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Foreclosures in Austin - Austin Foreclosures

If you are one of the people who took a sub-prime loan, and then saw your payment balloon up, and are now facing foreclosures in Austin, do not despair. There are programs available that can help you to save your home. Right now, foreclosures in Austin are actually down a bit, like all over the Texas area, as the economy seems to be rebounding. So, you are not alone in your struggle over foreclosures in Austin. Let’s take a look at what’s out there to help you guard your home against home foreclosures in Austin.

First, there is a loan modification which can help you avoid foreclosures in Austin. In the event you’ve suffered some sort of long term financial trouble, this is where you modify the terms of your mortgage. Depending on what the bank is willing to accept, you might get the interest rate lowered, and/or an extension on the mortgage so you’re less likely to have to worry about foreclosures in Austin. Of course, there will be fees associated with this move, but if you can work things out with the bank, it is an effective means of staving off foreclosures in Austin.

Another measure available to stop foreclosures in Austin if you’re facing long term financial hardship is the short payoff. For this, you’ll need both the consent of the bank, and a qualified buyer. It is wide to check the Texas state laws before pursuing this option to stop foreclosures in Austin, as there may be tax issues to resolve.

Option three, again for long term financial troubles, is the deed-in-lieu of foreclosure. This is something you can try if your home has been on the market for a long period (a minimum of ninety days), at fair market value, and has not sold so foreclosures in Austin are looking more likely. Also, there can not be any other liens or claims against your home. In this option, you simply give up your home to the bank, and the mortgage is satisfied.

The next two options for avoiding foreclosures in Austin are only available to you if you have suffered short term financial hardship. A repayment plan can be put in place if your loan is only a couple (two to three) months in arrears. With it, you work out a payment schedule to make up the overdue money owed the lender. Next is the special forbearance to avoid foreclosures in Austin. This can apply if you are anywhere from three months to a year behind in your mortgage payments. It allows you to spread the repayments over a timeframe of from a year to a year and a half. In the case of you being unemployed, this can still be used to avoid foreclosures in Austin if you have a future job in place and can document it.