Foreclosure Alternatives
(713) 469-5602

Frequently asked questions

 Fortunately, most people involved in a foreclosure will not have the experience it more than once. There is plenty of information available, but little that you can actually use to help you.
Let Foreclosure Alternatives Help.
1 in every 2,175 homes in Texas are in foreclosure. In Harris County, the foreclosure rate is 1 in every 2,128 homes. The US National average is 1 in every 1,147 homes.
Top Reasons for Foreclosure:
1) Job Loss or Reduced Income
2) Death of a Spouse / Family Member
3) Loan Terms / Rate Adjustment
4) Medical Bills or Illness
5) Property Value / Upside-Down
  1. 1
    I feel the Bank is working with me, but are they really?
    Loans close to 2 years in arrears have little success for modification. Additionally, banks have incurred the cost of property tax, insurance, and attorney fees they wish to recoup.
  2. 2
    I did not know the Bank was foreclosing on my home. Was the Bank supposed to inform me?
    Depending on your state, your bank has rules that it must follow pertaining to foreclosure. For example, in Texas, the homeowner must be informed at least 20 days before the date of foreclosure.
  3. 3
    I was told that filing Bankruptcy will stop the foreclosure. Is this True and a Good Decision?
    Bankruptcy stops the foreclosure for now. However, unless you reaffirm the debt, the foreclosure will proceed afterwards. Be aware of the additional pitfalls of filing bankruptcy before you do.
  4. 4
    My credit is bad due to the missed payments. Can I rent or get another place before the foreclosure?
    Most places will require you to pay an additional deposit or pay several months in advance. Properties listed by Realtors may have easier terms if the property is owned by an individual.
  5. 5
    Should I hire a Realtor to sell my home before the foreclosure date?
    If you cannot afford your home, a reasonable solution would be to sell it before foreclosure. Waiting until a foreclosure date has been selected will probably result in a missed opportunity.
  6. 6
    My foreclosure date is close. What realistic alternatives do I and my family have?
    Foreclosure Alternatives, borrowing money, and deed-in-lieu are a few choices. Foreclosure Solutions can refer you to one of our partner Real Estate Brokers to help sell your property quickly.
  7. 7
    After Foreclosure, What Happens?
    The purchaser will serve you with a 3-Day Notice to Vacate. If you stay, an Eviction Hearing will be held. After the hearing, the purchaser will evict you with the help of a Sheriff's official.
  8. 8
    For will a foreclosure effect my credit?
    A foreclosure will negatively affect your credit, especially should you attempt to purchase a home within a couple of years of a foreclosure. It is best to avoid a foreclosure if at all possible.