Foreclosure is a dreaded and unfortunate crisis for any homeowner. A variety of uncontrollable circumstances can cause you to fall behind on your Texas home mortgage. No matter where you live, a foreclosure can be devastating. Unfortunately, Texas homeowners are at a disadvantage. According to RealtyTrac, foreclosure laws in Texas make it extremely easy to foreclosure. Therefore, foreclosure occurs rapidly when compared to other states. To prevent foreclosure, you must act immediately.
Instructions
1. Communicate with your Texas mortgage company. You will need to call to discuss your options at the first sign of payment struggle. Explain why you are unable to pay your mortgage. The lender may work out a repayment plan or grant you a forbearance, depending on the hardship.
2. Contact an approved foreclosure prevention counselor in Texas. HUD provides a list of nonprofit counseling agencies throughout the state. A counselor will be able to negotiate your loan and determine your eligibility for federal programs, such as the Making Home Affordable loan modification. The counselor will need your loan details and financial information.
3. Refinance your loan. If your loan interest rate is higher than the current interest rate, you may qualify to refinance the loan and lower your monthly payments. Your credit will need to be fairy good in order to be approved for a refinance. If your lender does not approve your refinance request, you can still apply through the Home Affordable Refinance program.
4. Seek services from the Texas Foreclosure Prevention Task Force. The task force provides services such as counseling, budget planning, initiating communication with lender and identifying mortgage assistance programs. They provide information on the most current programs available. For example, the Streamlined Modification Program is designed to help struggling homeworkers by having Fannie Mae team up with mortgage lenders to modify loans into more affordable terms for Texas residents.
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