Following the collapse of the real estate market in 2007 I saw many Austin Texas homeowners fall behind on their mortgages and end up having to sell their homes via short sale or go into foreclosure.
Sadly, besides the real estate downturn, there are a variety of other reasons why a homeowner can fall behind on their mortgage including a job loss, health issues or death of the primary income earner in the family but the big question is should you sell your home when these situations occur?
In this article, I will provide you with tips on how to handle the situation when you’ve fallen behind on your mortgage.
Try to Get Your Finances Back on Track
The first thing to do when you’re going through a financial hardship is to try to get your finances back on track. This could mean starting another a new job or asking your spouse/partner to take on a job in order for you to get caught up financially.
Once you’re back on track financially you may be able to contact your lender regarding a repayment plan so you can get your mortgage payments back on track and ultimately avoid short sale or foreclosure.
Don’t Let Your Lender Take the Equity You Have in Your Home
Let’s say that you aren’t unable to get on track financially and are facing short sale or foreclosure. In this case, you should absolutely consider selling your home especially if you have between $50,000 and $200,000 worth of equity in your house.
After selling your home you can always rent for a while and get back on track financially / professionally rather than losing your equity and everything that you’ve worked hard over the years to build.
Sell Your Austin Texas Home
To get started with selling your Austin Texas home contact me today at (512) 944-7378 or click here to connect with me online.