Can I Give My House to the Bank to Avoid Foreclosure?

Give House to Bank to Avoid Foreclosure

The answer is YES!  However, there are some caveats.

How to Avoid an Expensive Foreclosure in Fort Worth

Talk to Your Loan Provider

First, if you’re trying to avoid foreclosure in Fort Worth, talk to your loan provider immediately to understand your options.

Take Action before Getting Too Far Behind on Mortgage Payments

You’ll need to take action before getting too far behind on your mortgage payments to halt home foreclosure. Contact your financial institution if you think you’ll miss a loan payment and inform them of what is going on with your financial situation.

The loan organization you use would rather work something out for you so they do not generate losses than go through the actual foreclosure process.

Be Open and Honest with Your Mortgage Company

Like we said before, most of the time your mortgage company will work with you on payments. Additionally, they may be able to work something out to cut down on your interest rate, which would reduce monthly payments for you. If you miss one or two payments but find yourself able to start paying again, they can usually add those repayments back onto your load and consider you caught up on your mortgage.

If you do not talk to your financial institution ahead of time about your situation or struggle then they will not accommodate you.

Choosing Your Mortgage Loan Bills or Your Credit Card Payments

You can prevent home foreclosure by ensuring you consistently pay your mortgage loan prior to any bills. Your house loan is an essential monthly bill. Credit cards should never take priority over your house loan payment. Dealing with the consequences of not paying your credit cards is a lot easier than the implications of failing to pay your mortgage.

Not paying your mortgage loan can hurt your credit score the most. Getting behind on other sorts of debt (like credit cards) can never harm your credit as much as getting behind on home loan payments.

Can You Sell Your House as a Way to Avoid Foreclosure?

One option to prevent home foreclosure is to pay your house loan off by putting your property up for sale. Sometimes you may even have enough money left over—after paying your loan payment off from the home sale—to start over. This is an excellent way to prevent foreclosure and avoid a disaster on your credit score at the same time.

Another way to stop property foreclosure in Fort Worth is to cut your spending down to the bare minimum. If you can reduce your expenses adequately then you could avoid having to sell your house altogether. If you’re self-employed, one way to spend less would be to stop renting office space and make a workplace at home. You could also sell a car and just share one between you and your spouse.

There are definitely ways to prevent home foreclosure and damaging your credit score.

We Buy Local Fort Worth Houses: Can We Make You An Offer?

Here at Watts Buys Houses, we buy houses in Fort Worth, TX, and the surrounding area and we may be able to help you get out of your house and avoid foreclosure.

The process is really simple:

  1. Fill out the form here, or call us at 682-233-5658, and we’ll make you an offer within 24 hours
  2. If you accept the offer, we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork
  3. We buy your house when you want us to (in as little as 7 days) at a reputable local closing agent

That’s it!

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