Need to Avoid Foreclosure Austin TX?
Even though the housing market is good in San Antonio right now, some people still have trouble with their mortgage.
Maybe your house is underwater, or you lost your job and can’t keep up with your mortgage payment, or even worse, your bank sent you a notice of foreclosure.
So, if any of that happened to you, there a several things you can do to avoid foreclosure in Austin. The one thing you have to remember is that you have to do something NOW. Don’t delay. I get a lot people that call me when there are only a couple of days left until the bank takes their home, and many times it too late by then.
But if you act NOW, you can save your credit rating and your home!
So lets dive in on a couple quick tips on possibly how to avoid foreclosure Austin with your home.
The Main Options of How To Avoid Foreclosure Austin TX: Don’t Give Up! There is hope!
A lot of people become hopeless and want to just walk away from their house. I get it. It seems like if you just walk away and let the bank have it, the nightmare will be over. But if you live in Austin don’t give up! Seriously, there is help available.
Getting a notice of foreclosure from your bank can be such a stressful situation that a lot of people either go in to denial (thinking the problem will just go away on its own), ignore it hoping the problem will go away. DON’T LET THIS BE YOU! If you do get foreclosed on it WILL have a huge negative impact on your credit score, and it lasts for a long time, between 7-10 years. This can keep you from buying a car, renting an apartment, and in some cases, getting a job. Not only that, even if you do walk away, the bank can (and will) sue you for the unpaid portion of the house loan. I’m not telling you this to scare you, I’m telling you this because a lot of people I talk to don’t know the consequences of walking away from their house.
Remember, you’ve got options:
1- Negotiate with your bank. (Refinance) Banks know that some citizens of Austin are struggling to pay the mortgage. It happens everywhere. Even if you have missed a payment, you can still re-negotiate your loan. Right now the rates are really low and you might be able to qualify for better rates with your bank. This could save hundreds of dollars a month. Here’s the big secret: Banks hate foreclosing on homes! So they might work with you on a re-finance. Here are your options if you want to try to negotiate with your bank:
- Forebearance – Check out this article to see if Mortgage Forbearance is for you. Its mainly used if you have a hardship.
- Short Sale – This is when the you are REALLY far behind and you simply can’t pay. We usually do not recommend this as it also has bad consequences to your credit.
2- Ask for help from Uncle Sam. Recently the U.S. Government has made several programs to help home owners who are struggling. Not a lot of people know about this, so I’m adding it here. The Home Affordable Modification Program (HAMP) helps struggling homeowners modify their loans and reduce their monthly payments. The Home Affordable Refinance Program lets home owners who have an adjustable rate mortgage change their loan to a low interest fixed loan. To qualify you must be current on your payments.
3- Rent a room in your house. A lot of people overlook this option, but for some, just a couple hundred dollars a month can help make up the mortgage payment. I know you may not like it, but having a temporary room mate is better than having your bank foreclose on you!
4- Sell your house on the MLS. Again, a lot of people don’t think about this option, but its a really good one. Just call up a realtor and have them come look at your home. (It’s free!) If you don’t know a good realtor, just give us a call. 512-598-6726 We know the best realtors in Austin.
5- Sell your house to us. We specialize in buying houses that are going in to foreclosure. Just give us a call at 512-598-6726 and we can help you avoid foreclosure Austin TX
I know that thinking about losing your house is really stressful. You aren’t alone! People all over Austin are facing the same thing. If you are foreclosed on it will have a lasting impact on your financial life and its important to move as quickly as possible. Please act now! I hate to see people lose their home when they don’t have to.
BE SURE TO DOWNLOAD OUR FREE GUIDE TO FORECLOSURE IN TEXAS HERE.
We may be able to help you avoid foreclosure Austin… contact me today and lets talk about your situation. We don’t charge any fees… I’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.