For two consecutive weeks, mortgage rates have risen 0.02 percent following steady declines. This marks a return to pre-pandemic levels that haven’t been seen in over 16 months, and experts predict that interest rates will only continue rising. Coupled with recent reports of decreasing property values, and it seems as though the COVID-era real estate market could finally be simmering down. With home and property value on the decline, and mortgage rates on the up, where does this leave landowners who considered selling their property amid pandemic-level asking prices and loan rates?
According to some economists, now is the time to sell. Landowners in the position to sell can still enjoy higher-than-average asking prices, although they might not fetch the offers they would have a few months ago. Homeowners who sell now can still finance their next purchase at lower rates than what’s offered six months or a year in the future.
Amid these talks of market trends, values, and interest rates, there are property owners who relied on hardship relief until recently. Federal moratoriums were suspended as of September, leaving many lenders on the hook for thousands in collected back payments.
Without Additional Assistance, What Choice Do Property Owners Have to Deal With Their Texas Land Foreclosures? Here Are 3 Tips to Consider:
Tip 1: Ask Your Lender for Help
Although foreclosure activity is up from previous months, lending institutions are still working with borrowers to find a solution that fits their financial needs. It’s easy to assume that all lenders want their money and nothing else, but the truth is that the majority of financial institutions prefer to help borrowers keep their property rather than go through the foreclosure process.
Property owners who have already fallen behind on payments are prime candidates for financial assistance. One of the most common forms of foreclosure relief is a loan modification, wherein your current lender adjusts the existing terms of your mortgage loan instead of switching institutions like you might when refinancing.
Loan modifications and refinancing do share some similarities, but there are a few key differences that separate these methods for adjusting your mortgage terms. Unlike refinancing your home loan, loan modifications are performed in-house by your current lender. Your lender is the only financial institution that can grant a loan modification, and this includes changes to your loan duration, interest rates, or payment arrangements.
Already behind on your mortgage payments? Don’t hesitate to ask for help. Loan modifications are reserved for borrowers in financial distress, and approval odds are typically based on evidence of hardship.
Landowners who haven’t started falling behind on payments or are just starting to fall behind, keep reading to learn more about how refinancing could be a better option for you…
Tip 2: Refinance Your Loan
Even if you’re not a borrower facing significant financial hardship, or maybe you’ve just started struggling to pay your mortgage, there are still refinancing options that can help lower your monthly payment.
Unlike a loan modification, refinancing your loan can be completed through a number of financial institutions. This makes refinancing a great option for borrowers who are unhappy with their current lender.
If you are underwater on your mortgage, however, refinancing your current loan may not be as easy as you’d hope. For starters, most financial institutions will not finance a borrower who owes more than they’re worth, but you will also have to contend with long wait times in the underwriting and loan approval processes. These procedures can take anywhere from 15 to 60 days, and landowners under a time crunch can’t gamble on approval before it’s too late.
Tip 3: Sell Your Land for a Cash Offer
There’s a third way property owners avoid Texas land foreclosures, and it starts with a cash offer from land investors like Harmony Land Holdings LLC.
Every day, we help landowners sell their property, for cash! Getting paid for your land is easier than you think, and this money can be put toward existing debt or your next real estate endeavor. If your land is sitting vacant, don’t lose it and owe money—sell your land for a cash offer and walk away from the damaging effects of foreclosure.
Here’s What You Receive When You Sell Your Land to Harmony Land Holdings LLC:
- Fast foreclosure relief
- All cash payment
- No closing costs
- No commissions or hidden fees
- No financing or bank approval necessary
- Close on your schedule
Harmony Land Holdings LLC Can Help with Texas Land Foreclosures in Just 1 Week
While market trends are returning to normal, help still exists for landowners facing foreclosure. There is more than one option based on your financial needs, and there is assistance for nearly every stage of the foreclosure process.
There’s no reason to let your vacant land go back to the bank—sell now and pay off your loan or purchase a new property. Help with Texas land foreclosures is just a click away with Harmony Land Holdings LLC.