Over $800 billion went to bailout some of the wealthiest companies in America, including many mortgage companies; but still foreclosures continue to rise throughout Dallas-Fort Worth . The bailout was supposed to loosen the credit crunch and provide more affordable mortgages for those facing foreclosure; but many Dallas-Fort Worth homeowners are still under the foreclosure axe despite their best efforts. According to the WFAA TV, 88 year old Florine Barrow and her son who are 3 months behind on their mortgage, have been trying to negotiate a deal with JP Morgan Chase but haven’t made much head way in avoiding foreclosure. Despite making current payments on the mortgage, JP Morgan Chase seems to be stuck, unable to strike any kind of deal in time to save the home from foreclosure. Barrow and her son say they will give it their best shot; but if they can’t strike a deal with the mortgage company they will file for bankruptcy on Monday.
Good choice. Many mortgage companies are putting forth a good effort to save homeowners from foreclosure; but some of them are just simply overwhelmed. The new programs designed to stop foreclosure are just that, “new” and often slow to work on the homeowners behalf. No homeowner should waste too much time trying to apply for these programs. If the clock is ticking and foreclosure is just around the corner it is best to visit a bankruptcy attorney and file for Chapter 7 or Chapter 13 bankruptcy to save your home before it’s too late.