According to an article in the Dallas Morning News, pre-owned home prices in the Dallas-Fort Worth area have dropped 5 percent in 2009. Nationwide pre-owned home prices have dropped 19 percent. This is leaving many Dallas-Fort Worth homeowners owing more on their homes than they are worth and sometimes even facing foreclosure because of resetting ARMs and/or job losses.
Many homeowners are facing a 1, 2, punch-knock-out, facing resetting ARMs, job losses, and falling home prices leaving them facing foreclosure and unable to sell their home for enough money to cover their mortgage.
For those homeowners facing this scenario, here are a few tips on what you can do:
1. If your home’s value has dropped; but you are not facing foreclosure or a resetting ARM, consider remaining in the home if you can afford it and your other bills.
2. If you’re not facing foreclosure or considering bankruptcy, think about renting the home out and renting a cheaper apartment/house.
3. If you are facing foreclosure and/or a resetting ARM that will be unaffordable, try to negotiate a mortgage modification.
4. If you are facing foreclosure and/or a resetting ARM that will be unaffordable and are unable to successfully negotiate a mortgage modification, contact a bankruptcy attorney today to find out how you can save your home in bankruptcy.