According to the Dallas Morning News, more than 42,000 Dallas-Fort Worth
area homes have gone on the
foreclosure auction block since January 2008, up more than 35% from 2007. This is
a new record for Dallas-Fort Worth. But despite the rise in foreclosures,
the market remains unstable with only 40% of the homes being sold after
they go to auction.
Why Has There Been an Increase in Foreclosures?
There seems to be an unusual surge of homes going into foreclosure as we
end out 2008. Why? Many people are experiencing multiple financial blows
as the economy goes through major corrections in the housing and financial
markets. Many individuals are experiencing job losses, resetting mortgage
interest rates, causing them to fall behind on their debt payments and,
sometimes, even their mortgage payments.
Because the housing market is soft, individuals, trying to sell their homes
to stop the financial bleeding and restore cash flow, find that their
homes sit on the market at a deep discounts. Unfortunately, at this point
many of those struggling financially don't take any meaningful measures
to fix their finances such as filing a
Chapter 7 or
Chapter 13 bankruptcy and eventually they succumb to foreclosure. That's the picture, it's
not pretty; but it's the truth.
During these trying times, it’s important to get help. At Allmand
Law Firm, PLLC, we offer free financial empowerment session, in which
we can discuss the specifics of your case and determine what legal options
are available to you.
Why Trust Allmand Law Firm PLLC?
- Our founding attorney is a board certified bankruptcy specialist
- Our work as a bankruptcy law firm has been nationally recognized
- We offer clients over two decades of legal experience
- We’ve helped tens of thousands of people with their financial matters
We are committed to our clients and their futures, and seeing our clients
succeed is truly our greatest reward.
Call (214) 238-9608 and schedule and appointment today!