Is Foreclosure Looming Over You?

One of the absolute worst things that a homeowner can experience is the prospect of foreclosure.

When you’re on the verge of losing your house and being forced onto the streets or to find another place due to financial strain, there’s a type of mental stress that is experienced in few other cases.

Additionally, it reduces home values of a neighborhood, which can cause a situation with the neighbors or friends in the area.

Even though you aren’t being physically harmed or threatened, knowing that the bedrock under your foundation is crumbling before your eyes is one of the toughest things to experience.

Despite the storm of negative emotions going on within you, it’s important to realize that there are in fact other options when something like foreclosure is pending.

Actually, one of the best articles we’ve found to date, 7 ways to stop foreclosure at the last minute, goes over several of the most effective options of handling foreclosure by either putting a stop to it or delaying it until you can get back on your feet.

The beauty to some of the tips presented in that article is that some things are much easier than most homeowners believe them to be. Understanding that the last thing a lender wants to do is put your home up for auction because it causes them to lose much more than if they were to be able to work with you can be a freeing thought.

Take a look at that article, and see if there are any other options available to you before your home is foreclosed. You might be able to get rid of that entire burden without having to lose the home, or at least getting some money in your pocket for the next step of your life.

In most cases, we find that homeowners think they’re stuck with what is happening and either let their home go into foreclosure or they file for bankruptcy. The latter will help delay the home’s auction, but it will inevitably continue unless you can handle the back-payments or find a buyer for the home quickly. In other cases, people sign under a real estate agent in an attempt to sell the home on the MLS, but they end up not finding a buyer in time and losing the home.

It’s important to know your options. Do your research and make the best decision with what you have. In any cases, take action and try to do something about the home. Don’t let it sit until the last minute.

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Houston Strong

After Hurricane Harvey, Houstonians continue to stay strong as we slowly but surely recover from the devastation of those floods. Even while no one knew what was going to happen to the real estate market, Houston recovers quickly and remains strong, just as it did during the market crash of 2008.

8 months later, the real estate investment market is booming, and most of the homes that were affected by floods currently undergo or have already undergone a remodel and are now being put back on the market. This is real estate investors doing their job — keeping properties that go through devastation or neglect from remaining in such a state. Taking responsibility of those homes and restoring them to a point where a family can settle down and grow their families is something they’ve been doing for years. Without them, homes would sit dilapidated and would remain so as neighborhoods deteriorate and sections of the city would just stay ugly and uninhabited.

Over 60,000 people were displaced by Hurricane Harvey, damaging 203,000 homes, of which 12,700 were utterly destroyed. It caused $125 billion dollars in total damage, resulting in new policies and requirements for home elevation, ditches, and drainage maintenance to prevent future issues.

Here’s to the real estate investors in Houston taking on the homes that were devastated in the floods and bringing them back to the market so quickly. In most cases, they’ve bailed out the homeowners who had no insurance coverage and couldn’t otherwise make the repairs needed, so they were able to get out of the mortgage responsibility and move on with their lives. For homeowners that still need to sell their home fast, it’s better to make sure that you move on that quickly before conditions in the market change or the situation with the house worsens. The last thing you want is a building to get worse and have more damage from absorbed water or leaks that can bring the home to a worst case scenario where it’s a tear-down.