Foreclosure: The Atomic Bomb

Losing a home through foreclosure is undoubtedly the worst nightmare for any homeowner. At our Ray Owens Group Realty, we understand the devastating impact that foreclosure can have on your credit and overall financial stability. In fact, we often refer to foreclosure as “the atomic bomb of credit scars” due to its far-reaching consequences.

When something negatively affects your credit, it results in a decline in your credit score. However, no other event impacts your credit score as significantly or for as long as a foreclosure. The repercussions can linger for up to 7 years, if not longer.

Some distressed homeowners may reach a breaking point where they contemplate simply walking away from their property, believing that foreclosure will be the ultimate solution to their problems. Unfortunately, this couldn’t be further from the truth. Foreclosure marks the beginning of an agonizing 8-10 year nightmare, encompassing a wide range of issues.

From being evicted by the sheriff and enduring public embarrassment to engaging in lengthy battles with creditors, the aftermath of foreclosure is riddled with challenges. Homeowners may face deficiency judgments, lawsuits, and potential tax ramifications, which could even lead to garnished wages. Moreover, securing credit cards, car loans, or employment opportunities becomes incredibly difficult for almost a decade.

If you find yourself facing the daunting prospect of foreclosure or struggling to afford your current home, do not despair. We are here to help. Contact us today, and we will provide you with a comprehensive understanding of all the available options for selling your home and avoiding foreclosure. Your financial well-being is our priority, and together, we can navigate through these challenging times.

How To Stop Foreclosure On Your House

In Texas, a foreclosure can happen very quickly

(in as little as 4 months).

Many homeowners’ first reaction to a foreclosure notice is to sit back and do nothing.  This reaction is because they think that the situation is hopeless and are resigned to the bank taking back their home.

However, doing nothing is the worst thing you can do in this situation.

Are you going to sit back, relax and do nothing while hoping that everything will fall into place?

If you are behind on payments and facing foreclosure due to job loss, relocation, divorce, etc.. you can still sell your house fast.  Even if you have an ugly damaged house and owe more than the house is worth, you can still sell your house for cash and avoid foreclosure!

Don’t Let The Banks Take Away Your Home

According to, a foreclosure will damage a consumer’s credit score, lowering it on average 200-300 points and making it difficult to get another home for 5-7 years.  Plus, you may be sued for deficiencies by the bank for the difference between what the house sold for at auction and what you owed. In addition, you may receive a 1099 from the bank stating that the difference is income and you can be taxed upon it.  Bad things happen to good people, and knowing your options can help you prevent a bad situation from becoming even worse.

What Is The Foreclosure Process in Texas?

In most situations, you will go through a nonjudicial (outside of court) foreclosure process.  In Texas, the foreclosing party must give the homeowner 2 notices:

  1. Notice of Default & Intent to Accelerate
  2. Notice of Sale (notice of intent to sell at auction at least 21 days prior to auction date)

Better Options Than Foreclosure

There are a couple of better options than foreclosure that you should consider:

 Sell As-Is For Cash:  If you sell as-is for cash, you get a few benefits.  First, you won’t have to come out of pocket for any expenses, such as realtor commissions, closing costs, appraisals, inspections, etc…  Second, you won’t have to make any repairs on the home – rather you can sell ‘as-is’.  Third, because no mortgage banks are involved in a cash offer, you can close in as little as 7 days.  Therefore, in many situations, selling your house to a real estate company for cash can be your best option!

 Short Sale: A short sale only works if you’re behind on payments and owe more than the house is worth.  If you sell via short sale, then the house buying company will negotiate with the mortgage company to accept a discount on what is owned & release their interest in a property in exchange for a cash payment. The seller (you) is not allowed to financially benefit from the transaction. The reason you want your buyer to negotiate is that they will buy the house for cash, and this ability gives them more weight with the banks when negotiating. While your credit will still be affected, this is still a better option than a foreclosure because you may be able to satisfy the loan through the short sale process.

Homeowners facing foreclosure in Texas are going through enough misery and stress and deserve options other than foreclosure. Doing nothing (or declaring bankruptcy) is probably your worst option.  Want to learn more about your options?  

Sell Your House

Don't Pay Commissions to sell your house.

Why work with us here at Ray Owens Group Realty?

Here are a few of the reasons so many home sellers contact us to buy their house. We are here to help and offer a fast closing so that you can move on with your life.


