WHAT
EVERY DALLAS-FORT WORTH
HOMEOWNER NEEDS TO KNOW
If you’re a homeowner in Dallas, Fort Worth, or surrounding areas struggling to
keep up with your mortgage payments, you’re not alone. Life can take unexpected
turns, but the good news is that foreclosure is not your only option. There are ways
to protect your home, credit, and financial future.
Understanding Foreclosure and Its Impact
Foreclosure occurs when a homeowner is unable to make their mortgage payments,
leading the lender to take legal action to recover the property. Unfortunately,
foreclosure can have severe financial and emotional consequences, including:
A significant drop in your credit score (potentially by 100-300 points)
Difficulty qualifying for future home loans or credit
Loss of home equity and financial stability
Eviction from your property and potential legal fees
However, you don’t have to go through this alone. There are alternative solutions
that may allow you to stay in your home or sell before foreclosure damages your
credit.
Foreclosure Prevention Options
2. Forbearance Plan
If you’re behind on payments or have
received a Notice of Default, consider
these options before foreclosure
becomes inevitable:
1. Loan Modification
If your financial hardship is temporary,
you may qualify for a forbearance plan.
This agreement allows you to pause or
reduce your mortgage payments for a
set period. While this won’t erase your
debt, it can give you breathing room to
get back on track.
A loan modification is when your lender
adjusts the terms of your loan to make
payments more affordable. This can
include lowering your interest rate,
extending the repayment term, or
even reducing the principal balance in
rare cases. If you’re struggling with your
current mortgage terms, I can help
guide you through the process of
requesting a modification from your
lender.
3. Refinancing
If you still have good credit and enough
home equity, refinancing your
mortgage could allow you to secure a
lower monthly payment or interest
rate. However, this option works best if
your financial difficulties haven’t
severely impacted your credit score.NEW BLOG POST 002
4. Selling Your Home Before
Foreclosure
If staying in your home isn’t feasible,
selling before foreclosure can help you
avoid damage to your credit and
possibly walk away with some equity.
With the Dallas-Fort Worth market still
strong, there’s a chance you could sell
your home quickly and pay off your
mortgage balance.
5. Short Sale
If you owe more than what your home is
worth, a short sale might be your best
option. A short sale allows you to sell
your home for less than what you owe
on the mortgage, with your lender’s
approval. While it will still impact your
credit, it’s far less damaging than a
foreclosure. As a Dallas-Fort Worth short
sale specialist, I have experience
negotiating with lenders and helping
homeowners navigate this process.
6. Deed in Lieu of Foreclosure
A deed in lieu allows you to voluntarily
transfer your home’s ownership to your
lender in exchange for debt forgiveness.
While this still affects your credit, it can
be a better alternative than foreclosure,
which stays on your record for seven
years.
Take Action Today
Foreclosure doesn’t have to be the end
of your homeownership journey. The
key is to act before it’s too late.
Whether you need assistance with a
loan modification, short sale, or selling
your home before foreclosure, I’m here
to help.
Call or text me, Lola Carey, at 469-570-
2019 for a confidential consultation.
Or, schedule a time to discuss your
options: Book a Call with Me Here
Don’t wait until it’s too late—reach out
today, and let’s work together to find
the best solution for you!
How I Can Help You Avoid Foreclosure
Navigating foreclosure alternatives can
be complicated, but you don’t have to
do it alone. As a trusted real estate
expert in Dallas, Fort Worth, and
surrounding areas, I specialize in
helping homeowners explore solutions
to avoid foreclosure and protect their
financial future.
I will:
Assess your financial situation and
recommend the best course of
action
Negotiate with lenders on your
behalf for a short sale or loan
modification
List and sell your home quickly if
selling is the best option
Connect you with legal and financial
professionals if needed
Guide you every step of the way,
ensuring you make informed
decisions
#LolaCareyRealtor #YourDFWRealtor
#SellWithLolaCarey