While the Houston housing market is strong, many people still struggle to make their mortgage payments.
If you’re having trouble keeping up with your monthly payments, you could be fearful that the bank is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Houston. The most important thing you can do to save your credit rating and your home is MOVE QUICKLY!
There’s no time to waste, so lets dive in to the best strategies to avoid foreclosure in Houston…
The Best Strategies to Avoid Foreclosure in Houston…Don’t Abandon Ship
Getting behind on your mortgage payments can be stressful situation, but it’s important to keep your wits about you. A foreclosure will have a huge impact on your credit score, and could prevent you from purchasing a home for years to come. If you sell your home for less than you owe – also known as a short sale – the lender could pursue legal action against you for the unpaid portion.
While it’s extremely stressful, you do have options:
Negotiate with your mortgage lender – 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.
Ask for help from Uncle Sam – Since the Great Recession, the federal government has implemented programs to help struggling home owners. The Home Affordable Modification Program (HAMP) allows home owners to modify their loans to reduce their monthly payments. The Home Affordable Refinance Program (HARP) allows homeowners who are current on their mortgage payments to refinance from an adjustable rate mortgage into a low-interest, fixed rate loan.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Even with a strong economy, there are people all over Houston that are going through the same troubles. Foreclosure can have a lasting effect on your 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 let’s discuss your situation.
We don’t charge any fees. We’ll evaluate your situation and present you with options so you can move forward and get this foreclosure behind you.