Dallas Foreclosure Issues
Foreclosure Issues Dallas, don’t usually come as a big surprise to homeowners. You will probably know well before it happens that you are going to have trouble making your mortgage payments. Maybe you’ve become unemployed or face unexpected medical bill. Or maybe that adjustable-rate mortgage you took out a few years ago, is scheduled to reset at a much higher rate. Making payments out of reach.
Homeowner: What Are My Options?
As a concerned homeowner, the question soon becomes “What are my options?”. Once you do fall behind, you’ll have a few months before your lender even starts the foreclosure process. Thanks to new federal mortgage servicing rules. The fact that foreclosure is a process – sometimes a long one – is good news for you. You don’t need to panic. You will have time to plan, negotiate, and evaluate your options – if you act as soon as you smell trouble coming. The more time you have the better. That is when you need to make the call to me at (214) 723-1304. I will walk you through multiple solutions to your problem.
Work with your lender
If your only problem is a few missed payments, your lender will probably be willing to let you get current over time. Or even add the missed payments to the loan. If you have missed four or five payments, your lender may not be flexible. But you still may be able to work something out. Indecisiveness may cost you big time!
Foreclosure Issues Dallas
If you are likely to lose your house sooner or later, your failure to immediately face this reality may cost you thousands of dollars. Here ‘s why: Any mortgage payments you make now will do you no good if you end up losing your house in foreclosure.
Assume your mortgage payment is $2,000 a month and you scrape together enough money each month to pay your mortgage. Because you don’t want to lose your house. If $2,000 is way more than you can afford, even in the short term. It’s inevitable that you will start missing payments. Should you start missing payments six months down the road and you end up in foreclosure. The payments you scraped together during that six month period will have been for naught. Unless you somehow find a way to get current on your mortgage payments or you file and complete a Chapter 13 bankruptcy.
On the other hand, if you stopped paying your mortgage ago when you first realized that holding on to your house was a lost cause, you would now be $12,000 in the black.
Federal and State Rules
A word of caution here, check for updates. Federal and State foreclosure laws are changing fast. Do not wait for your lender to contact you. As soon as you realize you are going to have trouble making your mortgage payments, you should call your lender immediately. Foreclosure Issues Dallas can be handled with the help of the lender.
You are not alone in this. A home is expensive, this is why most homeowners pay for them over 30 years. And it’s not uncommon for people to find they just can’t afford to keep the payments. If you lose you job, get divorced, or face unexpected medical bills, keeping current on your house payment may not be possible. Life does happen to get in the way and can make paying bills difficult.
Watch out for scams
Many homeowners, or about 34 million homeowners to be exact, took out equity loans against their homes in 2004 through 2007, thereby increasing their debt. Don’t panic and get scammed. Foreclosure Issues Dallas rescue scams have popped up all over the country. Almost without exception, you will be worse off with these scams than if you let the foreclosure go through. Use a HUD approved housing counselor to help you figure out what options are best.