According to a report released by The Mortgage Bankers Association, Texas is one of 10 states with the most delinquent mortgage payments. More than 1 in 10 mortgage holders in Texas are facing foreclosure . According to the report, this last quarter revealed that 8.41 percent of homeowners in Texas were at least one month behind on their mortgage payments and 2 percent of Texas homeowners were already in foreclosure. Nationwide 6.99 percent of homeowners were delinquent paying their mortgages and faced possible foreclosure.
The root of the problem is that the subprime mortgage business was big business in Texas during the real estate boom, especially in Dallas-Fort Worth. Now those homeowners are facing job losses or reduced wages and finding it hard to pay those toxic mortgages, forcing them into foreclosure. In the Dallas- Fort Worth area alone, more than 50,000 home foreclosure filings were recorded for 2008 and that’s only the beginning. What we need now is a comprehensive plan to make it easier for struggling homeowners facing foreclosure to keep their homes, using bankruptcy or other programs designed to stop foreclosure.