Do you have a Dallas Texas house that’s in foreclosure right now? If so, you’re probably thinking “can I sell my house in foreclosure”? Let’s get into it.
Many people going through the Texas foreclosure process want to get out from under that burdensome house and wonder if they can sell the house when it’s in foreclosure. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. There are some reasons that would prevent you from being able to, but it depends on the situation. All in all, the sooner you start this process, the better!
Can I Sell My House in Foreclosure in Dallas? – How it works
There are a lot of folks in Dallas who have faced foreclosure in the past. Life happens sometimes! Things are constantly changing in the economy that can in turn affect your financial position.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned off. Most people find this hard to believe, but the bank actually makes more money if they help you avoid foreclosure and help get you back in good standing. However, dealing with banks during any part of the foreclosure process can be a huge pain and very overwhelming.
Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with your bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explain your situation and demonstrate your willingness to fix the problems to make it right.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sales, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you. And don’t forget that you’re losing the equity in your home the further behind you get.
Just remember that everyone goes through stressful situations and you are not alone. Don’t push this off in hopes that it will resolve itself because it won’t. Your biggest concern right now is “can I sell my house in foreclosure?” We have helped so many people that originally assumed it would resolve itself when it never did. The last thing you want is for the foreclosure to go through and you are not only left with anything, but now you have a foreclosure on your record.
Did you know that it could take anywhere from 5 to 7 years before you could ever purchase a home again? This always depends on your current and future credit history, but this is generally the timeline that I have seen. It’s not just damaging for your credit, but it’s also potentially damaging to your self-esteem.
If you’re looking to sell your Dallas house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Dallas and the whole state of Texas get out of difficult situations and avoid foreclosure. If you’re still thinking “can I sell my house in foreclosure” and are wanting to hear more options, check out our blog that goes over 9 different ways you can stop a foreclosure. If you still have questions, please fill out our form and give us a call! We’re happy to discuss it in more detail.
If you need to sell a property near Dallas, we can help you.
We buy properties like yours from people who need to sell fast. If you find yourself in a weird situation where you’re not only set to get foreclosed on soon, but you have tenants in the home then I suggest reading our blog going over How To Sell Your House with Tenants.