When you find yourself saying “I’m behind on my mortgage payments in Dallas“, it can feel like you’re drowning in debt. Even if you’re able to make your monthly payment now, catching up on a past due balance can be an overwhelming challenge.
There are a few options that can help you to avoid foreclosure in Dallas and maybe even keep your house, even if you’re behind on your mortgage payments. Lots of properties in Dallas have been lost to foreclosure, but there are several ways to avoid it.
Help, I’m Behind on My Mortgage Payments in Dallas, Texas!
5 Things You Can Do To Help Your Financial Situation
1. Negotiate with your bank:
Lots of lenders routinely offer some level of assistance. You might be able to get your interest rate reduced or a temporary reduction in your payment.
Lenders may want to steer you to refinance your loan. If you’re already a few payments behind, you probably won’t qualify for a reduction in interest rate.
You have to work really hard to negotiate with a bank. Be prepared to make lots of phone calls and be patient. Ask to speak to a live person. Never, ever act rude! Ask for help, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to stay in your home for many years to come.
If you’re in need of a temporary fix, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. Bankers sometimes forget this, but if they have to sell your house at a foreclosure auction, they’ll be taking a significant loss.
Reaffirming the loan is an additional commitment to pay. In some states where it is allowed, an affirmation can create additional liabilities if your property is auctioned.
To learn more about reaffirmation agreement click here.
3. Making Home Affordable (MFA) Program:
If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.
With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced.
MFA is a government program, so be prepared to deal with lots of paperwork. It isn’t free money – you do have to work for it.
This is usually the last resort for someone in a deep financial hardship. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with many lenders at once. It is a lot of work, and it won’t help you avoid paying your mortgage. Different lenders will treat your circumstances in unique ways, so make sure to get the best professional help you can afford.
…OR if none of these choices sound like an option for you, we’re here to help!
5. Borrow money from a private investor:
If you’re behind on your payments and need to sell fast, Newbyginnings – Cash for Houses can help! In certain circumstances, we may even be able to help you stay in your home. We work with homeowners in the Dallas, Texas area to find solutions to their problems.
Reach out to us today if you are behind on your mortgage payments!
Give us a call now at 469-336-6862 or
fill out the form on this website to get started.
If you’re saying, “I’m behind on my mortgage payments in Dallas“, you can learn more from the Texas Department of Housing and Community Affairs.