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3 Tips To Make Sure You Avoid Foreclosure At All Costs

After the recent real estate boom in Texas and nationwide, there are many homeowners concerned about lagging property values, spiking mortgage payments and the economy in general. When the dream of homeownership is threatened by the possibility of default on a mortgage, Texas homeowners have avenues available to them to avoid foreclosure. Here are three things you can do to avoid foreclosure of your Texas home.

Know your refinance options.

If you have an adjustable rate mortgage or interest-only mortgage, you can and should plan for the time when your payment “adjusts.” It’s usually going to be much higher than your introductory payments.

But it’s not a good idea to count on refinancing before your payment adjusts to avoid a payment spike. Property values could stagnate, someone in your household could lose a job, or you may have unforeseen expenses in the meantime that would make it difficult to refinance.

While you shouldn’t count on refinancing as a slam dunk solution, it’s important to know your options in advance. You’ll get the best refinanced loan if you own at least 20 percent equity in your home when you apply. If that is unlikely, because of stagnating property values or the fact you haven’t paid down enough principal, research your options and know how much a refinanced loan is likely to cost in closing costs and fees. The time to understand what refinanced loan is best for you is before you get a drastic monthly payment adjustment.

Contact and work with your lender.

Many homeowners are reluctant to let their lender know they’re having trouble or are anticipating problems making their monthly payments. But it’s in your lender’s interest to make sure you continue paying on your loan, and they are always willing to discuss options with you. Contact them as soon as you foresee problems.

If you wait and begin getting default notices from your lender, definitely do not ignore them. They very worst thing you can do is pretend you don’t have a problem.

Your lender may talk to you about several options. One is loan forbearance, in which you stop making payments for a certain amount of time until you’re back on your feet. Another is a payment plan for repaying past due payments and fees. You may even learn about a modified loan that is easier on your financial situation. There may be any number of other constructive options. Don’t hesitate to work with your lender!

Consult with a listing agent

One option available to Texas homeowners behind on their payments is a “short sale.” In a short sale your lender agrees to let you sell your home for less than the balance you owe on your mortgage. Your lender may still work out a repayment plan with you for the difference, and the difference between what you sell for an the market value may be treated as income for tax purposes, so this isn’t a totally painless option. Still, it is increasingly a more desirable course for troubled homeowners than foreclosure.

Whether you live in Dallas TX, Houston, Austin, or anywhere else in Texas, a local listing agent can help you determine the likely sales price of your home on the open market, and help you market your home as a short sale. A listing agent’s expertise in the CITY real estate market can be invaluable if you’re considering a short sale to avoid foreclosure.

Airline Travel Tips — Tips for Using Frequent Flyer Miles

When traveling for vacation or business, most people find themselves traveling by airplane. Here are some airline travel tips for using up your frequent flyer miles that you may accrue.You’ll find that you earn frequent flyer miles faster if you do most of your flying with only one airline.Another tip is to get a credit card with an airline rewards program. It is often surprising how many credit cards can be used to earn points good for airline tickets. Still other cards provide points that can be used to buy products.Whatever you do, don’t let those miles go to waste. If you can’t use them yourself, some programs allow you to transfer miles to a relative or friend. Rules vary for different airlines, so you need to check with your particular carrier, but sometimes you can also cash in miles to buy a ticket in someone else’s name. This would be something you could do if your miles are getting ready to expire but you yourself have no plans to travel at the moment.Don’t just assume that your miles have been credited. When you return from your flight make sure you check your account to make sure your miles are there. If you wait too long it might be too late to get credit.Remember that only a certain number of seats on particular flights are set aside for people cashing in frequent flyer miles. Keep this in mind when making your reservations.Upgrades are often the best use of your frequent flyer miles.If you find a great super cheap airfare price, you’re better off just going ahead and paying cash rather than using your accrued miles. Save them for a more expensive flight or a first-class or business upgrade.Using these airline travel tips, you can be sure to put your frequent flyer miles to better use.