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We find you apartments that accept a foreclosure!
We have a large selection of Second Chance Apartments in the Dallas, Ft Worth and Houston areas that will work with individuals that have a foreclosure.
What is a Foreclosure?
A Foreclosure happens when a borrower fails to pay their mortgage payments and the lender or mortgage investor must repossess the home. It can also happen when the homeowner fails to pay property taxes or homeowners association fees.
When it comes to understanding foreclosure, there are three terms to know.
- Foreclosure: the legal process in which a lender or mortgage investor takes back unpaid property
- Home in foreclosure: a property going through the process
- Foreclosed home or REO: a property that has gone through the process and is now owned by the lender or bank, also known as a real estate owned property (REO)
Why do homeowners go into foreclosure?
Many times, a person that is facing the loss of a home has experienced a life event that changed their financial circumstances. Because of this, they can no longer afford the monthly payment on their home. Examples of events include:
- Getting fired, being laid off, or quitting a job
- A medical emergency
- Taking on excessive debt
- Losing part or all of their income due to divorce or death
- Experiencing distress from a natural disaster
Consequences of Foreclosure
The process can be stressful, embarrassing, and it can have long-lasting consequences, such as:
- Eviction from your home—you’ll lose your home and any equity that you may have established
- Stress and uncertainty of not knowing exactly when you will have to leave your home
- Damage to your credit—impacting your ability to get new housing, credit, and maybe even potential employment, for many years
- May owe a deficiency balance after the sale
- Lose any relocation assistance or leasing opportunities that may be available with other options
Under certain circumstances, apartment communities work with foreclosure and short sales. Some require they be a number of years old. Please note it is usually up to the apartment management.