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!