With the growth of the employment scene in
Houston in the past few years, there has been a surplus demand for
accommodations due to the purchasing capacity of the people having been
increased. Since it is the fourth most populous city in America, there is
always a lot of pressure on land and the demand for good plots is higher than
ever.
In such situations, where the demand is
much more than the supply, certain realtors and investors use unscrupulous
means to meet the demand of their clients and annex good properties within
their area. One of the best methods that they know to take possession of good
properties at fair prices is by getting hold of properties under foreclosure. Since buyers are nervous and often clueless
about what to do in time of foreclosures, taking advantage of them is much
easier. Also, the people are unaware of the laws and regulations of Texas
State, which make them prone to scams. Thus, in their fight for stopping foreclosure in Houston, some
defaulting homeowners very easily lose their house due to panic and
carelessness.
There are many housing companies in Houston
who come to defaulting homeowners in time of foreclosures. They are wolves
disguising themselves in the skin of sheep and claim to help you. They claim
that if you offer to try and hand over the property to them, in exchange they
will help you get back your house. They also claim that after the mortgage is
current they will re-sign the property back over to you, which may sound like a
great offer to people in financial distress.
When you don’t know how to stop foreclosure in Houston, Texas; scammers in the form of housing councilors can also trick
you saying that they have come across some secret law that can help in
acquiring back your property. In reality, they are just scam artists working
for a real estate company or on their own who are secretly trying to win your
trust and take acquisition of your house discreetly.
The HUD approves housing councilors only
for this purpose and it is therefore safe only to take advice from approved
councilors. When such ads are displayed in classifieds, one should also check
if they are approved and are suitable for the job. Choosing a bad counselor may completely
sabotage your deal and make avoiding
foreclosures very hard. Some of them charge a heave fee for themselves and
negotiate with your lenders to come to terms which initially sound great but
can be harmful in the long run.
Averting foreclosures and regaining the
possession of your house is however easy if you are vigilant and well-informed.
Firstly, plan you finances carefully and have enough savings for emergencies.
Even if you run into any difficulty in paying the outstanding, you should
explain your situation beforehand to the lender or try to make a different
payment plan that works for both of you. Even a short sale is a good idea to
gain pays the outstanding, improve credit ratings and get good value for the
house. It is a good idea however to take help from a qualified lawyer.
No comments:
Post a Comment