What options do I have if I'm facing foreclosure?

If you’re facing foreclosure in Texas, you have several options to evaluate. Foreclosure is a legal process in which a lender can take ownership of a house if the homeowner stops making payments on a mortgage loan. It’s important to take action as soon as possible when you’re in danger of foreclosure. The first step is to contact your lender. Explain any hardships that have caused you to miss payments and see if you can work out a repayment arrangement. You may be able to negotiate a loan modification or restructuring, payment plan, forbearance agreement, or short sale. You could also take advantage of the state or federal government programs designed to help homeowners in danger of foreclosure. Texas offers the Home Equity Assistance Program, which helps homeowners facing eviction due to unpaid taxes. The federal government’s Making Home Affordable program also offers assistance through loan modifications or refinancing. If you absolutely can’t afford to stay in your home, you can file for bankruptcy. This won’t get rid of the debt, but it can give you time to look for housing and make arrangements to pay off your loan. It’s important to remember that foreclosure is not your only option. Do your research and speak with an attorney to find the best solution for your situation.

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What options do I have if I'm facing foreclosure?

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