10. Help, I’m Behind in My Mortgage Payments in Dallas – We Buy Houses Fast in Dallas

When you fall behind on your mortgage payments on your Dallas home, it can feel like you’re drowning in debt. In such difficulty, are you planning to sell your house in Dallas? If you do, we can help.

Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge. With the 2021 foreclosure forbearance coming to an end soon, if you having trouble making your payments reach out to us to explore how we can help you today.

There are a few options that can help you to avoid foreclosure in Dallas and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Dallas have been lost to foreclosure, but there are many ways to avoid running into mortgage paying trouble.

Help, I’m Behind in My Mortgage Payments in Dallas! 5 Things You Can Do To Help Your Situation

1. Declare Bankruptcy In Your TX Property

This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford.

2. Reaffirm The Loan Of Your Home In Dallas

This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned.

3. Making Home Affordable (MFA) In Texas

If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.

With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced.

MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.

4. Negotiate With Your Bank In Dallas

Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your payment.

Most of the time, lenders will want to steer you to refinance your loan – but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate.

You have to work really hard to negotiate with a bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.

If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell the house at a foreclosure auction, they’ll take a huge loss.

That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone in need of help.

5. Borrow Money From A Private TX Investor

If you’re behind on your payments and need to sell your house fast in Dallas, we can help. In certain circumstances, we may even be able to help you stay in your home. As TX home buyers, we work with homeowners in Dallas to find solutions to foreclosure problems. We can also help you understand the foreclosure process to arm you with the information you need to make the best decision for your family.

We Buy Houses Fast in Dallas TX

You do not need to worry a lot about being behind on your mortgage payments because there are things you can do to help with the situation. Bankruptcy can be one good reason so you could negotiate with lenders. The MFA government program could also be a good option. But if you need to sell your house in Dallas fast, consider dealing with investors like We Buy Houses Fast in Dallas. We’ll let you know how we can help.

Give us a call now at (972) 521-1817 or
fill out the form on this website to get started.

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