Sometimes, it is necessary to sell a house fast to avoid a foreclosure. If this is you, we can help.
We have been buying Houston houses since 1990, and have bought many houses that were posted for foreclosure and actually were able to stop the foreclosure and keep it off the seller’s credit. In a foreclosure situation, time is important and we must act fast.
In Texas, foreclosures are governed by chapter 51 of the Texas Property Code and are held on the first Tuesday of each month between the hours of 10 a.m. and 4 p.m. at the county courthouse or other designated location according to local law and ordinances.
Notices of foreclosure sales must be filed with the county clerk and posted (usually on a bulletin board in the lobby of the courthouse) at least 21 calendar days prior to the intended foreclosure date. A copy of the Notice is also sent by certified mail to the last known address of the debtor.
That means once you receive a notice of foreclosure in the mail, we have less than 21 days to get it resolved and stop the foreclosure, which isn’t much time to deal with all the moving parts. Now is the time to take action and contact us.
After you contact us, we will make an appointment to meet at the property to inspect its condition to assess the amount of repairs/renovations required (if necessary) to bring it to full market value. We will also need you to bring copies of any mortgage statements, notice of foreclosure, or other liens or default notices regarding the property.
Once we make you an offer and it’s accepted, we will handle all the paperwork and start the process of closing on the sale and stopping the foreclosure. We will deal with the foreclosing attorney, title company, mortgage company, and others as necessary so you can put this all behind you. These times are very stressful for you and we are there to help in any way we can.
Based upon the circumstances and the amount of time we have to work with, we will either pay cash for the property or make up the back payments and reinstate the loan so it’s current again. If we reinstate the loan, we will takeover your house payments until we find a more permanent solution to pay off the remaining debt.
In any event, you’ll avoid a foreclosure on your credit record which will give you the opportunity to re-establish your credit so you can buy another house in the future.
Typically, the mortgage company will let you get up to 3 months behind on the payments before they actually start the foreclosure process. If you are getting behind on your payments and can’t see a way to get caught back up, contact us and we’ll see how we can help. If we have more time to work with you, you usually get better results. Don’t wait.