While the housing market is rebounding, many people in South Texas area TX are still struggling to make their mortgage payments. So you may ask how to avoid foreclosure in South Texas area.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in South Texas area. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home. Each state has different laws regarding foreclosure but a website with information for Texas is Foreclosure in Texas.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in South Texas area with your home.
The Keys of How To Avoid Foreclosure in South Texas area Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of South Texas area have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes. If you google Detroit there is actually a timeline of the neighborhoods and how the homes actually go into disrepair and eventually disappear. It is so sad.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
So it’s important to review all your factors and
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of South Texas area are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification. Loan modifications are hard and many times you have to really work to get one but can be a good option. But do not think just because you are working with your mortgage company that you won’t be foreclosed. Those are two different departments and many times don’t communicate with each other. So ALWAYS stay on top of your account and do NOT ignore correspondence from your lender.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over South Texas area are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.
Foreclosure is a ticking time bomb for your family and your credit