If you’re a Texas resident, and a homeowner, you’ve definitely had instances where you thought there’s no way you’ll be able to pay the next mortgage in time. It’s a situation that most of us have found ourselves in, so you shouldn’t feel embarrassed at all.
So today, We Buy Fast Houston Houses will be talking about foreclosure and the pitfalls of opting for bankruptcy. You obviously know filing for bankruptcy is one way of avoiding foreclosure in Houston, Texas, but do you really know what that means for you going forward?
First off, just so we’re clear, a foreclosure is a legal process used by a lender to take away my house in Houston, Texas, should you fail to pay your monthly mortgage. You can always use a government modification loan program to try to stop it but if it’s unavailable, your options will be significantly limited. That’s why some borrowers find themselves going the bankruptcy route.
The issues you could face when using bankruptcy to avoid foreclosure
We Buy Fast Houston Houses is a property investment company that helps homeowners in Texas get verified information. So believe us when we say, even though bankruptcy will help you evade foreclosure in a way, it cannot completely stop it.
Bankruptcy is a temporary solution. It will buy you time, but if you don’t get your house in order, you’ll still lose that property. The only way to avoid foreclosure is to pay off the debt. We Buy Fast Houston Houses could help you sell fast, and use those proceeds you earn to pay it off.
If you have to file for bankruptcy, you should file it before you receive the notice of default. That way, the court will offer you foreclosure immunity. That’s to say, the lender won’t be able to sell my home fast.
But the lender still has the option of filing a relief from stay. And should the court grant their wish, you’ll be thrown out of the house. In other words, filing for bankruptcy is just a mere waste of time. It’s not reliable or even convenient.
You are still responsible for that mortgage
Another common misconception is, borrowers who’ve already filed for bankruptcy and gotten the approval, don’t have to worry about the loan any more. No, nothing can set you free from a personal liability. Even if you pass on, the next of kin will have to pay whatever you owed. So there’s no escaping that debt in this life or the next.
We Buy Fast Houston Houses feels obligated to mention the fact that bankruptcy interpretations differ between charters. We won’t get into the legalities of all that in this article but you should definitely talk to your real estate attorney, if you wish to get a better understanding on the same.
Sell my home quickly
Selling is the best solution here. And We Buy Fast Houston Houses can make that happen. If you’re interested to know how, just reach out through our social media platforms, or by directly call us.