As the real estate market is showing signs of recovery, many owners in Houston] are still facing difficulties in paying their home loans.
If you find yourself in a situation where you owe more on your house than it’s worth, or struggling to keep up with your monthly mortgage payments, you might be worried that your lender will want to foreclosure on you.
Fortunately, there are several strategies available to prevent foreclosure in Houston. It’s crucial to act quickly, as doing so could preserve both your credit score and your property.
If you are asking yourself questions such as “who can help me avoid foreclosure”, “can I sell my house in foreclosure” or “are there ways to avoid foreclosure other than selling my house”, you are on the right track!
So let’s dive in on a few quick tips on possibly how to avoid foreclosure in Houston with your home.
The Keys of How To Avoid Foreclosure in Houston – Don’t Abandon The Ship
Many owners just abandon their houses and leave. Some parts of Houston are starting to look like ghost towns, because the economy has really affected the people living there.
Detroit is a prime example of what can happen when people walk away from their homes.
This can be a stressful situation to be in, yet it’s crucial to remain calm and composed.
A foreclosure will significantly damage your credit and will likely prevent you from buying another house for a long time. If you decide to sell your property, you might not be able to pay off the entire loan, leading the lender to take legal steps against you for the remaining debt.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Lenders and various financial organizations are conscious that residents of Houston are facing difficulties. If you’ve managed to avoid missing a payment, you might have some room to discuss changing the terms of your loan. Banks prefer not to take homes back through foreclosure, and many of them will cooperate with you if you’re not too far on your payments. You could be presented with options for a payment plan, forbearance or even a full loan modification.
• Ask for help from Uncle Sam. In the past half-decade, the federal government has launched several initiatives aimed at assisting homeowners facing financial difficulties. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program enables homeowners who are making their mortgage payments on time to switch their adjustable rate mortgage for a low-interest, fixed-rate loan. However, both of these programs have certain criteria that need to be met.
We recognize that the threat of losing your house can be stressful. Keep in mind; you’re not aline. Homeowners across Houston are facing similar challenges. Foreclosure can significantly impact your financial well-being, and it’s crucial to act quickly and take advantage of any opportunities that come your way. By doing so, you might be able to preserve your credit score and stay 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 your options so you can move forward and get this foreclosure behind you.
Remember, the sooner you act, the more options you’ll have at your disposal and the higher the chances of success. Even if you days out from foreclosure, the experts at Right Path Property Solutions will be able to help. Whether you are thinking of selling your house foreclosure or not, we’ll have a solution for you!