The San Antonio property market is not spared from the increasing number of foreclosures, there are many reo bank owned properties available in the area. Fortunately, many homebuyers are able to save their homes through halting and dismissing the process of foreclosure. A reliable REALTOR in San Antonio may provide insights about how to effectively deal with it. But it is possible for a homeowner to do it on his own.
You may opt to hire a REALTOR in San Antonio or not. It is always important for you to know and understand available options you could take to get your property out of foreclosure especially if you want to save the home and you want to spare your credit history from its possible impact.
Repaying the loan
The best and fastest way to get home out of foreclosure not just in the San Antonio property market but in the entire real estate industry as a whole is through settling the amount of outstanding mortgage/home loan. To begin the process, contact the loan provider and ask for a written statement containing the total amount to be repaid to prevent a default.
Pay the required amount in full through cash, check, or bank wire. Require the lender to rescind the process of default or to pull out its foreclosure complaint. You have to make sure the loan provider eliminates any existence of any pending foreclosure on your property. Closely monitor the removal or dismissal of foreclosure proceeding to make sure the lender would stick to its obligation to pull out your home from any foreclosure. It is possible to seek court order to prompt action if the lender fails to take its part.
Seeking loan modification
If you don’t have enough resources to repay the loan amount in full, it is possible to have the mortgage modified. Inquire about loan modification procedure from your lender. Initiate the process immediately to halt the foreclosure process. Provide required documentation to support your request for modification.
You may seek the assistance and guidance of a reliable REALTOR in San Antonio. Loan modification could be a slow and challenging process and you may not want to get directly involved with the leg work and the tedious process. Have the modification documents reviewed by your legal counsel.
The loan provider should drop the foreclosure auction once the loan modification agreement is signed. You may also formally file a rescission or dismissal of the foreclosure proceeding. This option is also becoming more popular in the San Antonio property market.
If you wish to alleviate some of the burden and are thinking of selling real estate notes, trust deed, commercial mortgage note, real estate contract, land contract or mortgage deed, AX can get you the capital you require when you decide to take your mortgage notes to market.
Genius Realty – San Antonio is an experienced real estate agency that can help you search for your perfect home in San Antonio, TX and the nearby cities like New Braunfels, Shertz, Live Oak, Alamo Heights, Olmos Park, Canyon Lake, Terrel Hills, Garden Ridge, Seguin, Boerne, Castle Hills, and Stone Oak and Sonterra. Get access to all available homes for sale on and the off MLS in San Antonio and the surrounding areas, regardless of the listing company. Please call 210-436-4877 for all your real estate related needs.