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Here's a Quick Way to Avoid Home Foreclosure
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Reduced interest rates and a ground-breaking foreclosure-prevention guidance program could keep Matagorda County homeowners from losing their homes.
The Bay City HOME Program now has a foreclosure prevention division for individuals in a financial crunch who cannot afford their mortgage payments, said Carol Smylie, director. “Many homeowners financed a home with a sub-prime loan and now cannot afford the higher mortgage payment or accelerated terms,” she said. “Some homeowners simply cannot afford to own their current homes because of job loss or other financial factors beyond their control.”
| A workshop scheduled for 9 a.m. Saturday, Feb. 9 includes realtors, lenders, home inspectors and developers to answer individuals’ questions and provide information to help homeowners save their home. |
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Foreclosure rates in the county have not magnified lately, but have increased over the last five years. This was around the same time that home equity loans became legal and more popular, said Patsy Anderson, a member of the Matagorda County Board of Realtors and a real estate agent in Bay City who specializes in selling foreclosed homes. “A lot are due to home equity loans. Some lose their job or take lower paying jobs. Some go to work out of town and walk away from their home here,” she said.
However, recent drops in interest rates may be an opportunity for homeowners to refinance their current mortgage, said Tammy Savage, president of the Bay City Banking Center at Prosperity Bank. Depending on credit standing and other factors, borrowers may be able to take advantage of lower rates from 5½ to 6½ percent.
Judy Triplett-Bay City Tribune, contributor
1. Don't ignore the problem- The further behind you become; the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem- Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender- The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action.
4. Know your mortgage rights- Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state.
5. Understand foreclosure prevention options- Valuable information about foreclosure prevention options can be found on the internet at www.fha.gov/foreclosure/index.cfm.
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