Until recently, I wasn’t overly familiar with foreclosure.
I had a basic understanding of the term but wasn’t fully aware of the ins and outs.
Foreclosure is a legal process where a lender takes over a property because of the homeowner’s failure to make mortgage payments. In my situation, the process was stressful and overwhelming. It created both financial upheaval and emotional strain. I had fallen behind on mortgage payments because of illness, losing my job and identity theft. All of these major problems occurred simultaneously, making it very difficult to manage monthly payments. I also was faced with a sudden increase in my payments due to an adjustable-rate mortgage. As I scrambled to pay medical bills, credit card debt and regular expenses, the house began to deteriorate. The foreclosure process began after my first missed payment. There was very little grace period before I received notice. After several missed payments, I received a Notice of Default. At this point, I had the chance to sell the property to avoid foreclosure. One of the most straightforward and stress-free options to avoid foreclosure is to sell the house quickly to a cash home buyer. This was a chance to pay off the mortgage and get around the long-term consequences of foreclosure on my credit. I found a company that is local to Lewisville and buys properties in Fort Worth, Dallas, Denton, Little Elm and the surrounding areas. They specialize in assisting homeowners in foreclosure. They make cash offers on houses in as-is condition. I received a cash offer that same day and was able to close really quickly. There were no repairs, updates or clean up necessary. There were no realtor commissions or closing fees. The cash home buyer really helped me out of a bind.