We buy houses in Missouri City, Texas and have noticed that even though the housing market is still pretty strong, we are starting to see a slight increase in TX foreclosures. If you are having trouble keeping up with your monthly mortgage payments, you may be worried that your mortgage provider is going to foreclose. In this post we will discuss some ways to avoid foreclosure in Missouri City.
Don’t worry, there are a number of things that can help you avoid foreclosure in Missouri City TX. Two important things to know are to understand the foreclosure process, and that moving quickly is critical to save your credit rating and your home.
Lets go into some information about possibly how to avoid foreclosure in Missouri City TX with your home.
How To Avoid Foreclosure in Missouri City TX – Don’t Give Up
There are many people that will just walk away from their home. Doing so could leave Missouri City TX looking like a ghost town. Detroit is a prime example of what can happen when people abandon their homes.
It can be a very stressful situation, but try to remain calm. Foreclosures have a major impact on your credit score, and will likely prevent you from purchasing a home for several years. If you sell your house in Texas, you could leave a portion of the loan unpaid, and the lender could pursue legal action against you for the unpaid amount.
There Are Options For You In Missouri City TX
Try To Negotiate With Your Mortgage Lender
Banks and other financial institutions see that citizens of Missouri City TX may be struggling. If you have kept up with your payments prior to this, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, because they don’t want to own homes. Many banks will try to work with you if you haven’t fallen too far behind. You may be offered forbearance or even a full loan modification. Banks want to make money by lending money, not owning homes.
Seek Government Assistance Programs In Missouri City
In the past decade there were several government programs that were designed to help homeowners that are struggling. For example, the Home Affordable Modification Program (HAMP) allowed homeowners to modify their loans. Also, the Home Affordable Refinance Program (HARP) to allow homeowners who were current on their mortgage payments refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. However, as of December 31st, 2018, HARP ended and was replaced with the High LTV Refinance Option through Fannie Mae, and the Freddie Mac Enhanced Relief Refinance (FMERR). There are eligibility requirements, but these are great options if you qualify.
We Buy Houses In Missouri City TX
We understand that the thought and possibility of losing your home can be stressful. You aren’t alone. Foreclosure can have a lasting effect on your financial 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 if you sell your house in Texas to us. We can check out what is going on and let you know what some good options are for you. We want you to be able to move forward and have foreclosure a distant memory.