After an uncommon winter that brought us North Texans a White Christmas and a mid-winter blizzard, spring finally has arrived. Early spring weeds are sprouting on our lawns, and bluebonnets are popping up everywhere. Pollen levels are up, and I have been sneezing my head off.
But the spring season has a darker side. Those of us who pay our property taxes and homeowner's insurance through the mortgage on our homes are receiving the annual escrow analysis notices from our mortgage companies, and for most people, monthly mortgage payments are being increased due to higher insurance costs and property taxes.
Sometimes, mortgage payments increase by several hundred dollars per month.
There is an old saying that nothing is certain but death and taxes (and insurance); however, relief is available if your mortgage payment has increased to the point that you are unable to comfortably service your mortgage and provide for your other cash-flow obligations. Federally sponsored mortgage loan modification programs are available to qualified homeowners that can substantially reduce monthly mortgage payments. For those unable to successfully negotiate a loan modification, other forms of relief also are available.
The good news is that no one must lose his or her home just because the rising cost of taxes and insurance results in a burdensome mortgage payment. So if you or anyone you know is facing a financial crisis due to a sudden increase in mortgage payments, contact me at rdweaver@weaverlawfirm.net.
Solutions are available, so don't allow economic pressures to rob you or your loved ones of your right to enjoy your life.
R. David Weaver
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