While the housing market is rebounding, many people in Dallas, TX are still struggling to make their monthly mortgage payments.
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 on your home.
Thankfully, there are a number of things that you can do in order to avoid foreclosure in Dallas. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in to a couple quick tips on possibly how to avoid foreclosure in Dallas, TX with your home.
The Keys for How To Avoid Foreclosure in Dallas-Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Dallas that have begun to resemble ghost towns as the changing economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes.
This can be a 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 you for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that people in Dallas 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, which could help.
• 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, therefore reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments to 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 very stressful. You aren’t alone. Citizens all over Dallas TX 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 that might be available to you. You could save both your credit rating and remain in your home, which both would be ideal if at all possible.
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 in Dallas.
If selling your home to a cash buyer in Dallas ends up being your best option, well, we’re cash buyers looking for a few more properties to purchase soon in the area. We can typically close within a time frame that works best for you. So if you need a few months to get things in order, then we can certainly look into what works best for you! We know that a foreclosure is never a winning situation, so we’d love to chat with you and see what we can do to help!