The best way to prevent foreclosure is to pay your home mortgage payment on time each month, but what if your financial circumstance change for the worse and you’re no longer able to pay your bills? Getting behind one month on your mortgage bill will result in costly fees, but getting behind by more than a month for any period of time could result in foreclosure.
Most Texas residents who experience financial trouble will try not to think about it. When you can’t pay your bills, you can feel powerless and — considering that money does not tend to appear out of thin air — some homeowners will simply ignore the problem, hoping that the situation will change. However, if you’re ignoring the problem, something that you might want to consider doing: Call the bank and tell them you’re struggling.
No bank wants to foreclose on your home. The loss of the interest represents a massive setback in the bank’s bottom line. For this reason, your bank will probably be willing to work with you. Your bank may even allow you to suspend payments for several months, or reduce your monthly payment obligation temporarily — until you can get financially settled again.
If you want to talk with your bank and negotiate a strategy to get back on track with your late mortgage payments, remember that the earlier you do it, the better off you’ll be. If you wait too long to address the situation, foreclosure may soon become an unavoidable result.