Struggling to pay your mortgage every month due to a job loss, death in the family or other major life change? Is foreclosure looming over your head? Don't fret. All may not be lost. You may be able to find an alternative to foreclosure in Austin.
Lender - First and foremost, talk to your lender. Avoiding communication with them will only make them angry and make you look like a deadbeat. Contact your mortgage company as soon as you know you might have a problem making your payments, tell them why you're having trouble and they just may be able to find a way to work with you on getting the issue resolved. Remember, they don't want to be a homeowner any more than you want to let them take your Austin home.
Traditional or Short Sale - If you have equity in your Austin property and you have a little time, you should consider putting your house up for sale on the Austin real estate market as soon as possible. However, if you find yourself upside down (owe more than the house is worth), you should consider a short sale. That is when the lender agrees to allow the borrower to sell their home for less than what is owed. A good Austin REALTOR® can help you with either option.
Refi or Modification - For homeowners with good credit, a mortgage company may be willing to refinance the terms of their current note or they may offer programs that will allow you to modify your loan to make payments that are more affordable for you each month.
Budgeting - It may seem simple, but sit down one evening and go through all the money you spend every month and compare it to what you bring in from your income. That includes car payments, credit card bills, utilities, mortgage notes, gas, food, entertainment and even the morning latte you get on the way to work. There is always somewhere you can cut expenses if you look hard enough. By making a few adjustments, you may find that you actually DO have enough to make your Austin home mortgage payments every month after all.
Consulting a Finance Counselor - Your REALTOR® may be able to refer you to a reputable financial counselor to help you get your finances together and avoid foreclosure altogether.
As you can see, there are many possible alternatives to foreclosure in Austin. You don't have to lose your house!
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