If you are facing the foreclosure of your home in Texas, you may feel as though you have run out of options. However, a notice of foreclosure is not necessarily the end, as a property is not fully foreclosed until all foreclosure proceedings are finalized. Until this happens, most homeowners still have some options.

Short sale

 Forbes notes that this option, along with most other options, will still require a conversation with your lender. With a short sale, you don’t end up getting foreclosed, but you still end up losing your home as it will be sold for less than it is worth. It is one of the last options someone might choose, but at the end of the day it may be preferable to having a foreclosure on your record.

Payment modifications

 Talking with your lender could open some more doors depending on your situation. For instance, you might be able to arrange to have your initial loan modified to better accommodate what you can afford for monthly payments. You may even be able to renegotiate the amount that is considered due.

You might also be able to convince your lender to extend forbearance, which would suspend your mortgage payments. However, you will still need to pay the full amount due in the long run.

A repayment plan is a good option for some people, as it allows you to work out a new payment plan that better fits your budget. In lieu of this option, you may also be able to refinance, which would effectively mean taking out a new loan that covers your remaining mortgage balance and includes any payments you have already missed.

This informational article should not be viewed as legal advice.