Good news! The housing market has been getting better lately. The bad news is that, although are getting better, many home owners in Dallas TX are having a tough time making their mortgage payments.
If you’re behind on your payments , or can’t keep up with your monthly payments, you might start being concerned that your lender will begin the foreclosure process.
Thankfully, there are good amount of steps you can take to avoid foreclosure in Dallas TX. Keep in mind that moving quickly is THE key. The faster we make helpful steps,
So lets take a look at a few steps on how to avoid foreclosure in Dallas.
The Keys of How To Avoid Foreclosure in Dallas – Don’t Abandon Ship
Many people just give it up and leave their homes vacant. Some areas of Dallas have tumbleweeds blowing through, as the down economy has impacted residents a great deal.
Just look at the ghost town that Detroit has become.
This can be stressful situation, but it’s extremely important to keep not to panic. A foreclosure will destroy your credit score, and likely keep you being able to buy a house in the future. If you sell your home, you could leave some of the loan unpaid. This leaves you open to a lawsuit from the lender
You DO have options:
• Speak with your lender. You lender know that some people in Dallas are struggling. If you haven’t missed a payment yet, it might be possible to modify your loan. Banks don’t like foreclosing on houses (they aren’t in the business of being home owners just house lenders) and most will work with you if you aren’t too far behind on payments.
• Ask for help from the Government. Over the last few years, the federal government has enacted some different programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, lowering monthly payments. The Home Affordable Refinance Program lets homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. You have to qualify to benefit from any of these programs.
We get that the thought of losing your house is a stressful one. You aren’t by yourself. People all over Dallas are experiencing similar hardships. Again, foreclosure can blow up your finances so it’s imperative to move fast and use any option that you have available. It can help your finances and even help you stay in your house.
If you’re going through a foreclosure now, we might be able to help. Contact us today and lets talk about your options. No fees. We will look at your situation and lay out your options so you can get past the foreclosure and move on with your life.