If you have received a foreclosure notice or expect to enter the foreclosure process soon, you are wise to get information about how to avoid foreclosure and sell your house fast in McKinney TX. The foreclosure process is intimidating and can be surprisingly quick. Foreclosures in Texas are averaging only about 159 days.
When you borrowed money through your mortgage, you signed a promissory note and a deed of trust. The deed of trust provides the security interest in your home and protects the lender. When you fall behind on your mortgage, you are in default under terms of your promissory note and the lender will act to protect their interest in your house by foreclosing the deed of trust.
McKinney TX Foreclosure Facts
If you face foreclosure in McKinney TX, you are not alone. RealtyTrac list the following November 2015 facts about foreclosures in McKinney TX:
- 132 McKinney TX homes are in one stage of the foreclosure process.
- 432 other McKinney TX homes are listed for sale
- The median list price of homes in McKinney is $$284,995
- The median selling price of a McKinney TX home is $202,000
When faced with foreclosure, it is time to address the situation before the running meter expires. The after effects of foreclosure can be more intimidating than the loss of your family house.
Sell my house fast in McKinney TX is a much more appetizing prospect than long-term damage to your credit. No homeowner intends to endure the legal foreclosure process but sometimes bad things happen to good people.
Put Emotion Aside
If your home is in foreclosure, it is only natural to be upset. Yet, when you are in default, the foreclosure process is clear. Homeowners must know their options about how to avoid foreclosure:
- Pay past due balance in full
- Loan modification
- Forbearance agreement
- Payment plan
- Sell my house fast in McKinney TX and retire the mortgage
- Combinations of the above
For many McKinney TX homeowners facing foreclosure on the deed of trust, the best option is to sell my house fast and start anew. You are not alone! sellyourhomefastonline.com can help homeowners sell my house fast in McKinney TX.
After you complete our contact form, we will respond within 24 hours to discuss your foreclosure and make you a fair, cash offer. We have helped other McKinney TX homeowners avoid foreclosure and our initial consultation is free of charge.
Foreclosures in Texas
Most foreclosures in Texas are non-judicial, meaning that the lender can foreclose without going to court. To be sure this is how your foreclosure on deed of trust will be handled, check your deed. If there is a clause containing a power of sale clause, your home will enter the non-judicial foreclosure process when you are in default.
If your deed does not contain a power of sale clause, your foreclosure will enter the judicial foreclosure process, which may give you a little more time. If the debt is a home equity loan, a –quasi-judicial process is invoked.
Foreclosure Breach Letter
Most Texas homeowners receive a formal notice of default from the lender that is known as a Breach Letter. Upon receipt of Breach Letter, the lender can accelerate the loan and move to foreclose. The letter will include a demand that the loan be paid in full as well as other conditions, including:
- Notice of default
- What action must be taken to cure the default
- A date by which time the default must be remedied
- Notice that failure to cure the default can result in acceleration and sale of the property at public auction
Unfortunately, the meter is running and unless the obligation is retired, your house will be sold to a third party of taken over by the lender. You have 20 days after receipt of the Breach Letter to cure your debt and stop foreclosure.
You may be able to buy some time before you have to vacate but the better option may be to sell my house fast in McKinney TX and start rebuilding for the future. You are not alone! Millions of Texans and Americans have recovered from the disappointment of foreclosure.
Unfortunately, the damage caused by foreclosure to your personal credit can be worse than other outcomes. Why not contact sellyourhomefastonline.com and learn how to sell my house fast in McKinney TX to avoid foreclosure?