Stop Foreclosure Dallas Texas
Stop Foreclosure Dallas Texas – are you behind on your mortgage payments? Already defaulted on your loan, or facing foreclosure, you may be able to avoid foreclosure. Sometimes you can keep your home by working with your lender.
Figuring out ways to reduce your mortgage payments, or qualifying for a government sponsored foreclosure assistance program. Is walking away from your home the best financial decision for you? Having other options such as short sale, deed in lieu of foreclosure, or just letting the foreclosure happen. our rights and protections during the foreclosure process.
Before you decide what to do, make sure you understand all your options and their consequences.
Below are ten things you can do to prevent a foreclosure from happening.
Gather your loan documents and set up a case file
Before you miss a mortgage payment (or if you’re already behind on your payments).
The first thing you should do is get organized. Set up a file for the records that relate to your home and put important documents in that file.
You’ll want to include your loan documents, such as the mortgage (or deed of trust) and the promissory note. Don’t wait until the last minute to seek help.
You should also include:
- your monthly mortgage statements
- a record of the payments you’ve made
- escrow statements (if applicable)
- property tax information
- insurance information
Learn about your mortgage rights
Take the time to read them so you know what will happen when you don’t make your payments. The mortgage and the promissory note will contain important information. Stop Foreclosure Dallas, Texas.
- whether you can reinstate the loan by catching up on the past-due amounts
- the monthly late charge amount, and
- what other kinds of fees the lender can charge when you fall behind in payments. (Learn more about fees the lender can charge for late mortgage payments.)
Organize your financial information
Along with the loan documents, you should gather and organize your financial information. Collect your recent pay stubs (or a profit and loss statement if you’re self-employed). Bank statements, federal tax return, and supporting documentation for any other income you receive. (such as social security, rental income, and alimony)
You should also figure out your total monthly income. (including your monthly gross wages, overtime, self-employment income, unemployment income, social security, child support, and alimony, for example) Your monthly expenses (including your mortgage payments, credit card payments, car payments, student loan payments, food, entertainment, utilities, etc.)
Your mortgage servicer will need this information to determine whether you’re eligible for an alternative to foreclosure. Learn about your state’s foreclosure laws so you know how to Stop Foreclosure Texas.
Review your budget.
Now that you’ve figured out your income and expenses, it’s a good time to review your spending habits. Create a realistic budget until your circumstances improve.
Start off by looking for ways to reduce your everyday expenses. If you buy a cup of coffee every morning or eat lunch out every day, this can add up. You also probably have several optional expenses (like gym memberships, cable television, and other forms of entertainment) that you may be able to eliminate.
If you have certain monthly payments you can’t eliminate, such as credit card debt, you may be able to negotiate a lower monthly payment. Stop Foreclosure Dallas, Texas
Think about different ways that you cut back or completely eliminate certain spending. So that you’ll be better able to make your mortgage payments. (Learn more in How to Make a Budget.)
Know our options.
There are multiple (permanent and temporary) options available that could help you to avoid a foreclosure. Here are just a few:
A loan modification is a permanent change to your mortgage. For example, this might mean extending the amount of time you have, to pay off the loan or reducing the interest rate.
With a loan modification, the servicer can often add any past-due amounts to the balance of your mortgage. Depending on your circumstances, you may qualify for the government’s Home Affordable Modification Program (HAMP) or a proprietary (in-house) loan modification. Stop Foreclosure Dallas, Texas. Don’t wait until the last minute to get help.
Forbearance agreements and repayment plans.
If the reason you’re unable to make your mortgage payment is temporary, you may be eligible for a forbearance agreement. With a forbearance agreement, the lender agrees to reduce or suspend the mortgage payments for a certain period of time.
At the end of the forbearance period, you bring the loan current by paying back the missed or reduced payments in full or through a repayment program.
Refinancing the loan.
If you’re not yet behind in payments, you may be able to refinance your loan as part of the government’s Home Affordable Refinance Program (HARP) and lower your monthly payment amount.
Call your Mortgage Servicer.
Stop Foreclosure Dallas, Texas. Do not wait until the last minute to seek help. If possible, call your servicer as soon as you miss a payment or think you might miss a payment to find out if you qualify for an alternative to foreclosure. The faster you deal with the problem, the better. Your rights and protections during the foreclosure process.
Contact a HUD-approved housing counselor.
It is also often a good idea to contact a free HUD-approved local counseling agency. A housing counselor can provide you with assistance in working out a way to avoid foreclosure and may be aware of special programs that could help you. (Learn more about HUD-approved housing counselors.)
Avoid For-Profit Foreclosure Rescue and Loan Modification Companies.
You should avoid for-profit foreclosure prevention companies that claim they can get a loan modification for you. Those who provide debt counseling, or offer some other form of foreclosure relief for a fee. Most of these companies are scammers that provide little (if any) help for distressed homeowners. Know your rights and protections during the foreclosure process.