According to an article in the Dallas Morning News, one in five Dallas-Fort Worth area homeowners with mortgages now owe more than their house is worth.
The article said:
At the end of the first quarter, about 17 percent of D-FW-area mortgage holders were “upside down” in their debt…That’s a slightly higher share than at the end of 2008, according to a new report released Wednesday.
This loss of home equity is pushing more homeowners into foreclosure. Many homeowners who can no longer afford their home are finding it difficult to sell because they can’t sell it for the cost of the mortgage. For example, a homeowner who has a $250K mortgage on a home that’s only worth $225K is going to have trouble selling that home.
And if he/she can’t wait out the market foreclosure is not too far away. Fortunately, homeowners can still use bankruptcy to save their home foreclosure . Using bankruptcy most homeowners can discharge other debts and free up money to repay their mortgage. Speak with a Dallas-Fort Worth bankruptcy attorney today about your bankruptcy options.