Understanding how to avoid public foreclosure in Houston and gain your house lawfully

Often a small mistake or an error of judgement leads to a string of difficulties later. Hence, judging the depth of one’s fallacies and making necessary amends in time can save one from a lot of humiliation. Public foreclosures are one those embarrassments that are best avoided and can be avoided with the right knowledge, attitude and guidance.

Foreclosures could happen to anyone, from the commonest of commons to the most opulent. In this space-age everyone wants to have it all, without waiting, by taking just a little risk. When advertisements are fuelling greed at every second and there is no absence of ‘friendly’ loaners and banks who allow you to use their money and splurge it in exchange of a little return every month, one is easily tempted. 

The problem however, arises when people do not plan their expenses, do not have sufficient ’backup’ money or are faced with an emergency. This causes people to lose their minds and abstain from paying their outstanding amount, leading eventually to foreclosures.

Foreclosure of their homes forces people to do the unthinkable, some run away, others commit crimes to repay the outstanding while some commit suicide knowing that their house is son to be lost and they have no money. Yet, some of them genuinely try to find a way out by equipping themselves with the necessary knowledge or by consulting professionals to know how to avoid public foreclosure and retain their houses.

 

Foreclosures give a person a very less time to react and to face some very tough decisions. The time given can be anything from a few weeks to a few months; hence the person has to gather as much information as s/he can. The person must know what options are left and which of them their best bet is. There are also a few myths associated with foreclosures that should be busted first. The predominant myth associated with foreclosures is that they are rigid, whereas in reality they can be managed well provided you are prepared. Another popular myth is that one should avoid any contact with the lender for it makes your case weak; the law has a very contradictory view on this and considers evading lenders’ calls as a symptom that they may soon flee or are uncooperative.

Every state in the US has a different stand on foreclosure, but their aim always is to provide protection to both the parties. Hence, abiding by the law and not taking any hasty decisions can turn a case in your favour. Sometimes, even the lender can turn out to be uncooperative, simply refusing to spread out installments over a longer period, thus decreasing your monthly amount payable. The trend is visible greatly in Houston, Texas recently where good properties are hard to come by. Hence people there are eager to know about the ways of avoiding foreclosure in Houston from lawyers.

Hence if eager to stop foreclosure now, you must know your state’s law and consult a good property lawyer.

Avoiding foreclosures in Houston and knowing necessary precautions

Foreclosure happen due to the borrower’s inability to repay the loan or mortgage payments on time, the lender files a Notice of default against them and they are given a time to make the outstanding payments, failing which, their house is taken away by the lender either directly or the profits from sale proceedings of the house are passed on to him/her. Different states in the US have different laws for foreclosures but their general aim is to give both borrowers and lenders a fair chance to negotiate and come to a harmonious solution.

Approaching foreclosures can be a very problematic time for lenders and they do tend to lose their minds over the thought that their house may be soon snatched away from them, leaving them homeless. Foreclosures commonly occur when a person is already in a fiscal crisis and when more money is demanded from them within a short time; many go into depression or even commit crimes to get out of the situation; many even fled away. 

Due to utter embarrassment and ignorance, many do not contact their lenders; losing the chance of negotiating with them to alter their agreement or explain their situation, which perhaps is the biggest mistake on their part. Many even don’t believe that their lender can help or have a notion that it will accelerate the foreclosing process of their home.

There are many reasons behind the large number of foreclosures happening in the United States of America in recent years. It is truly shocking to know that more than 40 percent of US homes spend more than they earn annually, which means that they take loans and mortgages without having the proper means to repay them. Hence they periodically miss payments, leading to the possibility of foreclosures.

If we look for the prime reasons why people fall into such situations, we can understand that what these people are going through. Job losses, medical emergencies, non availability of any savings or credit or recurrent refinancing constitute the major share of reasons of foreclosures in the US.

The situation in Houston, Texas is quite alarming, though there is very effective machinery for avoiding foreclosure in Houston. To add to the ignorance of people, there are many scamming professionals who claim to help you with the help of ‘secret laws’ and walk away with your house instead.

Therefore, strict laws are being formulated to protect the interests of both lenders and borrowers in Houston. It is often the borrowers who are the scam artists, lending money from banks, never to return again which leave banks with huge losses; hence laws in Texas cannot be one-sided.

The internet often gives you the best tips on how to avoid public foreclosure though professional help is always recommended. A good lawyer or house councilor can help you negotiate with the lender and provide you with a host of options.

They can also help you in explaining your situation to the court and even buy you more time. Hence with the right knowledge and guidance you can stop foreclosures now and regain your house.

What you can do to sell your house fast as time flies

Whether in the choosing, leasing or buying of reality, people tend to take a lot of time in deciding the type of accommodation they need. Also, since real estate is a sensitive aspect of a person’s well-being and is a cost-intensive affair, decisions need to be taken judiciously which results in further delay of the buying or selling process.

The price of real-estate depends on many aspects including the type of property, its history, and the land, the demography of the place, services available and the prevalent prices of the area. Thus, when a decision for buying or renting a house comes, buyers are paranoid about all the requirements mentioned above and many more. Therefore, there are no ‘magical ways’ to sell your house fast.

Today, however, there are several good options available to you if you plan to sell your house quickly. The reason for selling the house can be due to financial crisis, divorce, urgent requirement of money, foreclosure or relocation, but new-age ways of selling your house can surely mitigate the amount of time required, if not eliminate it.

