LaTonya Johnson explains what happens when you're four to five mortgage payments behind. In Texas, foreclosure can start at that point, giving you as little as 41 days before auction. Contact your lender immediately about forbearance or loan modification, and list the house to keep options like short sale open.
Questions this video answers
Four to five missed payments.
41 days.
They can suspend mortgage payments anywhere from 12 months to longer.
Chapters
So you've missed four to five mortgage payments. It's time to get busy. Because at four to five mortgage payments, at least in the state of Texas, the foreclosure process has begun. You've probably received a notice of default, a notice of acceleration. At this point, if you're in Texas in other states, you got to look up the state, but that's. It's different. And I'll give you that information a little later on. So if you're in the state of Texas, all you have right now is 41 days. 4. 1. 41 days before your house is sold at the foreclosure auction. Right now, I need for you to make up your mind that I gotta have a plan B. That plan B is put your house on the market today. Go call somebody. Doesn't mean that you have to sell. Don't, don't. Don't block me out. Doesn't mean that you have to sell. But I need for you to keep that option open just in case you do have to sell. Because at least if you sell on your terms, you get more money back, right? You don't walk away with zero foreclosure. You walk away with nothing. You get an eviction letter after they foreclose, the constable comes and you got to get out of the house. So this way, with a short sale or with a deed in lieu of foreclosure, you, you, you have more options. So put the house on the market simultaneously, though. We're not just gonna sell the house simultaneously. I need for you to contact your lender now. If you've been too scared to do it, no problem. I get it. Because I was like a deer in the headlights when this happened to me. So I get it, man. I couldn't figure out what to do. And that's why I created this program so that you know what to do. And I'm standing right here with you telling you what to do. Contact your lender and put your house for sale on the market. When you contact your lender, they have options. They have a program called a forbearance program where they can suspend your mortgage payments anywhere from 12 months to even longer than that. They can also do a loan modification to lower your payments. They can do a repayment plan where they put all of those missed payments on the back end of your loan, and you just keep paying as usual. It kind of depends on your specific situation. And they can even bundle those, so they can do a loan modification and put all of your payments at the back end of the loan. You have options, but you got to do it today. So I gave you all the documents already. You're ready. I'm right here with you. I'm here. Okay, click over to the next question.
