In recent news, homeowners are set to experience another financial hurdle that could make all the difference between staying in their homes - and living life out on the street.
According to a report released by RealtyTrac Inc and reported by MSN, the number of U.S. homes that received a first-time default notice on their mortgages from July to September skyrocketed by 14 percent, meaning that banks are moving faster to start foreclosure proceedings against homeowners who are in default of their mortgages.
This is a huge change from the past few years, when the Great Recession revealed industry-wide problems in the mortgage lending industry. Additionally, sweeping changes in the industry - combined with intensive press scrutiny - meant that lenders were slower to declare foreclosure proceedings against cash-strapped consumers, choosing instead to work with them towards new repayment plans or give them more time to come up with their mortgage payments.
This new spike in foreclosure proceedings certainly spells disaster for the U.S. economy - and it could have repercussions for homeowners in the Dallas area. As the economy looks set to dip into another recession, more homeowners are finding it increasingly difficult to come up with the funds needed to pay for their mortgages.
But instead of falling behind on the mortgage and hoping that the banks will take longer to start foreclosure proceedings, it's now more prudent than ever for cash-strapped consumers to consider filing for bankruptcy.
With banks moving faster than ever to seize your home, it's important for you to talk to a bankruptcy attorney as soon as you realize you won't be able to make the payments on your mortgage. Once you petition the bankruptcy courts, you'll immediately be granted an automatic stay, which means that creditors can no longer collect their debts. This also means that your bank must stop all foreclosure proceedings against you, allowing you to keep your home while figuring out how to fix your finances.
When it comes to protecting your home against foreclosure, time is certainly of the essence. Don't wait to consider your bankruptcy options - instead, contact a Dallas bankruptcy attorney to start the bankruptcy proceedings that will save your home. A highly qualified and experienced bankruptcy lawyer will work closely with you to save your home; giving you the time and peace of mind you need to kick-start a new financial journey.
If you can't pay this month's mortgage or your bank has already started foreclosure proceedings against you, don't delay.