Working with buyers and sellers of the Brazos Valley I have learned that we BUY HOMES but when we lose them to foreclosure they are now just HOUSES. We want to move into a HOME for our families but when times get tough and someone gets behind on their home mortgage the bank only considers it a house – an asset.
So, if you have gotten behind in your home mortgage and you have not been able to successfully complete a loan modification the bank is going to start down the foreclosure path. Of course you may be able to bring your loan payments up to date but otherwise your options are very limited – there are no more loan options that allow you to stay in the house.
At this point our goal changes. It goes from helping you keep the home and changes to giving you more control over how you leave the house.
WHAT IS A FORECLOSURE?
When someone does not make their loan payments following the agreement made through the loan documents then the bank will foreclose taking back their asset. Foreclosure is a LEGAL process. During this process the lender (one who owns the mortgage) sells the property to recover the unpaid loan amount. Normally this process begins 30-90 days after you stop making payments. At the foreclosure sale on the first Tuesday of each month at the county court house, the lender will become the property owner if no one else buys the property. In Texas most foreclosures are non judicial – no judge or lawsuit is needed.
POSSIBLE CONSEQUENCES OF A FORECLOSURE