Although the house market is slowly rebounding, many folks in Austin, TX are struggling to make their mortgage payments.
If you’re underwater on your home, or if keeping up with your monthly mortgage payments is difficult, you may be afraid that your mortgage provider is going to foreclose.
Fortunately, there are several things you can do to avoid foreclosure in Austin. It’s vital to remember that moving fast is extremely crucial and could save your credit rating and your home.
So let’s go into a couple of quick tips on how to avoid foreclosure in Austin with your home.
The Keys of How To Avoid Foreclosure in Austin – Don’t Abandon Ship
Many people simply give up and walk away from their home. As the economy continues to impact residents, more areas of Austin are beginning to look like ghost towns.
Although this is a stressful situation, it’s very important to keep your wits about you. A foreclosure will have an enormous negative impact on your credit score and will probably keep you from buying a home for years to come. If you sell your home, there may be not be enough to completely pay off your loan, 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 financial institutions are aware that the folks of Austin are struggling. If you have not missed any payments, you could have the leverage to renegotiate the terms of your loan. Banks dislike foreclosing on homes and many will work with you if you aren’t very behind. You might be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. The federal government has implemented a number of programs to assist struggling homeowners over the last five yeras. 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.
The possibility of losing your home is stressful, and you aren’t alone. Folks all over Austin are experiencing the same troubles. Foreclosure can have lasting effects on your financial life, so it’s important to move through the process fast and take advantage of the options available to you. You may be able to save both your credit rating and your home.
We might be able to assist you in avoiding foreclosure. Connect with us today and let’s chat. We don’t charge any fees to evaluate your situation or present you with options so that you can move forward and get this foreclosure behind you.
Give us a call anytime at (512) 345-9090 or
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Check out these blog entries we have posted on Avoiding Foreclosure:
- Relief from Being Behind on Property Taxes in Austin
- Can I give my house in Austin back to the bank without an expensive foreclosure?
- Foreclosure Prevention Measures In Austin and the rest of TX
- The Devastating Consequences Of Foreclosure In Austin For House Sellers
- Help For Foreclosure In Austin – 3 Ways To Avoid Foreclosure
- Can You Get Your House In Austin Back After Foreclosure?
- Foreclosure notice of default in TX– what is it?
- What is a Pre-Foreclosure in Austin?