Foreclosure Help for Homeowners

Learn Your Options & Get a Start Fresh

Hundreds of homeowners visit our website daily looking for foreclosure help or mortgage relief options. Homeowners need answers to their problems quickly, so they can decide what is best for their situation.

After calling you will receive an evaluation outlining options that may protect your home or lower your payment and rate in some cases. Below are a few options, which may help homeowners in distress or facing a financial hardship. If you are behind on your mortgage or facing default please call us directly at 956-405-6410.

Foreclosure Defense

An Attorney may be able to take the necessary steps allowing you more time for refinancing or modifying your mortgage. This may involve defending the foreclosure lawsuit, which could lead to a Mortgage Loan Modification, Bankruptcy Relief or other Legal Options.

Mortgage Loan Modification Programs

Homeowners behind on their mortgage or experiencing a financial hardship may not qualify for a refinance. Some may qualify for a Loan Modification.

A Loan Modification is described as a modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications may involve a reduction in the interest rate, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.

Bankruptcy Relief

Bankruptcy is another option many homeowners consider when facing home foreclosure. In fact, a Chapter 13 bankruptcy case can help save a house in foreclosure. The filing may stop the sale and give you a way to catch up on the past-due payments, all while helping you manage your other debts, as well.

The option best for you depends on your situation and is ultimately your decision. After gathering information on your options please do your research. We are here to help! Stop getting the run around and let the RGV Home Relief Program connect you with the help you need.

Q. What is foreclosure?

A. It is a legal process where a mortgage company or bank takes back your home to satisfy your mortgage loan. When you fail to make your mortgage payments (whether it is your first mortgage, second mortgage, and/or a home equity line of credit) this can result in foreclosure. Foreclosure can also be due to non-payment of real estate property taxes.

Q. How many payments do I need to miss before I lose my home?

A. After one missed payment on your mortgage, you are in breach of your agreement with your lender / servicer. Although most lenders / servicers do not start foreclosure proceedings after only one missed mortgage payment, late charges apply and over time can add up. If you continue to miss your payments, it will make it harder for you to catch up. Most lenders / servicers will start the foreclosure process after you are three payments behind.

If you have discussed your payment options with your mortgage servicer and can’t afford your mortgage anymore, you may need to leave your home. That can be a difficult decision. But don’t just walk away. You may have options that are better for your finances and your credit:

Traditional Sale

A traditional sale is when you sell your home, if your home is worth more than what you owe (depending on its current condition) this could be a good option for you. You can pay off what you owe on your mortgage in full and likely have remaining funds from the sale. You don’t need approval from your mortgage servicer to sell your home, but it can help to notify them of your plans to make sure the sale is transacted within the required timeframe.

Deed-in-lieu of Foreclosure

A deed-in-lieu is when you turn over ownership to your home to your mortgage servicer and move out. With a deed-in-lieu you are not responsible for selling your home.

With a foreclosure, you may still owe money on your mortgage even after you move out of the home, but a deed-in-lieu of foreclosure may help you avoid being responsible for paying any amount remaining on the mortgage, called a deficiency. To qualify for a deed-in-lieu, you will need to get a loss mitigation application from your mortgage servicer, submit a complete application with supporting documents, and be approved to move forward with it by your servicer. Usually, the owner of your loan and your mortgage servicer will only approve a deed-in-lieu if your home has no other financial obligations tied to the property such as a lien.

Short Sale

A short sale is when you sell your home for less than what you owe on your mortgage. With a short sale, you are responsible for finding a buyer for your home and need approval from your mortgage servicer.

If you complete a short sale, the difference in the sale price and the mortgage amount may sometimes be forgiven by the servicer, but not always. This is an appealing option for those who owe more than their property is worth. If you have other mortgages on your home, the other mortgage servicers will also have to agree to the sale. To qualify for a short sale, you will need to request a loss mitigation application from your servicer, send in a complete application and supporting documents, and receive approval from your mortgage servicer and the owner of your loan. Make sure you understand the terms of your specific short sale, including any tax implications, as the exact terms may vary.