The economy has taken a hit lately and for many homeowners in Texas, the struggle to keep up with mortgage payments may become a burden. In such cases, when payments fall too far behind, the bank will foreclose on the property and the owner will be evicted as well as have their credit score fall significantly.
This is the worst-case scenario in home ownership, so many Texans who own houses approaching foreclosure work with a reputable firm like ACF Buys Homes who will buy the property quickly, helping the homeowner walk away with their credit and tax liability intact.
Understanding The Long-term Consequences of Foreclosure
Many homeowners who have not been through a foreclosure incorrectly assume that all that will happen is that they lose the property. As devastating as being evicted from your home sounds, it’s not the only consequence of foreclosure facing homeowners in Texas. There are both tax and credit consequences that will follow you around for years after you have lost the house.
One example is that foreclosure is considered a “debt forgiveness” by the IRS. This means any amount you still owed upon the property when it was foreclosed upon could be considered “income” that you would owe taxes on to the IRS.
Just like taxes, your credit will take a severe hit from having a foreclosure on your record. These can last on your credit report for seven years or more with an impact as significant as a 150 point or greater reduction.
Furthermore, having a foreclosure on your record may make it hard or even impossible to purchase or rent a home in certain areas. You will be able to one day own a home again, but it will take much longer if you let the foreclosure go through as opposed to selling it to ACF Buys Homes for cash.
Lastly, if you are evicted, you’ll have to endure the indignity of having the sheriff remove all of your belongings and place them on the curb in front of all your neighbors.
These reasons are why the best option you have when facing foreclosure is to sell before it goes through. Reputable home buyers like ACF Buys Homes will work with you to make a fair cash offer that can be closed in about a week. This would allow any Texas homeowner to sidestep many of the harshest outcomes of foreclosure.
It Only Takes About a Week to Sell Your Home to ACF Buys Homes
When it comes to foreclosure, you cannot wait until it’s too late. ACF Buys Homes knows how important it is to be able to close as quickly as possible. Our entire process takes around a week. Once you fill out the form on this page, it’s usually around a day until we can put together an as-is offer. This offer is no obligation, but if you do decide to accept it, we will be ready to close in as little as seven days. We’ll even let you name the closing date if that helps. See what makes us better than selling with a real estate agent here.
You may be facing foreclosure, have a property with problem tenants, or need so many repairs you don’t know where to begin. No matter the circumstances, ACF Buys Homes will offer a fair, cash offer. It normally takes us less than 12 hours to determine what we could offer, and if you decide to accept, we can have cash in about a week and even let you pick your preferred closing date. Fill out the form on this page to get started today!