There are several ways to pay a mortgage when you are financially struggling. When you fall behind on your mortgage payments, it can be a stressful and overwhelming experience. The fear of losing your home can make it difficult to know where to turn for help.
Fortunately, there are several options available to help you get back on track with your mortgage payments. In this article, we will explore some of the best options for homeowners who are struggling to keep up with their mortgage payments.
4 Viable Options to Try When You Are Behind Your Mortgage Pay
Talk to Your Lender
Before you take any drastic steps, the first thing you should try is to talk to your lender and explain your situation. They might be able to offer you viable solutions such as a repayment plan or a loan modification to make your mortgage payments more manageable.
It is also important to note that when speaking with your lender about your situation, be honest and transparent as you can be. Explain why you were not able to pay your mortgage for months. Say, if you lost your job, explain how it has affected your ability to pay your mortgage.
Ask your lender for help with all possible options they can help you with too. Financial or housing programs, for example. Make sure to provide all documentation to support your situation like bank statements, tax returns, or proof of your job loss as well.
Always keep in mind that your lender does not like foreclosure and will help you to keep your home. By being honest and proactive, you can work together to find a solution that works for both parties.
Seek Government Financial Assistance
Another option you can try is to seek financial assistance from your local government. In Houston, Texas, there are several programs you can explore. And these are the Texas Mortgage Credit, Homeowner Assistance Program, and Texas Department of Housing and Community Affairs.
Here’s how each program differs:
- Texas Mortgage Credit Certificate Program. It is a program that offers a tax credit of up to $2,000 each year for qualified borrowers (only) and can help offset the cost of mortgage payments. To be eligible, borrowers must meet specific income and home purchase price limits, among other requirements.
- Homeowner Assistance Program. Another program available in Houston is the Homeowner Assistance Program. The program offers financial assistance to property owners who were affected by natural disasters, including hurricanes and floods.
Financial assistance for mortgage payments, home repairs, and other expenses related to the disaster is also provided.
- Texas Department of Housing Community Affairs. Texas Department of Housing and Community Affairs is a department that provides a variety of programs to help low-income families and individuals with homeownership, including mortgage assistance programs.
Rent Out Your Home
While it is not a highly recommended option, you can also try renting out your home to earn money. However, before doing so, it’s important to consider the legal and financial implications.
Make sure to check with your mortgage lender first, for instance, as some mortgage agreements do not allow renting out properties without prior approval. You also need to consider the costs and potential income and determine whether renting it out can help you generate enough money to cover the mortgage fee.
You need to comply with landlord-tenant laws and regulations as well, such as ensuring the property meets safety and habitability standards, drafting a lease agreement, and collecting rent and security deposits.
Sell It As-Is
The last option you have is to sell your house. When selling a property, you have two options: list it in a real estate marketplace and sell it as-is to a real estate investor.
Here’s how the two differ.
List the Property in a Real Estate Marketplace
Property listing is the most common, accessible, and affordable way to sell a house. It also gives owners the freedom to manage every aspect of the transaction too.
There are several online websites built specifically to help homeowners and homebuyers buy and sell the house. There is Zillow, Realtor, and Redfin, for example. These platforms are a cost-effective alternative to hiring a real estate agent and can provide a large pool of potential buyers.
However, do keep in mind that a property listing would not guarantee a quick sale. Unless you hire a real estate agent. These folks can help you sell your house faster and at a good selling price. They also have access to resources that can help you market your property effectively and attract more potential buyers.
Reach Out to a Real Estate Investor
If you want to skip the demanding process of selling a property, then consider selling it to a real estate investor instead. Real estate investors such as Get Your Fair Offer typically buy properties as-is and in cash, making the sale transaction much easier and faster.
Some real estate investors also provide flexible payment systems. The process is much faster too compared to traditional homebuyers. In essence, selling it to a real estate investor is wiser rather than publicly listing your property in the market.
Finding Ways to Pay Mortgage
Financial problems are inevitable. When in such a situation, paying a mortgage fee would indeed become a burden that some owners resort to selling their property.
If you are in the same situation and planning to sell your house, consider reaching out to a real estate investor such as Get Your Fair Offer in Houston. Selling it to a real estate investor is a fast, hassle-free, and reliable way to profit from your property.
Get Your Fair Offer is one of Houston’s trustworthy real estate investors. We guarantee to give you the best and fair price offer only, which your property deserves.
Reach out to us now and get a REAL offer! Call us at 281-709-2999.