While the economy in Austin, Texas, is better than most other states, it doesn’t mean that there still aren’t distressed home owners who are looking to sell their house fast.
But what options do you really have?
I’m not going to insult your intelligence with solutions like ‘pay off your mortgage in cash’ or ‘refinance’. If you had the money or credit to do so, I’m sure you would have figured it out.
Here are 7 Options to Consider When Facing Foreclosure in Austin, Texas
- Do Nothing: If you choose to ignore the problem and hope it goes away, the only thing that will go away for certain is your home. The bank will most likely buy back your house at a foreclosure auction. There are several negative consequences to a foreclosure, including credit and tax penalties that will cost you money for years. Quite frankly, doing nothing is the worst option you could choose.
- Loan Modification: This is when you work with the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level, but there’s a huge risk to this strategy…something I call the Loan Modification Merry-Go-Round. Bottom line is I’ve known many distressed sellers whose situation went from bad to worse hoping on a loan modification.
- Forbearance: In this situation, the lender may be able to arrange a repayment plan based on the homeowners financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. However, this approach can truly damage your credit for years. Also, if you take this risk, you must be certain that after the forbearance period, you will be able to pay a higher mortgage rate.
- Deed in Lieu of Foreclosure: This is when the home owner gives the property back to the bank instead of the bank foreclosing. Banks generally require the home to be well maintained, all mortgage payments and taxes must be current. Obviously if you are behind on payments or the home requires repair, then this will probably not be a good option. Also, most mortgage agreements state that if you fail to make payments, the bank must foreclose rather than use a deed in lieu.
- Bankruptcy: This option can liquidate debt and/or allow more time. However, bankruptcy is rarely a good choice while you are in the house.
– Chapter 7 (Liquidation) To completely settle personal debt
– Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years. – Chapter 11 (Business Reorganization) A business debt solution - Short Sale: A short sale is when the bank agrees to ‘short’ or discount a note in order to sell to a qualified buyer. If you need to sell your house and are behind on payments, the home requires repairs, and you owe more than the property is worth, then this may be the best option. It takes months to negotiate and there will be damage to your credit report, but typically you can rebuild your credit quicker with a short sale on your record than with a foreclosure.
- Assignment of Mortgage Payments: If you have little or no equity in your house and want to sell quickly without damaging your credit, then the assignment of mortgage payments is the best option. Many distressed homeowners in Austin, Texas, find themselves in this situation, but most Realtors never provide this solution.
Options to Consider When Facing Foreclosure in Austin, Texas
At Hippie Hollow Homes, we are passionate about solving problems for distressed homeowners by using the multiple outside the box strategies that have helped us successfully participate in more than 1,200 real estate transactions in the Central Texas real estate market since 2004.
In addition to practicing the traditional real estate model, we also network with thousands of real estate investors nationwide that are interested in purchasing houses quick. Many have cash and can buy outright while others will utilize some of our creative strategies to ensure a win-win transaction.
Our promise to you is that we will always treat you with courtesy and respect, no matter what your situation is. Hippie Hollow Homes is uniquely different from any other real estate solutions provider. Contact us and we guarantee the following:
- We will always make you an immediate offer
- We will always offer to list your home, with one of our affiliate agents, with our purchase offer as a back-up
- We will also make you some creative offers that may be more beneficial to your situation and timeframe
- We will share with you a market analysis on your home, that determines it’s as-is value, in today’s market, compared to homes recently sold around yours
- Our offers are no-pressure, no-obligation
The only way we cannot help you is if you do not contact us today.
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