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Common questions about short sales in Texas

| Jan 10, 2019 | Real Estate Transactions

If you are struggling to keep up with your mortgage repayments in the state of Texas, it is important that you do not ignore the problem and instead that you take a proactive approach.

There are many things you can do to help you and your family get through your financially difficult times. For example, you can get in touch with your lender and ask if you can change the repayment terms of your mortgage or have a break in repayments. If you continue to struggle financially, you may have to face going through a short sale in order to get rid of your home quickly. It is important that you understand how this process works and that you are aware of both the advantages and disadvantages.

Do I need to be behind on repayments in order to go through a short sale?

Many people think that they need to be behind on their mortgage repayments in order to go through a short sale. However, this is not the case. If you foresee difficulties in repaying your mortgage, you can choose to go through a short sale before you have difficulties.

Is a short sale preferable to going through foreclosure?

Every situation is different, and when it comes to short sales and foreclosures, one is not necessarily better than the other. It is important to understand both options so that you can assess which option works best for you.

If you are feeling overwhelmed with your finances in the state of Texas, it is important that you take action to gain back control. An attorney can help you learn more about short sales and foreclosures, as well as provide advice as to which one is the right option for you and your family.