Job loss, illness or injury and other factors out of the hands of Texas homeowners can lead to financial distress. Many people in this position are unable to make their mortgage loan payments and are in jeopardy of losing their homes to foreclosure. Even though Texas laws tend to protect lenders more than borrowers, foreclosure prevention could still be possible.
Overdue payments are one reason why a lender might pursue foreclosure options. In Texas, that process may be even streamlined. Specifically, Texas is one of 29 states that allow foreclosure by the power of sale. That means that the court does not have to be involved, as is typically the case in a foreclosure by judicial sale.
Among the decisions a person can face when buying a home is the choice of what lender to go with when it comes to the mortgage loan connected to their purchase. This decision can end up having some significant implications for the home buyer. One reason for this is that there is a great deal of variation among lenders, and thus lenders could differ quite a bit in how good of a fit they would be for a particular home buyer’s circumstances.
Fortunately, San Antonio and Texas were never hit as hard as other areas of the country by the collapse of the housing market. Nevertheless, there are still many homeowners in the area who are having trouble making their mortgage payments. Even while many still struggle, foreclosure prevention measures taken by homeowners and their lenders seem to be working.
When a person is struggling with their mortgage and looking for ways of addressing the struggles, there are many areas of concern that can come up. We discussed one of these concerns in a recent post, the concern of possibly falling victim to loan modification scams. Today’s post will be focused on a different type of concern, concerns regarding getting the right information.
How common foreclosure is in a given area matters for many reasons. One is that foreclosures can have incredibly significant impacts on homeowners exposed to them, not the least of which being the loss of their home.
Sometimes, the unexpected happens when it comes to a person's financial situation.
When facing a possible foreclosure, homeowners can vary considerably in what matters most to them when it comes to resolving the situation. For some, their highest priority is keeping their home. Meanwhile, for others, things such as quickly getting themselves in a place where they can start putting their financial state back in order take up the top of the priority list.
When a person is having great difficulty staying current with their mortgage payments, one option that might be able to help them get back to a manageable position regarding their mortgage (and away from a possible foreclosure) is negotiating a loan modification with their lender.
One thing that can put a person into a financially difficult situation is them buying more home than they can afford. Thus, staying within one's budget can be vital when home shopping.