While the housing market is rebounding, many people in San Antonio TX are still struggling to make their mortgage payments. We know this all to well, because usually HouseBuyerSanAntonio.com buys houses in San Antonio from owners that are are in some type of financial distress and are on the road to foreclosure.
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.
Thankfully, there are a number of things that you can do to avoid foreclosure in San Antonio. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in San Antonio with your home.
Many people simply give up and walk away from their home. There are even areas of San Antonio have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes.
This can be 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 your for the unpaid portion.
5 Ways To Stop Foreclosure
- Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of San Antonio 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.
- 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, 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.
- Consider Renting out the home. Renting out the property to a good tenant that does have the ability to pay on time can alleviate the stress of financial burden that you’re under. Then it will give you some time to make an informed, well researched decision on what step to take next.
- Get an offer from a cash home buyer like HouseBuyerSanAntonio.com. A cash home buyer can usually purchase a home within days, not months. This is especially important for homeowners that have a pending foreclosure date of less than a few weeks.
- Get a “Temporary Restraining Order” filed by a reputable real estate attorney. This will stop a lender in their tracks from foreclosing on your home…Once filed, a temporary restraining order will give you a few weeks to find a viable solution to keep your home and not loose it to some investor on the courthouse steps.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over San Antonio 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 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 lets 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.