If you have a mortgage with Nations Bank, then you might be living in a time warp, because Bank of America acquired the defunct lender back in 1998. However, if you are facing foreclosure, there may not be many options available to you for keeping your home. Obviously, the best possible solution is to keep making your mortgage payments, which is the only tried and true method for not being foreclosed upon. But what if you can’t make your monthly payments?
If you’re facing foreclosure and can’t make your payments, your best option is to hire an attorney who can communicate to your bank on your behalf, or work with an organization like Save My Texas Home who can also work with your lender as well as government organizations on your behalf. The main benefit of working with a company like Save My Texas Home is they do not charge anything for their services. Contact SMTH by filling out the form or calling 512.271.5044.
Mortgage negotiations are not for do it yourselfers, though banks would probably prefer you attempt this route. There are many loopholes and confusing terminology in mortgage lending and foreclosures, and unless you’re a financial expert, there’s an excellent chance your lender may be taking advantage of you. They have all the knowledge and leverage, while you lack the time and expertise to negotiate a fair deal that keeps you in your home. Do you understand how Net Present Value and Debt to Income ratios are calculated? Probably not, and those numbers need to be very specific and accurate to determine if you qualify for refinancing.
Banks are often highly motivated to deny homeowners loan modifications even when they qualify for programs like the Home Affordable Modification Program or the Department of Justice Modification Program. Some home owners turn to the idea of bankruptcy to stop a foreclosure, however, this tactic is not the answer when trying to restructure a mortgage. At best, it is a delay tactic that will kill your credit rating in the long run.
The next logical step, is to consider selling your home outright, however, with your current mortgage in the rears, you likely would not qualify for another mortgage and would have to turn to rentals. A better strategy might be to stay in your home and explore mortgage litigation, which could help you keep your home and lower your monthly payments and keep your home as an investment property. Mortgage litigation is actually a good way to buy some time and can be quite an effective tactic in delaying foreclosure. Just bear in mind that you’ll likely create some bad blood between yourself and your lender, since no one likes to be saddled with legal proceedings.
There are a number of other options, and if you contact professionals with expertise, they can help put together a custom solution to help you save your credit and your home. For example, Save My Texas Home does not charge for their services and have helped many Texans save their homes. Contact them at 512.271.5044 or by filling out the form on this page, and they will get back to you with the best options for you in your situation. Not only will they come up with solutions, but they will walk you through every step along the way.
No matter what route you take, foreclosure is a scary and stressful process as you face the very real possibility of losing your home. If you’re really far behind on your payments, it could be tempting to scrounge up all of your back payments by any means necessary. This may indeed be your best possible solution to hanging onto your home, but be careful about spreading yourself so thin that the problem will just arise again in the not so distant future. A good attorney can often get service fees and penalties waived and start you off with a new payment structure that fits your budget through mortgage litigation.
Foreclosure is a very serious matter, and if you are faced with losing your home, speaking to an attorney might be a smart move. Most reputable attorneys offer a free consultation, so it doesn’t hurt anything to make an appointment and see what they have to offer. At worst, you will leave more informed, and at best, you may just gain an ally who can help you through this frightening and confusing process, and perhaps even come out the other side still holding the keys to your beloved home.