When you fall behind on your mortgage payments on your San Antonio home, it can feel like you’re drowning in debt.
Even if you’re able to make your monthly payment, 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 San Antonio , even if you’re seriously behind in payments. Lots of properties in San Antonio have been lost to foreclosure, but there are many ways to avoid it.
Help, I’m Behind in My Mortgage Payments in San Antonio! 5 Things You Can Do To Help Your Situation
This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford.
This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned.
3. Making Home Affordable (MFA):
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 ain’t free money – you gotta work for it.
4. Negotiate with your bank:
Lots of lenders routinely offer some level of assistance. Right now, there are a record number of people in forbearance. Although this option can alleviate the immediacy of your situation, please take the time to understand how how the payback for forbearance works. Will you be required to pay the full amount back all at once when your forbearance period is complete? What happens if you are unable to repay that amount in full? Will you be going through a loan modification if you are unable to pay the full amount? It is important to know the answers to these questions and keep in contact with your bank. For many, if they are unable to re-pay the full amount, they will need to go through the loan modification process in order to “tack-on” the amount owed at the tail end of the loan. However, these programs have requirements that you must meet. Make sure you understand how the loan modification process works at your bank.
Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term. Talk to them about your personal situation, remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll take a huge loss. This is never the best option for anyone!
5. Talk to a local investor about all of your options:
If you’re behind on your payments and need to sell fast, we can help. Often times, talking to a few local investors can help you understand all of your options, including those options not offered by banks. If you reach out to a local investor, there is no fee for advice given and typically a no obligation offer can be made once the investor has more information about the condition of your house and the amount that you are currently behind. These two pieces of information are important, even though they may feel intrusive. If you choose to move forward with an investor, be sure to ask questions until you feel confident you fully understand the options and how those will be executed. It is all about communication and figuring out what option will serve you best.
Once again, foreclosure is never the best option for anyone.
We work with homeowners in San Antonio to find solutions to foreclosure problems.
We are happy to talk to you about your options and give you a no-obligation offer.