Have you received a Notice of Default on your Central Texas home and aren’t sure where to turn? At Keller Home Solutions, we work to provide insight and assistance to Texas homeowners who are facing financial challenges, including those related to foreclosure: Notice of Default, Notice of Sale, and Foreclosure Sale.
When can a lender start foreclosure?
In most cases, you must be 120 days delinquent before any foreclosure activity begins. While it’s uncommon, smaller lenders and community banks can start foreclosure even if you are only one day past due. It’s important to note that the lender is only required to send you two notices before a foreclosure sale.
In most cases, foreclosure in Texas involves three steps, and the Notice of Default is the first in that process.
What is the Notice of Default?
The Notice of Default is a demand letter from your mortgage lender or servicer that is required by law. It notifies you that you have 20 days to “cure” your defaulted mortgage loan (pay the amount owed in full). Occasionally, this timeframe is increased to 30 days, and this is found mostly with FHA, VA, and home equity loans).
How can I prevent a foreclosure from happening to me and my family?
Believe it or not, you do have options. If you want to remain in your home, talk with your mortgage lender about a structured repayment plan, a temporary forbearance, or a loan modification. However, those aren’t your only options.
If you’d rather not go through the fuss and frustration of haggling with your mortgage lender, we’ve helped many homeowners avoid the foreclosure process completely. At Keller Home Solutions, we specialize in helping individuals get “back on their feet” by making a fair all-cash offer on their home.
A fair, all-cash offer from Keller Home Solutions empowers you to move on to your next chapter in life–to start fresh, and it takes the hassle and uncertainty out of selling your home. There are NO fees associated with our fair cash offer, and you can also avoid hefty REALTOR® commissions, costly property updates and repairs, and inconvenient showings that accompany a traditional home sale.
If you’re ready to receive an equitable, all-cash offer on your home today, click here to get started. Or, if you need immediate assistance, call us at (512) 518-1923.
*Resource used: https://texaslawhelp.org/article/foreclosure-fact-sheet-0.
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If you are having trouble making ends meet, you might be able to ask your lender or credit card companies for assistance. Oftentimes, writing a hardship letter to explain the details of your situation can help your case.
What constitutes a hardship?
How do you know if you are experiencing financial hardship? The IRS defines “hardship” as when you are not able to pay for allowable living expenses.
“Allowable living expenses” are the day-to-day things you need to take care of your family. These expenses include:
- Housekeeping supplies
- Apparel and services
- Personal care products and services
Another way to look at it: If what you owe each month is more than what you earn, you are experiencing financial hardship.
There are many different situations that can lead to financial hardship —
Losing your job, work cutbacks, or reduction in pay
These are the most common reasons for financial hardship. If you or a contributing member of your household loses their job, your finances can take a big hit. If you work an hourly job and your hours have been significantly cut, this can also qualify. Or, perhaps you got a new job, but it pays far less than your previous job. Even though you are employed, this can be treated as hardship.
If you are a business owner or are self-employed, a decline in business and revenue is also considered financial hardship.
Divorce or separation
Besides the legal fees, taking over sole responsibility for mortgage payments and other household expenses can be overwhelming with only one income. Add shared debt and child support, and the expenses can stack up quickly.
Illness or injury
Medical bills associated with serious conditions such as cancer or a heart attack, or even the slower onset of symptoms of Alzheimer’s disease or diabetes can take a significant toll on finances.
Funeral costs due to a death in the family can put a serious strain on finances.
Natural disasters and acts of God, as well as fires or car accidents can cause thousands of dollars of damage.
If you or a family member is involved in a costly litigation or is incarcerated, it can have a devastating effect on your finances.
If you have exhausted all other options to get out of hardship, you may look at selling your home and downsizing to a cheaper living situation to alleviate some of the financial stress. Keller Home Solutions is an Austin-based investor with local experience. We are willing to offer a fair market price on your home, all in cash and closing within days instead of weeks.
Contact us for a consultation today.