While the housing market is rebounding, many people in Dallas / Fort Worth are still struggling to make their mortgage payments. So is it possible to avoid foreclosure in my situation?
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, then you might be afraid that your mortgage provider is going to foreclose on your home. So how do you avoid foreclosure in TX?
Thankfully, there are a number of things that you can do to avoid foreclosure in Dallas / Fort Worth. It’s important to remember that moving quickly is absolutely of the utmost importance, and could save your credit score and most importantly your home.
So let’s dive into a couple quick tips on potential ways of how to avoid foreclosure in Dallas / Fort Worth. Here we go…
Keys of How To Avoid Foreclosure in Dallas / Fort Worth – Don’t Abandon Ship
What you don’t want to do is what many people do…they Many simply give up and walk away from their home or property. There are even areas of Dallas / Fort Worth that have begun to resemble ghost towns, as the changing economy has impacted so many residents negatively.
Over the years, Detroit has been a prime example of what can happen when people abandon their homes. If you’ve lived there or seen any of the documentaries, there are entire areas that are just one abandoned house after another. There are other areas around the country with similar scenarios.
Not being able to afford making your mortgage payments anymore can be a very 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. So if you’re trying to avoid foreclosure in your situation, there is some hope for you.
If you sell your home and leave a portion of the loan unpaid, the lender could pursue legal action against your for the unpaid portion. So it’s important to know what your options are, and what might be best in your specific situation.
While it’s extremely stressful, thankfully there are options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Dallas / Fort Worth are struggling. It may feel like you’re the only one, but you’re not. 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. So pick up the phone and call them. You might be surprised with some encouraging information to help you get back on track.
• Ask for help from Uncle Sam. Over the years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to be able 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, so it’s not a given that you’ll qualify, but worth checking into.
We understand that the possibility of losing your home can be stressful and you might feel like it’s a hopeless situation. Just know that you aren’t alone. Homeowners all over Dallas / Fort Worth are going through some of 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 potential options available to you. You could save both your credit score and remain in your home.
We may be able to help you avoid foreclosure in Dallas / Fort Worth, TX… connect with us at Madison Lea Homes today, and let’s discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you with some options so you can move forward and get this foreclosure behind you. We buy homes and land with cash, can close in as little as 7 days, and won’t require any repairs at all. We buy properties in as-is condition, saving you time, hassle, and money!
Ready for a cash offer? We’re ready to see what we can do to help you out.