Living, working, and playing in San Antonio

You hear about it everyday. People continue to have problems paying their mortgages. Maybe they’ve lost their jobs; maybe unexpected medical bills have taken a toll on their finances; or maybe they have one of those ARMs (adjustable rate mortgages) that now has adjusted them past their ability to pay.
Maybe it’s not them but you with the problem. Either way there is hope and I’ll be talking about what to do if you have the problem and give hope that there is a way out of the financial problem so you can stay in your home. But if that doesn’t work, I’ll tell about other options to hopefully save your credit and get you out of trouble in upcoming blog posts.
While the San Antonio real estate market has not been hit as hard as other areas, we do still have problems and there is still help available. If you need answers right away please contact me by email and I’ll be glad to answer your questions. Just email me at .


Refinance – Homeowners occupying a one to four unit home; with a Fannie Mae or Freddie Mac backed loan; with a loan-to-value (LTV) ratio above 80% but no more than 125%; and are current on existing mortgage payments and with enough income to support new mortgage payments MAY qualify to refinance their home. Contact HOPE NOW at to see if you qualify

Sell and Take Cash to Closing – Homeowner can avoid the credit damage of a short sale of foreclosure by selling their home and curing any deficiencies at closing if they have the assets to do so. Might this be your answer?

Lender Workout – Lenders often will work with distressed homeowners to help them keep their homes by reducing or rolling back interest rates, forgiving back payments, adding them to the loan amount, or possibly recasting the entire loan and wrapping all fees into a fixed-rate mortgage. Contact your lender and talk to them about it.

Short sale – A situation in which the seller (1) owes more money on the loan than the sale of the property will likely produce on the market and (2) is unable or unwilling to bring money to closing. The seller may or may not be in pre-foreclosure.

Deed in Lieu of Foreclosure – The homeowner signs over the property to the lender in exchange for debt forgiveness. Warning – this can hurt credit but is better than having a foreclosure in a credit history.

Foreclosure – The legal process by which a defaulted borrower is deprived of his or her interest in the mortgaged property.

Do nothing or walk away – Before considering this option a homeowner should definitely contact an attorney for advice.

Actually you should contact your attorney or accountant for advice if you’re considering any of these options.

Here’s another place to check out avoiding foreclosure. Available at:


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Tag Cloud

%d bloggers like this: