How Long Can I Stay In My House After Foreclosure In Austin?
Failing to make your mortgage payments in a timely fashion may put your at a higher risk of a foreclosure, and if this happens, you will have to part with your house. Unfortunately, some people lose hope and let the foreclosure happen. And then they think to themselves, “How long can I stay in my house after foreclosure in Austin?”
If you are in this situation, know that you still have some rights when dealing with your lender. All the lenders in Austin must follow the laws of the state. After a foreclosure, you may have to deal with a number of important issues. For instance, if this is your first foreclosure like most people, you may have this important question on your mind: how long can I stay in my house after foreclosure in Austin? In this article, we are going to answer many of the questions you may have about the process of foreclosure and the steps you can take to use your rights and avail the available options.
How Long does the foreclosure Process take in Austin?
The answer to this question will probably answer the first question we talked above earlier in this article: How long can I stay in house after foreclosure in Austin? Actually, the time you can spend in your house post a foreclosure depends upon the time it takes to complete the process of foreclosure.
As a general rule, the process may take up to six months to complete after you have failed to make your mortgage payments anymore. In some cases, it just takes three months. The duration is based on your mortgage provider and the way they handle your case.
Your mortgage provider will send you a notice to inform you of the date of foreclosure. If you fail to respond to notice to resolve the matter as per the law, the provider will sell your house in a foreclosure, which may take between 45 and 60 days.
How To Stop the Eviction After a Foreclosure?
After a foreclosure, the mortgage company may ask you to evacuate as soon as possible. If you are in Austin, the office of the constable in your county (such as Travis and Hays counties) will send you the eviction notice.
After the court issues a verdict, you can either vacate the house or appeal the ruling. If you don’t submit an appeal or evacuate, you will receive another notice with a 24-hour deadline to get your stuff out of the house and move somewhere else. So, the process takes 60 days at most to complete.
Other options In Case of a foreclosure
You don’t have a lot of options if you are looking for ways to stop eviction after a foreclosure. However, you can still give it a go. First of all, you can file for bankruptcy provided you qualify for it and satisfy all the requirements. But this may not be a way out for you if the foreclosure is around the corner.
Deferment or forbearance is another option that you can try out. All you have to do is go to the lender and explain your situation in detail. If the lender considers your situation and allows you to stop making payments for a couple of weeks to help you arrange the payments, you may stay in the house.
If your forbearance request is denied, you have a third option to consider: you can look for a cash home buyer to sell your house to. Once you have found a good buyer, you can sell your house to them for cash and use the money to pay the lender to terminate the foreclosure process.
These are a few options at your disposal to stop the foreclosure process and keep your house. Make sure you utilize these options before the deadline expires or you may not be able to stop the process of foreclosure.
Should You Auction Your House?
If you decide on selling your house to a cash homebuyer, you can relive the stress and “free” your house from the “handcuffs” of foreclosure. Moreover, a cash home buyer can give you a better offer than the offer you can get in a short sale or at auction.
Selling to a cash buyer is a lot better than filing for bankruptcy as it can have negative impact on your credit rating, which will make it harder for you to get a loan down the road. Working with an investor is a good idea to avoid a foreclosure.
In fact, cash buyers offer a lot of advantages over other options you may have. For instance, they can offer a better price for your property. You can use some of the money to pay off your mortgage and keep the rest for other needs. At the same time, you can maintain your credit score.
Cash buyer VS auction/short sale
As said earlier, working with a real estate investor is much better than waiting for your house to be sold at auction. Properties are sold at whatever price is offered during that time without making any negotiations with the buyers. So, sellers can’t get the best price for their properties.
Once your house is auctioned, you won’t be able to get your house back no matter what. Therefore, the only best way out of this situation is to sit with a good cash home buyer and agree on a selling price for your house and use that money to get rid of the foreclosure process once and for all.
We Allow You to Stay in Your House Even after Your House is Sold
If you are in a bad financial situation and unable to pay off your mortgage, we can evaluate your house and buy it for cash, so you can prevent the foreclosure. At Reimagine Realty Solutions, we can allow you to stay in your house even after we have bought your house for cash. You can pay an agreed amount of rent each month and stay in the house until you are ready to move to another place. And our offer will be a non-obligation cash offer so you can have peace of mind.
Hopefully, this article answers your question “How long can I stay in my house after foreclosure in Austin?” If you are in trouble and need to ask other important questions related to foreclosure, know that we are just a call away. You can talk to us to discuss your financial situation and get a quote for your property. You can visit our website at www.ReimagineRealtySolutions.com or call us at (512) 575-2222.