If you’re behind on your mortgage payments, now is the time to start planning for what may come next. While there are many options you can explore to improve your situation, we’ll focus on selling your house. If feeling overwhelmed and unsure what steps to take next, there are ways to simplify the process – learn more by reading this blog post.
Never Ignore the Situation
If you’re behind on your mortgage payments, don’t neglect it. Ignoring it only makes matters worse. Reach out to your lender right away to explore available options and create a strategy which can help avoid foreclosure and keep possession of your home. For more industry insights, visit: https://www.texascashhousebuyer.com/
Put Your House on the Market
Do not delay; selling your home when mortgage payments are past due can become increasingly costly. If possible, contact a real estate agent for help in selling it quickly.
Research Other Relevant Issues
You have several real estate options when selling your house, and one option may be renting it out to help pay off past due mortgage payments. Even if this wasn’t what you had originally intended, the option exists. For more information, read our blog post entitled How to Rent Your House When You’re Behind on Mortgage Payments for more details.
Take Advantage of Foreclosure Programs
If you’re interested in one of your lender’s foreclosure programs, reach out to them right away. A common misconception is that people won’t qualify due to having already gone through too much hardship – however, this couldn’t be further from the truth! For more guidance and assistance with avoiding foreclosure, read How to Avoid Foreclosure in 6 Steps for additional tips and strategies.
Negotiate a Limited-Time Payment Plan
Though it is generally prohibited to negotiate a mortgage modification while in foreclosure, some lenders may allow the creation of a limited-time payment plan. This can often be the only way people are able to stay current on current mortgage payments once they’ve gone into default. We have previously discussed how to determine if you qualify for negotiation with your lender and what steps should be taken when doing so.
Be Encouraged
There is always hope in any foreclosure situation. There are steps you can take to avoid foreclosure, as well as ones to take if you want to avoid being forced into a short sale or deed-in lieu of foreclosure. It may not be easy, but with determination and hard work, you can overcome your current circumstances.
Reach Out to the Attorney General’s Hotline
The attorney general’s office has created a program to assist homeowners who are behind on their mortgage payments with payment plans or other available solutions.
Develop a Plan of Action
You may have more options than you realize. If you’re behind on your mortgage payments, it is essential to research all available information and gain as much understanding about your situation as possible. Doing this will allow you to create an action plan which will reduce financial stress caused by foreclosure or another related mortgage-related issue.