Help, I'm Behind in My Mortgage Payments in San Antonio

When you fall behind on your mortgage payments on your San Antonio home, it can feel like you're drowning in debt.

Even if you're able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge.

There are a few options that can help you to avoid foreclosure in San Antonio and maybe even keep your house, even if you're seriously behind in payments.

5 Things You Can Do To Help Your Situation

1. Bankruptcy

This is usually the tool of last resort. If you're being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once.

Important considerations:

• Chapter 13 bankruptcy can help you catch up on missed payments over 3-5 years
• Chapter 7 might discharge other debts, freeing up money for your mortgage
• Bankruptcy will significantly impact your credit score for 7-10 years
• You'll need to qualify based on income and debt levels
• Always consult with a bankruptcy attorney before making this decision

2. Reaffirm Your Loan

This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay.

What you should know:

• Typically done during bankruptcy proceedings
• Makes you personally liable for the debt again
• May allow you to keep the property
• Could potentially negotiate better terms
• Requires lender agreement and court approval

3. Making Home Affordable (MHA)

If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MFA.

MHA Benefits:

• Your payments and/or interest rates might be lowered
• Even the principal balance might be reduced
• If you're unemployed, you might get temporarily suspended or reduced payments
• Helps you avoid foreclosure while keeping your home

Note: While the original MHA program ended in 2016, many lenders still offer similar modification programs. Check with your lender about current options.

4. Negotiate With Your Bank

Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your payment.

Tips for negotiating:

• Contact your lender as soon as you know you'll miss a payment
• Be honest about your financial situation
• Have all your financial documents ready
• Ask about forbearance agreements (temporary payment reduction or pause)
• Request loan modification options
• Consider hiring a HUD-approved housing counselor for free assistance
• Get any agreement in writing

Common lender programs include:

• Forbearance: Temporary pause or reduction in payments
• Repayment plans: Catch up over time while making regular payments
• Loan modification: Permanent change to loan terms
• Partial claim: For FHA loans, a second loan to bring you current

5. Borrow Money From a Private Investor or Sell Your House Fast

Sometimes the best option is to get help from outside traditional lending:

Private money loans:

• Can provide quick funding to catch up
• Usually higher interest rates
• Shorter terms than traditional loans
• May require significant equity in your home

Selling your house fast for cash:

• Stops foreclosure immediately
• No need to catch up on payments
• Can often close in 7-14 days
• Allows you to walk away with cash in hand
• Preserves more of your credit than foreclosure

Why Time Matters

In Texas, the foreclosure process can move quickly:

• After 3 missed payments, you may receive a Notice of Default
• Texas allows non-judicial foreclosure (no court required)
• The entire process can take as little as 60 days
• Foreclosure auctions happen the first Tuesday of each month

Acting quickly gives you more options!

Additional Resources

If you're struggling with mortgage payments, these resources can help:

• HUD Housing Counseling: Free counseling from HUD-approved agencies
• Texas Department of Housing: State programs for struggling homeowners
• Legal Aid of Northwest Texas: Free legal help for qualifying individuals
• Consumer Financial Protection Bureau: Information about your rights

The Cost of Foreclosure

Before you let your home go to foreclosure, consider the long-term impacts:

• Credit score drop of 200-300 points
• Difficulty getting another mortgage for 3-7 years
• Possible deficiency judgment for the remaining loan balance
• Emotional stress on you and your family
• Loss of any equity you've built up

We Can Help You Avoid Foreclosure

If you're behind on your mortgage payments and need to sell fast, we can help. At Gabe Buys Houses, we:

• Buy houses as-is – no repairs needed
• Close quickly – often in 7-14 days
• Pay cash – no financing delays
• Handle all paperwork – we make it easy
• Stop foreclosure – preserve your credit
• Offer fair prices – based on current market conditions

We understand that falling behind on mortgage payments is stressful and overwhelming. We've helped dozens of San Antonio homeowners avoid foreclosure and move forward with their lives.

Don't Wait – Get Help Today

The longer you wait, the fewer options you'll have. Whether you want to try to keep your home or need to sell quickly, taking action now is crucial.

For a free, confidential consultation about your options, call us at (210) 774-4400 or contact us online. We can often make a fair cash offer within 24 hours and close before your foreclosure date.

Remember, you're not alone in this situation, and there are solutions available. The key is to act quickly and explore all your options.