According to an article in the Star-Telegram, the government is expected to expand its mortgage aid program this week by offering “new” ways that help homeowners stop foreclosure .  The “new” methods that the government may encourage homeowners to use in order to avoid foreclosure?  Short sales and “giving back” the home to the lender.

The article said:

One way would be to encourage a “short sale,” in which the home is sold for less than the amount owed on the mortgage but the lender considers the debt paid off. Another option is a deed-in-lieu of foreclosure – in which the borrower gives the property to the lender to satisfy a delinquent loan and to avoid foreclosure proceedings.

These are not new options for homeowners facing foreclosure.  Doing a short sale or voluntarily surrendering a home is nothing new for homeowners facing foreclosure.  These methods have been available for a long time.  Although these methods may help a homeowner avoid foreclosure they DO NOT allow them to keep their home.  If we are looking out for the best interests of the American people and specifically the American tradition of homeownership we need to get serious about helping homeowners avoid foreclosure AND keep their home. Foreclosed homes do not add to communities.  Foreclosed homes do not offer a source of tax revenue for states or customers for community businesses. What foreclosed homes DO offer is blight and an opportunity for crime. When we foreclose on a family’s home without employing all strategies to keep that family in their home we are literally destroying our communities one house at a time.

If you are a homeowner facing foreclosure you are not required to give up your home without a fight.  Bankruptcy can help you avoid foreclosure AND remain in your home.  Speak with a Dallas-Fort Worth bankruptcy attorney to find out how you can use bankruptcy to avoid foreclosure.