When desperate on selling your house quickly, a few weeks’ time may appear to be like years due to the urgency involved. Hence, one must start to think from a consumer’s point of view when desperate to sell the house quickly. Firstly, a consumer wants a well-decorated and spacious house which s/he can call on their home and one that meets his/her requirements well. Hence, you must firstly know what type of people would need your house. If it is a flat of moderate size, it can be availed by nuclear families or individuals; on the other hand a villa or bungalow type of house is better favored by big families or people loving solace and grandeur, hence while listing them in property listings online, an appropriate description of the property to entice the right type of customers should be entered.

Secondly, one should always underbid the price if interested in selling the house quickly. This will give the prospective buyers an idea that they are getting the house at a bargain, making them interested in buying the house quickly.

Thirdly, since there is no surety that merely putting up your house’s description on the web will alone fetch you more buyers, one should do many such listings and provide some good pictures  to give viewers an idea of the house, the views available, its surroundings and facilities available.

Among all the cities in the US, Houston has the most number of houses under sale. Hence there are many property lawyers and advisors to tell you about how to sell your house fast in Houston. There are also many real estate agents to assist you in selling your house.

Though selling homes is what they do for a living, they too cannot guarantee that your house WILL be sold, and certainly not on a deadline. Hence, you must gear up and do all you can to sell your house quickly.

Cash-for-home buyers explain: How we buy houses in Houston

While avoiding foreclosure or any emergency situation like divorces, relocation, debts, inheritance and deaths, it often becomes very challenging to sell houses for many reasons. Buyers, before making such huge investments tend to research and value properties and consider all the options available to them. When it comes to selling houses, owners generally have two options, either list it with the help of a real estate agent or sell it over to the many house-for-cash agencies.

The principle problem with Real estate agencies is that they just list your house on property listings and forget about it. No added effort is given even if you wish to sell the house quickly. Also, for a person going through a financially rough patch, giving a hefty sum as the brokerage fee might not be conducive to your situation.  The location and condition of the house is important as well for making it attractive to the buyers, hence if not favorable, the house might not get sold at all. There is no assurance and one has to bear more costs, often selling the house at cheap rates due to emergencies.

House-for cash agencies, on the other hand do valuation of your property for you, share the results and buy the house for cash. Thus, they are perfect when you need the money and need no fuss. These agencies often work in tandem with realty investors and therefore have ready availability of cash to help you sort out all your financial hiccups quickly.

Since there are numerous foreclosures happening in the US every day, many such agencies have been set up to help out people in distress. Houston, Texas has one of the highest concentrations of such agencies, who can often be seen with signs outside their offices that say ‘We buy houses in Houston’. While some of them genuinely help people in distress, a few others also scam other people into submitting their properties. Hence, care should be taken to avoid such companies and proper research should be done before the deal is made.

Emergencies demand drastic actions and selling houses can be a huge challenge for the uninitiated. House-for-cash agencies buy your house within a week of registering and with them; there is no deferred payment or installments involved and you get all the money at hand.

The methods that they use in acquiring plots are completely different from the process of how we buy houses normally. House-for-cash agencies have a list of properties that risk going into foreclosure and contact them when they need the money most. Some also arrange an alternative home for the residents for a short time and once the house is theirs, they also give the original owners an opportunity to get their properties back.

The condition of the house may be shabby and even if the plot is at a remote place, these agencies and their investors buy them instantly hoping that the prices would increase again when the markets improve. They also help individuals who have for long, dreamt of buying homes in Houston.

A Guide to Averting Foreclosure in Houston

Foreclosures and the laws corresponding to it are made to protect the interest of both buyers and sellers. From the lay man’s perspective it might look cruel to take possession of somebody’s property against their will, but these laws are formulated to ensure that lenders do not have to bare losses due to concurrent bad-debts from defaulters.  

In USA, there are a high number of defaulters per state and strict laws are made to counter them. At the same time, laws are also made to protect the innocents from companies or individuals who mislead them and make them fall into a trap of wrongful foreclosure suits. Every state in the US has different laws corresponding to foreclosures, though loaning companies in all states start the process of foreclosure only three to six months after the first missed payment. Therefore, if one has missed their monthly payments due to some difficulties, they should always inform their lenders so that they do not take any legal action against them. Avoiding calls from lenders only accelerates the foreclosure process and makes it worse on one’s credit statement.

There are generally three foreclosure processes which are followed in the USA which include Judicial Foreclosure, Power of Sale (Non-judicial) and Strict foreclosure though they are adapted differently in each state. In Texas for example, only judicial and non-judicial foreclosures are practiced. There are several law firms and housing companies in cities like Houston to help people on the verge of having foreclosures on their properties. They can both solicit and advice their clients on how to stop foreclosure in Houston, Texas and come to an amicable settlement with their lenders.

Most foreclosures, that happen in Houston, Texas are non-judicial in nature and are governed by the 51^st Chapter of the property code. Once a defaulter does not make the payment within 60 days, they are sent a legal document (Notice of Default & Intent to accelerate) and this is the last chance for defaulters to avoid foreclosure. 

There is no right of redemption in averting foreclosure in Houston, though deficiency judgments are allowed. The state of Texas usually follows two methods of foreclosure, which are given below-

1. Judicial Foreclosure

In this judicial process of foreclosure, the lender files a lawsuit to obtain a court order to foreclose; it is used when no power of sale is present in the mortgage or deed of trust. Hence, stopping foreclosures in these cases are difficult. After the court declares a foreclosure, the property will generally be auctioned off to the highest bidder.

2. Non-Judicial (Power of Sale) Foreclosure

The non-judicial foreclosure is used when a power of sale clause exists within a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default.

A small number of states also follow the process of ‘Strict Foreclosure’ in which the lender files a lawsuit to the defaulting home-owner. If unable to pay within the stipulated time, the property is directly handed over to the mortgage holder.