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When you can’t afford mortgage payments anymore, it puts you in a tough position. Before you default or fall into foreclosure, you have several options. One is to sell your house to get the cash to cover everything.
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If you struggle to keep up with your mortgage, you have several options to save your home or at least your credit. Often, people don’t realize the financial damage that comes with being forced to give up your home. At Third Coast Home Buyers, our goal is to help homeowners in Houston and surrounding areas have a better future.
Here’s what you can do when you can’t afford mortgage payments anymore.
Too often, people lose their homes in foreclosure because they don’t accept their reality. Unfortunately, when you ignore foreclosure notices, they do not go away. In reality, the longer you wait, the fewer options you have.
As soon as you run into trouble, contact your lender to let them know. If you see trouble ahead, it’s a good idea to keep them in the loop and be proactive. In some cases, lenders work with homeowners to find a solution that works for everyone.
Be ready to talk about why you’re in this situation and whether it’s temporary or long-term.
When you aren’t stretched too thin already, it’s possible to refinance your home. For instance, if you are on track to pay off your mortgage 10 years down the line, your lender might extend this period. That allows you to make smaller payments.
However, it’s important to understand this often comes with hefty fees. Additionally, the interest likely costs you more over time. Lastly, if you feel overextended already, this might not be an option in the first place.
In a loan modification, you and your lender change the terms of your mortgage. These changes may be temporary or permanent. Some examples include the following changes.
Generally speaking, this is similar to refinancing. However, it’s only available to people who can prove they can’t afford mortgage payments due to great financial hardship. Additionally, you have to be willing to advocate for yourself to the lender.
Now, bankruptcy is no walk in the park. It annihilates your credit, making it difficult for you to borrow money again for years. Moreover, depending on your career, it can be a bad move.
Still, it’s possible for homeowners in Chapter 13 bankruptcy to keep their homes. However, they have to have a solid plan to repay some of the debts.
Unlike Chapter 7, 13 requires borrowers to attempt to repay some amount of their debt before the slate is clean.
When you can’t afford mortgage payments on your home, one option is to sell your house. Here, you have a few options still. You can list the home with a real estate agent and hope someone buys it in time for you to avoid foreclosure.
Additionally, there are a couple of other options with lenders, such as a short sale or deed in lieu of foreclosure. However, you still risk damage to your credit.
Alternatively, you can work with our Houston home buyers to get a quick, fair cash offer on your home. While the real estate market is unpredictable, we close on homes in as little as 7 days.
At Third Coast Home Buyers, we work with homeowners throughout the Greater Houston Area and beyond. As homebuyers, we help our neighbors out of tough situations. We understand how difficult the market is, and we want to offer a simple, straightforward solution.
More importantly, we treat our clients with the dignity and respect they deserve. Our goal is to make this transition as smooth and efficient as possible. If you have trouble keeping up with your mortgage, let our team help you.
If you default on your mortgage and need to sell your house, contact our team today.
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