June 3rd, 2009 by Reed Allmand 
According to an article in the Star-Telegram, the number of borrowers who were 60 days or more delinquent on their mortgage payments rose to 5.22 percent for the first three months of 2009. That’s 62 percent higher than last year. This is a smaller percentage than reported by the Mortgage Bankers Association; but still alarmingly high. Most homeowners who have become delinquent on their mortgage payments find it difficult to catch-up and avoid foreclosure. After 60 days of missed mortgage payments, the possibility of foreclosure rises. As we have mentioned previously, the increased number of job losses isn’t making the foreclosure crisis any better. For those who have suffered job losses, foreclosure may seem like an unwelcome but inevitable reality.
Fortunately, there may be some other options for homeowners facing foreclosure, especially if they still have some income or savings. Filing bankruptcy can help homeowners discharge unsecured debt and stop foreclosure. If a homeowner has faced a significant drop in income because of a job loss, he/she may be able to use bankruptcy to stop foreclosure, discharge unsecured debt and free up cash to pay their mortgage. If you’re a homeowner facing foreclosure, please speak with a Dallas-Fort Worth bankruptcy attorney about how bankruptcy can help you avoid foreclosure and save your home.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
View all posts by Reed AllmandSubscribe
Subscribe to our e-mail newsletter to receive updates.
