Houston Housing Tips

Top tips for housing and real estate

What To Do In Tough Times

If you're a homeowner in Houston and you've fallen on some financial times due to loss of income or medical issues, then don't worry, there are options!

Working With Your Mortgage

A lot of lenders can be surprisingly accommodating when it comes to being late on mortgages. Although Texas has some laws that can allow mortgages to move quickly against you, sometimes they are willing to work with you because they stand to lose a lot more if they go through with auctioning the property. One of the blocks that homeowners tend to have is actually calling and talking with the mortgage. Don't ignore the calls from them. You're not the first or only person to go through this, meaning they have a process for helping homeowners stay in their good graces. Aside from that, they may be able to work with you and find a way to help you get back on track.

Listing The Home For Sale

If there aren't any other options for working with the mortgage company or generating additional income to cover the past due balance, then you may seriously want to consider selling the property. The challenge here is getting a good amount for the property in time before foreclosure. You'll want to list the property on an MLS to get top-dollar only if the property is ready to be sold. This can be a dangerous move if the house is not in good shape and requires repairs. For a home that is not quite move-in ready, that not only means that you're going to be going through negotiation phases, which are time consuming, you may not get a buyer very quickly. Getting under a contract with a real estate agent when your home is not really sale-ready could be like signing your foreclosure early. If you're under contract with an agent and they won't release you, the home can't be sold to an investor should you want that option. 

Working With A Real Estate Investor

An investor can help get you out from under the bridge with the mortgage company by paying you cash for the home as-is. You don't need to make any repairs, list the property anywhere, or wait weeks or months for the home to close. An investor covers ALL expenses and can close in as little as 7 days. The downside is that you're not going to get as high of an offer as you would if you'd listed and sold with an agent. Although with closing costs, fees, and commissions, you may not be making that much more in some cases, an investor is looking at the deal not only to help you but to also make some money from it. That means they're going to start with a low-ball offer, but the negotiations can move pretty quickly until you both reach an agreement that works. Your main goal should be to cover the remaining amount of the mortgage and have some cash left over to at least get you settled on your next move. In foreclosure, you may still be liable for some of the debt, and you definitely won't have any cash left over to show for the equity you'd already put in. So, definitely consider this option if things are starting to look bleak.


If you're thinking about filing for bankruptcy, there are some options here that may help keep your home from being foreclosed. While bankruptcy allows you to keep one home, it will only block foreclosure temporarily, but that may be enough time to get things back in order to keep the property. It's worth it to know that if you're going to file for bankruptcy, do it before your home forecloses so you can get additional time to figure it out.


What ever you do, make sure you don't lose the home to foreclosure! It severely hurts your credit, leaves you with nothing, takes your roof, and is very emotionally taxing. Worst case scenario, get in touch with a local investor company. You can learn more about what a Houston real estate investor can do for you. Find out more tips and information that can help you as a homeowner on our homepage (


Thanks to Dallas Carpet Cleaning Blog on their special about Houston's real estate market and the effects of investors on the community.

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