Going through a foreclosure can be a very difficult process for homeowners and their families. It requires a lot of time and money to solve it and those are two things you will need the most in that situation.
The Owner Finance Group has helped a lot of people facing foreclosure and we have succeeded. We want to help you get out of that situation and get back to normal.
How Does Foreclosure Work?
Foreclosure is a legal process by which the house owner loses all rights to the property. If the owner doesn’t have the money to pay the debt or can’t sell the property in a short time, the house goes to a foreclosure auction. And if the property doesn’t sell there, the lending institution takes possession of it.
Foreclosure goes through 5 stages:
- It all starts when the homeowners fail to make timely mortgage payments and doesn’t meet the terms of the loan.
- After three to six months of missed payments, the lender notices the County Recorder’s Office about the homeowner’s situation. Depending on the state law, the lender gets a post on the property’s front door to be aware that he is in danger of losing all rights to the property.
- After receiving the NOD, the borrower starts a grace period called “pre-foreclosure”, where he can work out an arrangement with the lender to sell the house in a short period of time or pay the debt.
- If the borrower couldn’t accomplish the agreement, the lender sets a date for the home to be sold at a foreclosure auction.
- If a third party couldn’t purchase the property at the foreclosure auction, the lender takes ownership of it. This is known as bank-owned property or REO (real estate owned).
Can You Sell Your House Before Foreclosure?
You can sell your home until it is sold at auction or the bank takes possession of the house. So, basically you can sell the house in the “pre-foreclosure” stage.
If you need to sell your house fast and want to avoid foreclosure, The Owner Finance Group can help you get rid of that property. We buy houses for cash in Cedar Park, TX, no matter if the house conditions. Our fast selling process will save you the time you need to find another house and take care of the things that really matter, like family. Also, you won’t have to pay for commissions or fees, so you will save a lot of money as well.
Don’t lose time and stop foreclosure now.