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Struggling To Pay The Mortgage On Your North Texas Home?

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Lots of people – even those living in upscale homes in Flower Mound or other high-end communities – live from paycheck to paycheck. Even if you don’t, sometimes life brings the unexpected, and you may find yourself unable to pay the mortgage. Should you simply skip one month’s payment and hope no damage results? No. It’s never a good idea to be passive when it comes to your mortgage payment. Our Dallas real estate professionals have a few suggestions if you’re struggling with making this important payment on your North Texas home.

First of all, don’t try to hide from your creditors or lender. Be honest and upfront; contact your lender and explain your hardship. You may want to call, but also follow up in writing. Being honest about your circumstances will cause you less stress and heartache in the long-term. It’s also important to advise your lender immediately and not wait, should you need to modify your loan to make it more affordable. There may be options, and unless you discuss the situation with your bank, you won’t know!

Take action quickly. If you don’t clue your lender in to your situation and inability to pay your mortgage, it could result in the bank assuming you don’t care about your financial obligation. Since the 2007 housing crash, lenders are more willing to work with homeowners who are delinquent on their mortgages, however you have to make them aware of the situation. Let your lender/creditors know you need help; by waiting too long, you could find yourself facing foreclosure.

Be prepared for the worst. Despite your best efforts, your bank may begin foreclosure action even if you have been completely transparent about your circumstances. Some lenders are not as lenient as others, but you have no way of knowing unless you talk to them. You also want to learn early on about any possible loan modification options. If you can’t imagine being able to pay your mortgage at any point in the foreseeable future, it may be in your best interest to work with an attorney who specializes in foreclosure and real estate matters.

No one is immune from financial issues. At Team Nelson, our Flower Mound real estate agents are dedicated to helping buyers and sellers reach their goals quickly, and with the least amount of stress possible. Contact us today for all of your real estate needs!

What People Are Saying

  • Ebby Halliday Realtors wanted to list my house for $ 390,000 and charge me a 6% commission. I listed my home with Bill Nelson for $ 425,000 and he sold it for 430,000. and charged $ 0 commission. You cannot beat a deal like this !!

    steve scobee Avatar
    steve scobee
    12/11/2018

    Met and signed up with Bill Nelson and Casey Briner to get our house on the market. Super friendly, honest and knowledgeable. Casey was patient and helpful in making decisions to maximize our investment/return. House listed at 4:30 PM on a Friday, 1st showing was 3 hours later, and the house had...

    Lee AnneKirkJohnston Avatar
    Lee AnneKirkJohnston
    3/20/2020

    Bill and his team are outstanding !
    Just the best folks to work with, you won't be dissappointed. They're extremely knowledgeable about the market and will get you top dollar for the home you're selling.
    They're relentless in helping with the new puchase and everyone was a pleasure to deal with,...

    Robert Fairchild Avatar
    Robert Fairchild
    8/13/2015
  • Kevin and Team were spot on with everything. There is not much I could say that needs improvement. We closed on our new home in 29 days and closed on the house we sold in 35 days.

    mpmpreb Avatar
    mpmpreb
    1/19/2017

    This was white glove treatment from the start. The whole team was excellent to work with and very responsive to all of our requests and questions. They held our hand through the whole process and sold our home in less than 48 hours. The next time I need to sell or buy a home I will definitely go...

    valdemar30 Avatar
    valdemar30
    2/02/2016

    Used Your Home Free-Team Nelson Realty to sell my father's home and then when it came time to sell our home we knew that this was the perfect choice for us as well. With Your Home Free we were able to save thousands of $$$ on the sale of our home which we were able to then use on the purchase of our new home, which Team Nelson helped us buy. We worked with Kevin Englebrecht and he was very knowledge on both ends of our deal and just added a nice personal and caring aspect to the process.

    Teresa Drown Avatar
    Teresa Drown
    12/11/2018
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