According to an article in the Star-Telegram , more than 49,000 homeowners in Texas faced foreclosure since January of this year, up 6.25 percent from the previous six months . That’s 1 out of every 192 Texas homeowners facing foreclosure. The numbers worsen on a national scale as 1 out of every 84 homeowners nationwide faced foreclosure in the first six months of 2009.
The article said:
“Unemployment-related foreclosures account for much of this increased activity,” RealtyTrac said. “The high number of borrowers who find themselves owing more on their mortgages than their homes are now worth represent a potentially significant future risk.”
Foreclosure is becoming an epidemic and homeowners facing foreclosure are finding that they have plenty of company in this crisis. What’s disappointing most about the foreclosure crisis is that despite billions of dollars invested in foreclosure prevention programs, the foreclosure crisis is worsening. Many homeowners facing foreclosure are literally sitting ducks as the wait to hear back from lenders on mortgage modifications that often never happen. Also, many homeowners facing foreclosure don’t benefit from mortgage modifications because the modified loans are often unaffordable in the long-term. That’s why it’s important that every homeowner facing foreclosure make an honest assessment of their financial situation. Can they really afford their home? Will a loan modification make a real difference? They must also consider their bankruptcy options because often bankruptcy is the BEST solution to save a home from foreclosure. Bankruptcy can stop foreclosure immediately and help a homeowner discharge or repay their debts under reasonable terms in within a reasonable timeframe. To find out how foreclosure can help you save your home, contact a Dallas-Fort Worth bankruptcy attorney today.