Can I Sell My Home In Houston If I’m Behind On Payments?

by | 15 March, 2022

Many people need a mortgage loan to buy their first home. And while many successfully finish paying off their mortgage, others experience financial hardship and find it difficult to pay off their monthly mortgage payments. At best, your lender gently reminds you and you’re able to continue paying off your monthly payments. But, at worst, you find yourself behind on payments for your Houston, TX home and getting closer towards foreclosure.

If you’re thinking of ways to clear up your debt, you may be considering selling your house and then using the proceeds from the sale to pay off your debt.

It’s possible to sell your house when behind payments, but there are some things you should know before selling your property.

Can I Sell My Property When Behind on Missed Payments?

The short answer: yes, you can sell your property when you’re behind your missed payments. However, if you want to sell before you’re put into pre-foreclosure, you have to sell before your mortgage lender sends you a notice of pre-foreclosure. How long that takes is usually 120 days after your first missed payment, but double-check your loan agreement as your lender’s timeline may be different.

If you haven’t sold your home or caught up with your mortgage payments after 120 days, your lender can now legally file a notice of foreclosure. Once you’ve received the notice, you’re now considered in pre-foreclosure. If you want to sell your home after this time, you’ll have to seek permission from your lender to conduct a short sale. And they’re allowed to reject your request, so there’s a risk that you won’t be able to sell by that time.

Sell to a Professional Home Buyer!

Selling within that 120-day window means you have a very short period where you can sell your home and repay your missed payments and the rest of your debt. But this is easier said than done. If you decide to list your property on the market, there’s no guarantee how long it’ll take to sell.

The average time it takes a house in Texas to get an offer is 46 days. Coupled with a typical closing period that takes around 35 to 45 days, you’re looking at around three months. And this doesn’t account for factors like your property location, the condition of your property, and delays and buyers backing out, which can lengthen the waiting period.

A professional home buyer like Ohana Legacy Properties can buy your house within a fraction of that time. Homeowners looking to sell their house in Houston, TX fast will find that our home buying process takes away most of the red tape, hurdles, and additional costs of selling a home.

Rather than waiting over a month for an offer, we can provide you with a fair cash offer within 72 hours after viewing your property. If you accept, we can close the deal in as little as 14 days. From there, you can receive the money, pay off your remaining mortgage, and start over with a clean slate.

What Else Can I Do to Avoid Foreclosure?

If you’re still in a state of delinquency or have a bad mortgage on your house in Houston, TX but aren’t in pre-foreclosure yet, you may still have several options. One option is to try to catch up with your missed payments. Through cutbacks and going frugal on non-essential expenses, you may be able to save up and catch up.

For those experiencing financial hardship, your lender may be able to help. Foreclosure is a long and exhausting process that takes up time and financial resources, so it’s usually a last resort for most lenders. If your lender is reaching out to you or offering ways to help you make your payment, you might benefit from working with them to come up with a solution.

And if your lender doesn’t approach you, you could try approaching your lender. Rather than letting your missed payments accumulate or evading them, approaching them and explaining your situation shows that you’re willing to work with them to pay them back. Although it’s not assured for all banks and lending companies, many lenders offer debt restructuring, new payment plans, or even taking out the late penalties.

Contact Ohana Legacy Properties to Sell Your Home Fast

Missed payments are a common issue for mortgage holders, but it’s important you act fast. Whether it’s selling your home or approaching your lender, working with your bank can avoid it devolving into the foreclosure process that can affect your financial stability. That way, you can get the best possible outcome for you and your household.

To sell your home in Houston, TX fast, contact Ohana Legacy Properties today. We can schedule a property viewing and then provide a fair cash offer within 72 hours or less.