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foreclosure prevention Archives

What programs can help with an underwater mortgage?

If your mortgage is "underwater," it means that you owe more money on it than your residence is actually worth. This can happen to homeowners who take out a loan and buy a property before the real estate market starts to change for the worst. When property values decline, you could find yourself dealing with an underwater mortgage.

Underwater mortgages: The condition and the cure

Do you know what an "underwater mortgage" is? Maybe you know exactly what it is and you're sorry that your home is currently worth less than the amount of money you need to pay on it. With the current state of the Texas real estate market, there could be many homeowners who -- after their homes declined in value -- owe more money on their homes in mortgage loans than their homes are actually worth on the market.

A 2-step foreclosure avoidance strategy

When homeowners get behind on their mortgage payments, the threat of foreclosure is a terrifying experience. That's because homeowners stand to lose a lot that they have worked so hard to obtain financially. Even worse, their families could become homeless if they are unable to pay for a new home or apartment to live in.

The eviction process during foreclosure proceedings

Following foreclosure, a San Antonio resident could find him or herself being evicted from the home. However, with the assistance of a skilled foreclosure defense attorney, many San Antonio residents can seek to stop an eviction so they can stay in their homes.

Foreclosures Move Quickly In Texas

In some states, lenders are required to file a lawsuit in order to proceed with a foreclosure. This is referred to as a judicial foreclosure, and it can take many months or even more than a year in some situations, giving homeowners a great deal of time to fight back. Unfortunately, Texas is not one of those states.

With HAMP Gone, Will Foreclosures Increase?

The Home Affordable Modification Program (HAMP) helped millions of homeowners nationwide modify their mortgages and stave off foreclosure. The program expired at the end of 2016 and now, according to an article from News 4 San Antonio, thousands of homeowners are once again at risk of foreclosure.

Are you facing home foreclosure? Be careful of scammers

Faced with the threat of losing the family home in foreclosure proceedings, Texas homeowners are likely to feel very desperate for a solution. If you're in this kind of situation, be careful that your desperation to stop your foreclosure does not lead you to take dangerous or risky decisions -- they could even become the victims of fraudsters who appear like they're offering just the expensive kind of service that could help them.

Modifying Your Mortgage? Proceed With Caution.

Sometimes life throws you an unexpected curve ball. A job loss, divorce, or another unforeseen event can threaten your stability and finances. If you fall behind on payments on your home, a mortgage modification is a viable option for preventing foreclosure and getting back on track financially. However, as one recent case in Grapevine demonstrates, caution must be exercised when attempting to modify your loan.