We buy so many houses that we save money on closing fees and the contractor fees. This allows us to offer you more.


We pay cash which allows us to buy your house no matter what condition it is in. Don't even think about fixing anything!


We don't charge any fees for our service. We simply just want to buy your house.


Avoid paying thousands of dollars to a real estate agent. They're not needed. We are your buyer. You don't need anyone to help you find a buyer.


Paying cash allows us to close super fast. If you want to close within a week, that's usually possible. If you need some time, no problem!


Paying cash is important. This allows us to skip the hoops banks make buyers go through. This is how we keep things simple.

What client say about us

Jeremy A.
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I had been working two jobs to try to make ends meet, but I was still falling behind on my mortgage payments. I tried to work with my lender to modify my loan, but they refused. I was starting to lose hope. One day, I saw a flyer for . I called them and they were able to help me right away. This allowed me to sell my home for less than what I owed on the mortgage. I was able to keep some of the proceeds from the sale, and I didn't have to go through the foreclosure process. I'm so grateful for. They helped me to save my home and avoid foreclosure!!! I highly recommend to any property owner who is facing foreclosure.
Jessica L.
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After inheriting a run-down rental from my grandma, I was overwhelmed by nightmare tenants and endless repairs. That's when stepped in. They bought the property, handling all the issues swiftly. made selling easy, offering a fair price and taking care of everything. Now, I'm free from the stress of property management. For any owner with property troubles, I can't recommend enough—they're lifesavers!

Frequently Asked Questions

We’ll take a look at the information that you provided and may contact you by phone to get additional details about your situation and the property that you want to sell. Then, after considering all of the specifics of your home, we’ll usually be able to come up with a fair and honest all-cash offer on your property that’s a win-win for both of us. And once you have an offer from our company, there’s no obligation whatsoever for you to accept it. We promise that the decision of whether or not to sell your home will always be totally left up to you. If you do decide to sell your home to us, the process will go fast and you even get to pick a closing date that fits your schedule!

Our fast house buying process is not complicated. We analyze the most recent comparable home sales in the area where your property is located to get an estimate of its current value. Then we make adjustments to the price we can offer on your property based on its condition and any needed repairs. This is the best way to come up with a fair price to offer for your property, since home values constantly fluctuate based on local real estate market conditions.

Real estate brokers and real estate agents make money off of property listings. They market your home, while locking you into an exclusive seller’s agent contract for 6-12 months in most cases, which is the average time that it takes to sell a home in many areas today. Their only goal is to make a total or partial commission on your home when and if it eventually sells, based on which agent finds a buyer for your property. With agent commissions averaging around 5%-6% of a home’s sales price, owners can easily lose thousands of dollars in the process of selling a home, when using an agent. But what’s worse is the prospect of a home that doesn’t sell.


Owners really take a hit, when they’re locked in a home selling contract, losing money on a property every month, that’s often located in a depressed housing market which is also probably worth much less than what they owe to the bank. Homeowners in dire situations like this really can’t afford to wait on a real estate agent to find a buyer for their home. That’s where professional property buyers like us come in. Our company can make an all-cash offer on your property and you can close the deal, pay off your mortgage and even possibly walk away with some much needed cash in your hand in a little as 7 days, instead of waiting months on end to get rid of your unwanted property. We’re not like traditional buyers who comb over a foot-long checklist when buying a property. We’re not looking for a home in a certain neighborhood, a certain school district or a certain location close to our job. We’re looking for properties with only one thing in mind: is it a good investment that we can quickly buy, repair and sell (or rent) for a profit?

If a house is not in need of extensive repairs we can make offers that are near full retail, but if the home has a lot of differed repairs we would need to receive a fair discount.  This allows us to fix up the property at our own expense and resell the property to new owners, while making a modest profit. We work with people in all kinds of situations who see the value in selling their property fast without commissions or costly repairs. Our company purchases real estate in a wide range of prices and helps owners get much needed cash out of their homes in the shortest amount of time, with no out-of-pocket expenses, which they commonly face when selling a house using an agent. The convenience and simplicity of selling your home to professional house buyers can’t be matched, when compared to the alternative of slowly going broke on a property while waiting for a buyer, possibly ruining your credit or getting sued, while being constantly stressed out by calls from bill collectors. We offer a winning solution for many property owners with limited options to otherwise liquidate the value in their homes. There’s never any pressure to accept our offer, so you can just walk away if the numbers don’t match up to your needs.

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