According to an article in the Star-Telegram, Americans' with good credit scores are facing foreclosure as their finances take a beating.
The article said:
"Americans carry $2.56 trillion in consumer debt, up 22 percent just since 2000, according to the Federal Reserve. The average household's credit card debt is $8,565, up almost 15 percent from 2000. And a report out last month said borrowers with good credit now make up the largest share of foreclosures."
It's quite alarming that those with "good credit scores" are now the majority of homeowners facing foreclosure. Just more proof that foreclosure isn't just affecting "irresponsible" borrowers, it is also affecting homeowners who have historically been reliable credit consumers. Many homeowners facing foreclosure are the victims of job losses, depressed home values and the credit crisis.
They are facing impossible obstacles as they attempt to save their homes from foreclosure and there are few reliable options to fight foreclosure other than bankruptcy. Unfortunately, many of our legislators failed to protect homeowner from toxic loans when they refused to pass legislation allowing homeowners to modify mortgages during bankruptcy.
Since then, billions of dollars have been "invested" in foreclosure prevention programs and not only has the foreclosure rate continued to climb it is now affecting those borrowers with good credit scores. So is it really the borrower that is at the root of the problem? If those with good credit scores are now facing a record number of foreclosures, logic may suggest that the actual mortgages may be at least part of the problem.
If you're facing foreclosure , contact a Dallas-Fort Worth bankruptcy attorney to find out how bankruptcy may help you save your home.