Texas Big Investments

04/23/2019

Do you know anyone who wants to sell a house as-is? Skip the listing and waiting. Sell directly to house buyers FAST! Send me a message lets schedule your closing 👍

11/18/2018

851 foreclosures for December in Harris county alone, 331 homes so far for the month of January. Let us help you solve this problem. Do not wait!! Message me

11/06/2018

11/04/2018

How Bad Foreclosure Effect Your Credit?
If there is any silver lining to foreclosures, it’s that they don’t come out of nowhere. You’ll know when they’re coming and can prepare for them. That’s important because your credit is going to take a pretty big hit and you’re going to need all the resources you can find to get back on your feet.
So, how bad is a foreclosure on your credit score? It depends. Different credit scores take bigger hits, but you can always assume it’s going to go down.
According to FICO, a credit score of 680 can drop about 105 points after a foreclosure. But if your credit score is 720, it’ll drop 130 points after a foreclosure. The better standing you are with your credit, the more you have to lose. That’s part of the frustration we mentioned earlier.
Somewhat luckily, the formula for calculating credit score accounts for how you’ve handled your credit in the recent past. After two years, foreclosures will cause fewer problems when you try to secure a loan or apply for credit cards — especially if you’ve taken those two years to rebuild your credit.
And after seven years, foreclosure can be taken completely off your credit history. In the moment it can feel like the tiniest silver lining far off into the future, but it’s helpful to remember you’re not doomed forever.
How To Know Foreclosure Is Coming
Foreclosures happen when you stop making payments on your mortgage. After your first missed payment, the loan becomes delinquent, and you go into what’s known as “default status.” You’ll stay in default for about 90 days, during which your lender will contact you and try to figure out how you can catch up on your payments.
If you haven’t made any progress on your payments when the 90 day period is over (about four months after your last payment), your lender can file a Notice of Foreclosure. That notice officially starts the process of foreclosure. From there, it takes four to nine months to complete.
Understanding the time frame around foreclosure makes it easier to come up with a plan of attack if you’re worried about your credit score. If you want to maintain the score you have or prevent it from dropping any lower, take that time between the first missed payment and end of the foreclosure process to work with your lender. Be honest, upfront and most importantly, proactive.
Obviously, that isn’t an option for everyone. And that’s the worst part. But knowing how the process works and about how much time you have can make all the difference in the world for maintaining your credit score.
There comes a moment when you just know you won’t be able to make your mortgage payments. It’s heartbreaking but that kind of honesty could make a huge difference in your future.
Your options are pretty limited, but you still have them. First, you can apply for a loan modification. Federal and state laws prohibit lenders from proceeding with foreclosures when a loan modification review is in process. Even when it doesn’t feel like it, there is someone in your corner
A loan modification is when the lender agrees to adjust the terms of your loan to lower the payment, rate, amount or some combination of these factors to make it more affordable. Time is of the essence if you want to explore this option. Being proactive is key to getting the best deal from your loan modification.
You can also file for bankruptcy. Filing Chapter 13 bankruptcy will allow you to pay the late payments on your mortgage over an extended length of time (most often 5 years) rather than the standard four month period. The two important notes to remember if you’re considering this route is that you will still be required to pay your mortgage payments. You’ll still need enough monthly income to cover those costs. And bankruptcy has the same harsh impact on your credit score as a foreclosure. If maintaining your credit score is a higher priority than keeping your house, bankruptcy might not be your best option.
Another option, and perhaps your best option, is to short sell your home. When you owe more on your home than it’s worth and you want to avoid foreclosure, you can apply to short sell your home. With this option, you feel more in control. You decide to walk away and avoid the painful process of foreclosure.
All these options are available to you, you just have to decide what is most valuable to you. If you’re concerned about your credit score, you may want to explore loan modification or short sell first. If you just want to keep your house, short sell won’t be an option.
No matter what options you’re considering, we can help. Let us help you decide the best choice for you

11/02/2018

FORECLOSURE PROCESS IN TEXAS

What is a foreclosure?
Foreclosure is a process that allows the lender to take over the property when a homeowner defaults or falls behind on mortgage payments. This can be due to hardship or strategic default, which is defined below:

Hardship:
can include (but not limited to) job loss, reduce working hours or pay rates, unexpected large bills (e.g. medical bills), heath, divorce, some unexpected events, etc

Strategic default:
is the case when the homeowner may be able to pay the mortgage but simply chooses to walk-away from the mortgage. This is often done when the homeowner owes more on the home than it’s worth.

