Behind on Your Mortgage Payments
In Austin, Texas

Austin Homeowner’s who are behind on Mortgage payments, should consider the option of re-negotiating the terms with the lender early on. Any delay accompanied with further defaults will invite heavy obligation for homeowners to pay off all pending dues and late fees. There also lies a threat to initiate foreclosure and the homeowner will be left with limited rescue options like chapter 13, to can save their house. Bear in mind, lenders always appreciate it much when you as a homeowner are willing to respond with a valid reason for delaying your payments.

For the benefit of crisis hit homeowners residing in the Austin Texas area, I would like to recommend a set of options that will help prevent your beautiful sweet homes from Foreclosure. If you have fallen behind on your mortgage payments in Austin, do not panic; instead consider re-negotiating the following prevention options with you lender directly.

Reinstatement: If you think your financial crisis is momentary, there remains a provisional for you to re-negotiate a payment date with the lender. Please be sure to make prompt payments of all pending mortgage arrears and late payment penalties on that date, for the lender consented to agree on new terms, in acknowledgement and appreciation of your good-faith.

Repayment Plan: If you have fallen behind on your mortgage payments in Austin, by minimum number of months, you have the option to ask you lender to calculate the pending overdue and equate them evenly as additional amount on your regular mortgage installments.

Forbearance: In cases of interim financial flow crisis, like a job lay-off or health disability, you have the option to have your lender to suspend or reduce mortgage payments until a mutually acceptable date. At the end of the temporary freeze schedule, you would be expected to pay-off arrears payments, wholly or partially, to make the mortgage current. You regular monthly payments would resume as per the initial mortgage terms after the loan current. I would recommend forbearance option to Austin Texas homeowners, only if they can afford your home.

Loan Modification:  If you think your financial crisis is going to be long-term, you have the option to renegotiate the couple of mortgage terms permanently. Yes! You heard me right, terms can be re-negotiated permanently. Lender can possibly agree to lower the interest rates or extend the repayment tenure or simply equate all pending dues as additional equal installments to your regular monthly payments. The discretion lies with the lender to make these permanent modifications on your mortgage terms. So it’s your responsibility to convince them of your ‘good faith’ and intentions of NOT to fall behind on mortgage payments in the future.

Selling Your Home:  In order to pay off your mortgage debts in full, you may consider this resort but in least order. Depending on the real-estate market in your area, your house may provide you with funds, which can relieve you off the debtor status.

Bankruptcy: Homeowners in Austin Texas should consider Bankruptcy as the most shunned remedy to manage debts, for its pessimistic ripples prolong with their social identity. Bankruptcy if opted can reflect on petitioner’s poor credit ratings for a period up to ten years, thus making it difficult for them to obtain any future loans, purchase a life insurance or simply even getting another job. 

If your lender is not willing to re-negotiate alternate terms or failing to workout a foreclosure prevention plan, you can investigate in filing for a chapter 13 Bankruptcy. Chapter 13 may offer you legal Court approval for varying repayment options within a period of three to five years, provided your future funds inflow is assured. After fulfilling your payments obligations according to the court’s approval, you would be legally discharged of certain debts from the Federal Trade commission. Federal government operate to protect the rights of homeowners and your equity to be the only stakeholder of the house will be saved if you are willing to carry out the court’s order is good-faith.

If you would like to discuss your options you can contact Troubled Homeowner by completing our online form.

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