinstatement - To bring something back to its prior position, as in restoring a defaulted loan to current status.

     - Full glossary of terms - | - Back to the top -