Sometimes, if you want to stop foreclosure in Texas, the best solution is to work with a short sale investor.
In a short sale, the investor works with the lender to come up with a price that the bank will accept for the property. If negotiated properly, a short sale will include a no deficiency clause for the homeowner. Insist on it if you are approached by an investor.
The theory behind a short sale is that all three parties - the bank, the homeowner, and the investor - comes out ahead. The bank gets rid of a non-performing loan without having to go through the foreclosure process. The homeowner is able to walk away from the home without a deficiency judgment, and the investor gets a good deal on a property that he can flip, rent out, or occupy.
But, before you engage in a short sale deal, you need to know that a sizable number of short sale deals fall apart leaving the homeowner holding the bag. And if you're trying to stop a foreclosure in Texas, you don't have a lot of time to find a new solution.
In Texas, you may have only a month or two between the time you receive the Notice of Default and the time your house goes to auction. And once your house is bought off the auction block, it's gone. Texas has no Redemption Period.
So, if you want to stop foreclosure in Texas and you want to pursue the short sale route you need to:
To stop foreclosure in Texas, you've got to act fast. That's because neither state law nor time is on your side.
If you want more information on how to stop foreclosure in Texas, get your free copy of The Foreclosure Survival Guide today. This report explains the process of foreclosure and details the many varieties of options Texas homeowners have to solve their mortgage problems.