Can’t make your mortgage payments? Here’s what you should do..

If you are a Texas homeowner struggling to make your mortgage payments, you are not alone. Many people are facing financial challenges and may find themselves falling behind on their mortgage payments. This can be a stressful and overwhelming experience, but it is important to know that there are options available to help you keep your home.

The first step is to have a conversation with your mortgage lender. They are in the loan business not the Real Estate business so it is in their best interest to work with you to find a solution that will help you avoid foreclosure. You may be able to negotiate a loan modification or repayment plan that will allow you to catch up on your payments over an extended time. So start there!

You can also seek the assistance of a HUD-approved housing counselor that can provide you with free advice and guidance on your options for avoiding foreclosure. They can help you understand your mortgage documents, negotiate with your lender, and create a budget to help you manage your expenses.

Additionally, you may be eligible for financial assistance through programs like the Texas Emergency Mortgage Assistance Program (TEMAP) or the Homeowner Assistance Program (HAP). These programs provide temporary financial assistance to homeowners who are facing financial hardship due to unexpected expenses or job loss.

Lastly, if you find that your financial situation cannot be resolved through mortgage modifications or other assistance programs, it may be worth considering selling your home. Home values in Texas are higher than they have been in the past, and you may be able to sell your home for a profit, pay off your mortgage, and avoid foreclosure. However, it is important to work with a reputable real estate agent who can help you navigate the selling process and ensure that you get the best possible price for your home. Whatever your situation, remember that there are resources and options available to help you keep your home or find a new path forward.

Remember, you are not alone in your struggle to make your mortgage payments. There are many resources available to help you keep your home and avoid foreclosure. By communicating with your lender, seeking out assistance from housing counselors, and exploring all of your options, you can find a solution that works for you and your family.