We Buy Houses In Dallas Texas. Behind on your mortgage? We are a legitimate homebuyer in Dallas and we can help you! In this article, you will find a couple of tips on what to do to prevent or avoid foreclosure. When you fall behind on your mortgage payments on your Dallas home, it can feel like you’re drowning in debt.
Despite being able to make your monthly payment on time, catching up on piled up old due payment can be a very overwhelming challenge.
There are a few options that can help you to avoid foreclosure in Dallas and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Dallas have been lost to foreclosure, but there are many ways to avoid it.
Help, I’m Behind in My Mortgage Payments in Dallas! 5 Things You Can Do To Help Your Situation
1. Bankruptcy in Dallas:
This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. However, it will not help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You will be at an advantage by getting serious professional help, as best as you can afford.
In simple terms, reaffirming the loan becomes an additional commitment to pay, so even if it is a good card to play, it comes with some unseen penalties. An affirmation can create additional liabilities if your property is auctioned, that is if it is allowed in your state.
3. Making Home Affordable (MFA):
You could participate in MHA if your mortgage qualifies for it. All loans that are backed by Freddie Mac or Fannie Mae or any other lenders who choose to participate in MFA, should be considered for MHA.
This way, your payments and interest rates could lower down despite the principal amount if your home is worth less than you owe, with MFA. If you don’t have a job and identify as unemployed, you may get your payments temporarily suspended or even reduced.
Since MFA is a government program, you should be prepared to deal with plenty of paperwork, as it’s not free money and you must work for it.
4. Negotiate with your bank in Texas:
Lenders often offer some form of assistance frequently if you really need it. If you work hard enough, you may even be able to get your interest rate reduced or score a temporary reduction in the payment.
Often, lenders will try to get you to refinance your loan, so by the time you’re a few payments behind, you won’t qualify for a reduction in interest rate.
You have to work really hard to negotiate with a bank. It will take plenty of calls and lots of saint-like patience to get through it. Do not ever behave rudely while asking for help, but don’t sound too desperate. Explain your problem in a detailed manner and offer supporting documents, and reassure the bank that you wish to live in your house for a long time.
If you would prefer a more temporary fix as you stay in that home, some banks may be forgiving. They could be willing to add a couple of months to let you pay back the primary balance of your loan. Since they’re banks, it’s all about money for them, so remind them that you need their help now, so that you can give them a lot more money back in the long run. If they have to sell your house in Dallas at a foreclosure auction, they’ll take a huge loss.
This sounds pretty straightforward but bankers sometimes happen to forget about it when they say no to someone who is in need of help.
“Sell My House In Dallas TX”
5. Borrow money from a private investor:
We’re Dallas home buyers and if you’re behind on your payments and need to sell fast, we can help. In some situations, we could even help you stay in your home if that is what you want. We work with homeowners in Dallas to find solutions to foreclosure problems. We offer cash for houses in Texas in any situation. We’ll let you know how we can help if you need to sell your house in the TX area.