Which is the worst part that can happen to you when you are living in your own home with your family? Getting a foreclosure notice, right? But what can do when you are running short of money and the prospect of foreclosure is looming dangerously ahead?
Have a look at these three options:
Short sale the house
Homes in San Antonio can be put up for short sale when you are faced with the threat of foreclosure. This is to avoid foreclosure. If you can able to pay off the mortgage by short sale your San Antonio property, then you can close the deal and finish the debt. However, if you are not able to pay your mortgage dues, then you can request the lender to forgive the difference. The law in America mandates that lenders should agree to this kind of deal to protect the interests of both parties.
Admitting to financial problems
If you are not able to pay off the mortgage loan for homes in San Antonio, then it is better to talk it out with your lender. Always keep good relationship with your lender and never delay in replying your foreclosure notice. Let them know of your financial status, complete with documents and all the proof. You must be able to prove that you are financially unstable to pay off your loan currently. During this time, you can continue to make the payments (how much ever money you can cough up) and the lender will wait until your financial conditions stabilize. This is in cases of temporary financial problems.
Negotiations with the lender
You can discuss with lender and request for a loan extension or modification. If the terms of the loan are changed then you can probably adjust the length of the loan, the interest rates and the principal amount. Also, if you happened to miss out on a few payments of your mortgage, you can discuss a new method of repayment so instead of paying in a lump sum, you can pay it off in small amounts. And still, if you feel you cannot repay the loan, you can go for the deed-in-lieu process, where you hand over the property to the lender. Now it is up to the lender to decide whether to accept it or not because it is the duty of the lender to clear away all the liens attached to your San Antonio property.
Genius Realty – San Antonio is an experienced real estate agency that can help you search for your perfect home in San Antonio, TX and the nearby cities like New Braunfels, Shertz, Live Oak, Alamo Heights, Olmos Park, Canyon Lake, Terrel Hills, Garden Ridge, Seguin, Boerne, Castle Hills, and Stone Oak and Sonterra. Get access to all available homes for sale on and the off MLS in San Antonio and the surrounding areas, regardless of the listing company. Please call 210-436-4877 for all your real estate related needs.