Do you have a Houston Texas house that’s in foreclosure right now? Many people going through the Texas foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure.
However, many do not take the step, out of lack of certainty that they actually can sell the house while it is being foreclosed on. You still own it, until the process is complete. The short answer: yes. The long answer: it’s a little more complex, but usually you are able to sell your property prior to foreclosure. Generally, the sooner you start, the better – and the lower the cost.
Can I Sell My House In Foreclosure In Texas? – How it works
There are a lot of folks in Houston who have faced foreclosure in the past few years.
Due to the economic fluctuations this past decade, most banks have changed the way they deal with foreclosures. This can make it hard for borrowers to deal with them.
Hence, if you have dealt with such issues in the past, you should know that you cannot do so again in the current day and age. The new policies, or a lack of them, have certainly made it harder for you to sell your house if it is foreclosure.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. It might not feel that way, but the bank wants your payment proceeds (money) and not your house. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain.
Over many years of working with banks to help stop the foreclosure process, we’ve learned a few ‘best practices’ that will help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold. Particularly after Harvey, they will work with you.However, to ensure that they do, you will need a solid plan.
- Don’t miss deadlines. If anything will be late, call with advance notice and try to make sure that the bank is with you on everything.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way. Try to treat the bank like partners and give them the level of confidence they desire.
- Start keeping careful records of every contact you have with the bank. You need to record all your interactions and dealings with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and anything that was agreed upon.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough guided effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you. You need to not only have your strategy straightened out, you also have to get the bank on your side at each step of the way. Be sure you are acting with a real sense of urgency.
We specialize in helping homeowners in situations including foreclosure around Houston and the whole state of Texas get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Houston, we can help you.
We buy properties like yours from people who need to sell fast.