Struggling to make your mortgage payments isn’t something new or unique, and it happens to the best of us. At some point, you are going to have trouble making payments every 1st or 15th of the month. Life is unpredictable, we are human and things happen.
If you’re behind on you mortgage payments, you could be in fear that your mortgage provider is going to foreclose on your home.
Note: Banks/lenders are in the business of making money not taking your home.
Thankfully, there are a number of things that you can do to avoid foreclosure in Houston. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
Without further delay, let’s dive in on a couple quick tips on possibly how to avoid foreclosure in Houston with your home.
The Key of How To Avoid Foreclosure in Houston Don’t Abandon Ship
Many people simply give up and walk away from their homes. There are even areas of Houston (northside) that 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. At one point it seemed as if the bank and the city were giving away homes to whoever could pay the taxes.
This can be a stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a 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 you for the unpaid portion. Always check with your lender for information on any ramifications from a foreclosure.
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 Houston are struggling. If you haven’t missed a payment yet great, you may have some leverage to renegotiate the terms of your loan.
Banks aren’t in the business of 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.
• 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) offers homeowners who are at risk of foreclosure reduced monthly mortgage payments that are affordable and sustainable over the long-term.
The Home Affordable Refinance Program (HARP)allows homeowners who are current on their mortgage payments to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. Even if you owe more than your home is worth and your mortgage is owned by Fannie Mae or Freddie Mac.
Note: Both 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 Houston 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 if you act quickly.
We may be able to help you avoid foreclosure. Contact us today and let’s discuss your situation. We don’t charge any fees, we’ll evaluate your situation and present your options so you can move forward and get the foreclosure behind you.