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Foreclosure Crisis Continues

Posted By admin || 23-Jul-2009

According to an article in the Dallas Morning News, the number of Dallas-Fort Worth foreclosures have dropped below 5,000 for the first time in five months; but analysts say that number is still too high.

The article said:

"But filings in the four-county area are still 5 percent higher than a year ago. August's foreclosure auctions will include 4,796 properties in Dallas, Tarrant, Collin and Denton counties, Addison-based Foreclosure Listing Service said Thursday. So far in 2009, 39,917 homes have been posted for foreclosure in North Texas - an 18 percent increase from the first eight months of 2008."

In July, 6,072 Dallas-Fort Worth homes faced foreclosure, an increase of 62 percent from 2008. The spike was mostly caused by foreclosure moratoriums that ended. But many experts expect another spike once the 2nd round of foreclosures hit within the next year or two. The 2nd wave of foreclosures will come from homeowners who are facing resetting ARMs; but are unable to secure the needed refinancing to avoid higher mortgage payments. These homeowners are facing a crisis because they can't refinance, they can't afford the new (higher) mortgage payment and they can't sell because the home is often worth less than the mortgage, leaving them vulnerable to foreclosure.

If you're a homeowner facing foreclosure, bankruptcy may help you keep your home and discharge unsecured debt such as personal loans and credit cards. To discover how bankruptcy can help you fight foreclosure, contact a Dallas-Fort Worth bankruptcy attorney today.

Categories: Foreclosures
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