Help R Home

North TEXAS Real Estate Specialist.

17 years in the Industry.

I keep hearing the same thing online: "what do I do, my home is in trouble", "we are behind on our payments", "what will happen if we just walk away?","what happens in a foreclosure?"

North Texas Market Statistics

http://www.dorisbarnett.com/Stats.asp

There are four ways to deal with a house in crisis: all start with a call to the bank to the Loss Mitigation Dept.:

• The bank may agree to let you move late payments to the end of the mortgage and just continue as before.

• The bank may agree to renegotiate the entire mortgage and interest rate to a more affordable solution.

972-491-1000

• The bank may agree to take the property  "Deed in Lieu" meaning instead of foreclosure. (This may have a tax impact-speak with your tax advisor)

• or the bank may let you try to sell the property in what they call a "Short Sale" (This may have a tax impact-speak with your tax advisor)