More Dallas-Fort Worth Homeowners Face Foreclosure

February 2nd, 2010 by Reed Allmand

More than 5.7 percent of Dallas-Fort Worth homeowners are more than 90 days delinquent on their mortgage and facing a possible foreclosure.  Plus, another 1.41 percent of Dallas-Fort Worth homeowners are already in foreclosure.  The irony of this is that we are constantly being told that the recession is clearing and that things are getting better.  But all the while Dallas-Fort Worth homeowners are risking foreclosure because they don’t have enough income or they are unemployed and unable to find work. Many people have been looking for work since the recession began and have now become part of the often uncounted and “ invisible”  jobless who have fallen through the cracks because they can no longer receive unemployment  benefits.   The truth is that the foreclosure crisis is getting worse and many homeowners are set to lose their homes this year.  The so-called “Making Home Affordable” has hardly lived up to its name and many homeowners have lost time just wading through the sea of bureaucratic red tape that is inherent in applying for and qualifying for that program, especially on a permanent basis.  Dallas-Fort Worth needs to become proactive about looking at the reality of this foreclosure crisis gripping our community and give homeowners the tools they need to save their homes from foreclosure and get their financial houses in order.

For homeowners facing foreclosure, please do not wait until you become counted as a statistic.  Many homeowners have already reported losing their home to foreclosure because they waited on the “Making Home Affordable” program which of course never delivered on its promise.  Remember, bankruptcy can stop foreclosure in its tracks.  If you have an income, you may be to save your home from foreclosure using bankruptcy.