The Foreclosure Process:
Foreclosure is a process and not a product (e.g., it is not a house, nor a land, etc.). There are three phases of foreclosure from the time a homeowner defaults to the time the lender or Bank sells the property. These phases are pre-foreclosure, foreclosure at court-step, and post-foreclosure also known as REO (Real Estate Owned by bank).

Foreclosure Process
Pre-foreclosure Process (Phase 1) in Texas: Notice of Sale (Foreclosure Timelines)
When a homeowner falls behind on mortgage payments, the lender will send a series of notices to the homeowners allowing them to correct the problems, otherwise its’ intention to sell the property at auction. Each State has different rule and regulations regarding the minimum number of days that the bank needs to notify homeowner before it forecloses the property and how to conduct foreclosure sale. Below are the rules for foreclosure timelines and conduct of sale for foreclosure Sale in state of Texas.

Per Texas Property Code 51.002 these notices must give minimum number of days to the homeowner prior its action. These are:

1) Notice of Default (minimum 20 days)

2) Notice of Acceleration (minimum 20 days)

3) Notice of Sale (Sometimes combined with #2 above)

i) Minimum 21 days.

ii) Posted at Court House

iii) Mailed, certified Return Receipt Requested, to debtor with address on Deed of Trust.

iv) Filed with County Clerk


Foreclosure Process (Phase 2) in Texas: Conduct of Sale Judicial Foreclosure OR Non-Judicial Foreclosure
If the problem has not been resolved between the lender and homeowner prior to the date and time of the sale, the property will be auctioned and awarded to the highest bidder. Each State has different rule and regulations regarding how and where to sell foreclosure properties. Below are the specific rules and regulations regarding how and where to sell foreclosure properties in Texas.

· Place of Sale: At designated spot in County Court House

· Day of the Sale: 1st Tuesday of the month whether or not it falls in the weekend, holiday, new year, 4th of July, or weather condition, etc.

· Time of Sale: 3 hours window Between 10:00 AM-to-1:00 PM and 1:00 PM-to-4:00 PM as posted

· Method of Payment: Exact amount with Cash, Certified cashier check/money order, or combination of all.

Conduct of Sale: There are two types of foreclosure process in Texas, Judicial and non-judicial. Each one is define in detail as follow:

1) Judicial foreclosure process in Texas: Judicial foreclosure process in Texas
This type of foreclosure must be with court approval and conducted by Sheriff and the homeowner might have rights of redemption for a period of time. Judicial foreclosure applies to the following types of situations:

i) Tax Sales: This type of foreclosure is conducted by Sheriff and
the homeowner has rights of redemption as follow: (Therefore if you buy Tax Sale foreclosure you should not immediately list it for sale)
(1) Rights of Redemption
(a) Two (2) years if: the property is homesteads, agriculture exempt, has minerals.
(b) Six (6) months for other cases
(2) Home equity liens
(3) Certain Military Debtors
(4) Deceased Debtors
2) Non-Judicial foreclosure process in Texas: (Typically Deeds of Trust) Non-Judicial foreclosure process in Texas
This type of foreclosure is conducted by Trustee/Substitute Trustee and controlled by Texas Statutes and terms of the Deed of Trust. There is no Right of Redemption for these types of foreclosure.

· Post Sale Affidavit (by whom, what it covers, etc.)

Post-foreclosure Process (Phase 3): Property goes back to Bank, Real Estate Owned (REO)
If the property is not sold in auction, as described above, it goes back to the lender or Bank. After that point, the property will be known as REO (Real Estate Owned by bank or lender) and will be listed in MLS, by an authorized licensed real estate agent, to be sold. This is the type of property that most of purchasers, by mistake, refer to as foreclosure.

Don't think that you are alone facing foreclosure, understand that there are industries built on this process which can give you an indication about the numbers

the impact of it on your credit score is another story for another post

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11/03/2017

Yes or No?

09/05/2017

For the first time in Montgomery County, buyouts could be offered to those hit hardest by floods.

08/28/2017

Folks never forget that we are

07/31/2017

Great news

“XTO is an important part of Exxon Mobil, and this move will enable collaboration and provide more opportunities to share expertise across the entire corporation.”