How To Stop Foreclosure In Texas [Newly Updated 2024]

Stop Foreclosure in Texas as soon as possible so that you don't give up all that you have worked so hard for all of these years.

Unfortunately, bad things happen to good people all the time.

This doesn't mean that we should give up and put our heads in the sand.

The fact that you are here tells me you are not one of those people.

One of the most common questions we get at Danny Buys Houses is "can I sell a house in foreclosure?"

Congratulations on looking to prevent foreclosure so that you either keep the house or sell it quickly and pull out much of your hard-earned equity.

Best Ways To Prevent Foreclosure in Texas in 2024

What is the best way to prevent foreclosure in Texas? Here are some common options.

Pay Arrears

You are in foreclosure because you were behind on payments. Now you owe those past due payments plus all of the interest and attorney fees to the bank.

If you are able to pay these arrears or work out a payment plan with the bank, you can avoid foreclosure.

This is not an option for many people as you will need to come up with money you may not have.

You're stuck and that sucks. Let's see what other options might help if this is the case.

File Bankruptcy

Some attorneys will try and sell you on filing bankruptcy. This could be an option if you have the means to make payments.

Bankruptcy is a way to restructure your debt so that it becomes manageable with your current income.

If your income is not sufficient you could still end up going back into foreclosure and losing the money you paid the attorneys to handle the bankruptcy.

Pay Off Your Loan

You could find a way to get another loan to pay off your existing loan. This might be very difficult if your credit is already showing the existing debt and late payments.

This is usually only possible for people who have family members or friends that can loan the money. This typically means higher than normal interest rates and difficult relationships with people you care about.

There is one other way to pay off the loan to avoid and stop foreclosure.

Sell the House to Stop Foreclosure

In facing foreclosure, time becomes your most critical asset. Over my two decades in the San Antonio, Texas real estate market, I've helped hundreds of homeowners through quick cash sales (Danny Buys Houses reviews), offering them an exit strategy to avoid losing their equity. Here’s a closer examination of why choosing a cash sale could be a smart move:

• Immediate Closure: The speed to close with a cash deal cannot be beat, often concluding within a matter of days. This quick turnaround is key in stopping the foreclosure process, allowing homeowners to retain their equity and avoid the auction block.
• Verifying Buyer Credibility: It’s essential that your cash buyer has the financial capacity to purchase outright, without delays often associated with conventional financing. In my experience, asking for proof of funds from the buyer isn’t just advisable—it’s necessary to ensure the transaction proceeds smoothly.
• Expertise in Local Market: The real estate landscape in Texas is home to experienced cash buyers who understand the ins and outs of the local foreclosure procedures. This expertise can be crucial in navigating the legal and financial aspects of stopping a foreclosure.
• Comprehensive Approach: A genuine cash transaction goes beyond mere paperwork. It involves a transparent and informed process, where homeowners are kept in the loop from the initial offer to closing. This approach not only facilitates a stress-free sale but also aims to safeguard the homeowner’s financial well-being.

Exploring cash sales as a strategy to stop foreclosure involves understanding the process's intricacies and ensuring you’re working with a reputable buyer. The objective extends beyond merely selling; it’s about securing a solid financial future in the face of adversity.

Cash home buyers in Texas have been helping homeowners stop foreclosure for decades.

The rest of this article will dig in to the 'how' of stopping foreclosure by selling your house quickly to a cash buyer.

Stop Foreclosure In Texas By Selling The Property

Texas foreclosures can be stopped by selling the house before the auction date.

Sell With a Real Estate Agent

If the auction date is not yet set or is months away, you might be able to list with a real estate agent and have the house sold.

That option is considerably risky. If you don't find a buyer fast enough or if the buyer you do find backs out, it could leave you with mere days or hours to do something else. Not good.

According to Rocket Homes the time it takes for a house to sell in Bexar in February 2023 is 57.5% higher than it was in February 2022. This number is growing each month as the real estate market transitions with higher interest rates in 2023.

Sell For Cash in 2024

Cash house buyers can buy the house without need for professional inspections or appraisals. They can close quickly. They know how to handle the situation and can even sometimes help you delay a pending auction by informing the court you have the house under contract and just need a couple extra days to close.

Danny Buys Houses is one such company that will buy your house for cash and close very quickly.

Process For Selling For Cash

Selling the house to a house buying company is typically painless and quick. When you sell to Danny Buys Houses, the process is as follows:

1. Give us a call or fill out our quick offer form
2. We set an appointment to see the house
3. We make you a no-obligation cash offer

If you accept the offer, all the paper work is prepared and sent to a local title company.

The local title company will handle all of the details professionally and legally. This way you don't have to worry about anything!

Avoiding Mistakes When Stopping Foreclosure in Texas

If you are looking to stop foreclosure in Texas, all of the above still applies.

Here's how you ensure the buyer you find is legitimate:

1. Check their online reviews
2. Ensure they are Better Business Bureau Accredited
3. Make sure they have been in business for at least 3 years
4. Make sure they can close before any scheduled auction date

Stop Foreclosure on Inherited Property

Need to sell an inherited house before foreclosure? No problem.

The cash home buyer is likely your best option in a situation such as this.

What if probate hasn't been completed?

Even if probate hasn't been completed you likely have options. Selling a house in probate in Texas is completely possible. One option is to use an Affidavit of Heirship if the deceased did not prepare a will. This makes it possible to sell a house without probate and usually can make a sale possible within a matter of days.

Another option is to ask the probate court to allow the sale before probate is complete with the excuse that the pending foreclosure is looming.

Is It Time For You To Stop The Foreclosure Sale?

If you are facing foreclosure in Texas and would like to see how we can help you, please give us a call.

If you would like to see how much we can offer you for your house, regardless of condition, fill out the quick offer form on this page.

There is no-obligation and no fees. You've got nothing to lose.

Psychological and Emotional Support When Facing Foreclosure

We know all too well what homeowners facing foreclosure are experiencing both psychologically and emotionally.

The threats of foreclosure and the foreclosure process itself is very threatening and can cause severe reactions in people trying to cope.

That's why we want to help you to know there are things you can do to counteract this so that you are in a better position to make logical and well thought out decisions.

Here are some things you can do to combat the effects of facing foreclosure:

1. Prioritize Self-Care: Make sure to set aside time each day to engage in activities that promote physical and mental well-being. When you find yourself running through the scenarios over and over in your head, it's time to go outside and go for a walk. You can also work out, focus on hobbies, or even just take nap. If you've never meditated before, now would be a good time to start.
2. Focus on the Future: While it might not seem like it right now, you will eventually be through this. Start to focus your thoughts on what you want your future to be like. This is much better than ruminating on the past or problems you are going through right now.
3. Learn About the Foreclosure Process: The unknown is scary. Learn about the process so that you know what to expect. This way you can take a proactive approach to the situation. This also shows you that you still have agency and can take care of this.
4. Get Professional Help: Sometimes a foreclosure can be the straw that breaks the camels back. If this might be the case for you, it's important to get professional help.

Conclusion

We hope this article has helped you to understand your options when facing foreclosure in Texas. You are not alone and we are here to help.

Frequently Asked Questions

In this section we will answer the most common questions to stop foreclosure Texas