What is a Foreclosure?
This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe HUD an additional amount.
Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if possible.
Mortgage Relief Options Are Available To Homeowners in Dallas, Texas - Pre-Foreclosure Options For Homeowners in Dallas
But as a homeowner facing financial difficulties, you have to realize that you have a number of options available to you to avoid foreclosure. Here are a few options:
Sell Your Home
Rent Your Home
Reinstatement
Mortgage Forbearance in Texas
Repayment Plan in Texas
Refinance
Mortgage Modification
Service Members Civil Relief Act (SCRA)
Deed-In-Lieu Of Foreclosure in Texas
Short Sale
Learn more about these options here on our website.
Please contact us at 469-269-6541 if you have any questions about any of these options.
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The above information regarding the “AVOIDING FORECLOSURE OF YOUR DALLAS, TX HOME DUE TO CORONAVIRUS OR COVID-19" was provided by Nitin Gupta, CRS, GRI, REALTOR. Nitin has experience helping families buy and sell homes in the Dallas/Fort Worth area including Dallas Texas. If you’re thinking of selling or buying in Dallas, he would love to share his knowledge and expertise. Learn more about Dallas real estate market and Dallas County Real Estate news at
The communities he proudly serves include Dallas, Coppell, Irving, University Park, Dallas, Frisco, Flower Mound, Colleyville, Grapevine, Highland Park.
