Do you have a Austin 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.
The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start the process, the better the chances for success.
Can I Sell My House in Foreclosure in Austin? – How it works
There are a lot of folks in Austin who have faced foreclosure over the last several years. Since the changes in the economy and collapse of financial institutions giving out improper mortgage loans a lot of banks have been shifting the way that they deal with foreclosures.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned.
The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. The last thing a bank actually wants to do is follow through on the foreclosure. However, dealing with banks during any part of the foreclosure process can be a huge pain. Many homeowners give up due to the headache of dealing with the banks and just let their home go back to them. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks 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. Show them that foreclosure is the last thing you want. Be professional in all of your communications both written and verbally.
- Don’t miss deadlines. If you will be late with anything, call with advance notice. Always explain why you will be late.
- 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. these are people who have a job to do. No matter how frustrating it may seem, being assertive but professional will go a long way!
- Start keeping careful records of every conversation you have 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 any promises made. Keep all emails, texts, written correspondence and all other communications with the bank in a easy to lcoate file.
- 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 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.
We specialize in helping homeowners in situations including foreclosure around Austin 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. You deserve the opportunity for a fresh start and we aim to make that happen.
If you need to sell a property near Austin, we can help you.
We buy properties like yours from people who need to sell fast. We make the process easy and hassle-free!