A loan modification can be a very effective way to avoid a foreclosure on your home, and you might be surprised by how willing your bank is to negotiate a modification with you. In fact, banks don't want to foreclose on your home -- they'd rather profit from the interest paid by your successful completion of your mortgage payments. As such, banks are often willing to work with borrowers in order to keep people in their homes, and keep them on track with their payments.
No one wants to get involved in a legal proceeding, but when the legal proceeding involves losing your home, the process can be particularly unsettling. This is precisely what happens during a home foreclosure, so most Texas residents will do everything they can to avoid the foreclosure process.
The United States is still reeling from the memory of the so-called "Great Recession," in which many people lost their homes as a result of foreclosure. Some families continue to struggle financially as a result of the Great Recession, but recent news points to a ray of hope: U.S. foreclosure activity has fallen to an 11-year low.
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.
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.
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.
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.
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.
If you stop paying your mortgage payments each month, foreclosure is inevitable. This article will discuss a few pieces of advice to help prevent the foreclosure of your home when you run into these kinds of financial difficulties.
In the wake of the real estate crisis that began in 2008 and 2009, numerous Texas homeowners have benefited from federal programs designed to help them prevent home foreclosure. One of these programs is called the Home Affordable Modification Program. By using HAMP, Texas homeowners can defend against a pending home foreclosure action, stop and/or pause a foreclosure action from moving forward or prevent foreclosure from happening in the first place.