Owning a home can be a great long-term housing option if you live in the Lubbock, TX, area. If you are a property owner in this region, you will enjoy having a consistent and stable place to live, and you can also benefit from value appreciation. While there are advantages to owning a home, some property owners could be surprised by all the costs that come with owning a home.
Beyond simply paying a mortgage, you also need to pay for insurance, property taxes, utilities, and general maintenance and repairs. If someone is facing financial difficulties and having a hard time making their mortgage payments, they could soon enter into pre-foreclosure.
What Is Pre-Foreclosure?
Pre-foreclosure is often the first step that a lender will take if you have started to fall behind on your mortgage payments. Generally, if you are more than 120 days past due on your mortgage payments, a standard lender in Texas can start the foreclosure process. However, you will likely start to receive default notices well before that period starts.
If you have fallen several months behind on your personal mortgage payments, your lender can start the pre-foreclosure process. During this time, you will receive notifications of default. The notices will also provide a timeline for what the forthcoming steps look like. This includes when formal foreclosure will take place and what steps you could take to avoid this process. Generally, this will require you to make a lump sum payment to come current on your mortgage, including paying past-due payment fees. The lender should also provide a phone number you can call to learn more and possibly negotiate a restructuring of the loan.
How We Buy Houses Lubbock Can Help
If you are facing pre-foreclosure, it is important that you carefully assess all of your options. If your home goes through the full foreclosure process, you could lose any equity in your home, end up without a place to live, and see your credit history and rating damaged for years to come. In many cases, selling your home quickly is a great option, and if you want to sell your house fast, We Buy Houses Lubbock is a great company to work with.
We Buy Houses Lubbock is well known in the Lubbock, TX, area for being able to purchase homes quickly. If you want to sell your house fast, you can start the process by going to the company’s website and filling out a quick form about your home and what you would like to sell it for. Based on the information provided, the company can schedule an in-home consultation, where they will come and inspect your property. Based on this assessment, they can make you a cash offer for your home. If you choose to move forward with the final sale, you are often able to close within a matter of weeks. This is often quick enough for you to avoid the full foreclosure process.
The speed and transparency that come with selling your home to We Buy Houses Lubbock are often the primary benefits. However, there are other advantages to this option as well. One of the other advantages is that it can save you a lot of money. If you sold your home through the typical selling process, you would have to deal with many additional costs, including making repairs to your home, paying real estate commissions, and simply trying to pay for expenses until the home sells. When you sell to this company, you can avoid practically all of these final closing costs. This can end up making it a more affordable selling option.