Going Through Foreclosure Here Are Some Tips You Can Follow For Your Houston Property

by Aug 15, 2021

Loans are a serious matter that everyone should consider before borrowing money. Unfortunately, due to unforeseen circumstances, many find it difficult to repay their loans and are faced with foreclosure. In such case, it’s important to resist giving into your emotions and act quickly. Foreclosure doesn’t happen overnight, and the sooner you find a way to resolve your unpaid loan, the better.

For those in Houston, TX who received a notice of foreclosure, you still have several options on what to do, especially with your property.

Reinstating The Loan Or Redeeming The Property

In Texas, you are allowed to prevent a foreclosure sale by reinstating the loan. This means you are paying the overdue payments within 20 days after your lender sends you the notice of default. After blocking the foreclosure, you will continue to pay the loan as scheduled.

Another similar option is to redeem the property. This means paying the entire remaining amount of the loan before the foreclosure sale. It’s crucial to take note of the dates, as Texas law does not allow you to buy back your home after the foreclosure sale.

File For Bankruptcy

Filing for bankruptcy can temporarily prevent your lender from putting your home on a foreclosure sale. This can delay foreclosure and give you more options to repay your loans and manage your property. When you file for bankruptcy, you have two options you can file: a Chapter 7 bankruptcy, or a Chapter 13 bankruptcy.

Under a Chapter 7 bankruptcy, the court assumes you do not have many assets and have limited income that won’t be enough to repay your debt within the next five years. Your property will be liquidated and used to pay off your creditors.

The Chapter 13 bankruptcy, on the other hand, gives you the chance to keep your property while paying off your debts through a repayment plan within five years. This is the better option if you’re trying to prevent your home from going into foreclosure.

Talk To Your Lender

Foreclosure comes with many legal processes which can be costly and time-consuming for your lender. They are doing this because they want to get their money back from your loan, so if you are cooperative with them in an effort to give them their money back, it may be possible to negotiate different terms.

As soon as you receive your Notice of Default from the lender, call a meeting with them. It is possible they can renew your payment plan to make it more feasible for you. By letting your lender know you are willing to work with them, the less likely they will resort to foreclosing your home.

Sell Your Home To A Professional Home Buyer

You can still sell your home before foreclosure. During your pre-foreclosure period – when you’re behind up to three months of missed payments – the property is still in your name, so you can sell your property and use the income to pay off your loan.

The problem with going the usual route of preparing your home (i.e. repairs and renovations), finding a real estate agent, putting it on the market, and entertaining potential buyers is that you might not have enough time. Time is not a luxury when you’re trying to sell before foreclosure. And while Texas’ real estate market is currently leaning towards sellers, there’s no guarantee you’ll sell your house within weeks.

Cash homebuyers in Houston, Tx, however, can provide you with a fair cash offer within 72 hours or less. There’s no need to have your home repaired or renovated as professional homebuyers buy properties as-is. Since they are paying with cash, there is no need to wait for them to be approved for a loan before you can close the deal.

After accepting their offer, the homebuyer will handle the additional closing costs and fees – meaning less for you to spend when selling your home. Expect the money to be transferred to you after 14 days, and from there you can pay off your loan with your fast cash.


Foreclosures can seem daunting, but it’s important to stay calm and consider all your possible options. Whether you act to keep your property or take advantage of it by selling, try to see which option benefits you and your household in the long run and prevents the potentially financially crippling effects of a foreclosure sale.

If you’re planning to sell your property, Ohana Legacy Properties, LLC can give you a fair cash offer within 72 hours or less. Get in touch with us today to find out how we can help you.


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