Huge Spike in Home Repossessions During Lingering Foreclosure Crisis

While the rate of new
foreclosures may be returning to normal, the damage caused by the past decade’s
housing disaster is still lingering. According to RealtyTrac, a foreclosure
analytics and sales company, bank repossessions have jumped 66 percent
over the rate from this same time last year – the largest rise the
company has ever recorded. In the space of just three months, over 123,000
homes were repossessed.

In some states, foreclosure activity can take time to complete –
more than three years in states like New Jersey and New York, for example.
Banks in these states have finally been able work through their backlogs,
and are now moving forward with record numbers of foreclosures. Currently,
New Jersey has the nation’s top foreclosure rate (1:451).

Texas is also seeing an increase in foreclosure activity. In Texas, one
in every 1687 homes forecloses.In Galveston County alone, the rate of foreclosure is one in 786.

Facing Foreclosure in Dallas/Fort Worth?

The fear of losing one’s home is one of the most distressing situations
a person can face. If you are struggling to make your monthly mortgage
payments, we want you to know that you have options. A Dallas bankruptcy
attorney at Allmand Law Firm, PLLC can offer you a
FREE financial empowerment session to discuss your unique situation and come up with personalized solutions.

Foreclosure doesn’t happen overnight – if you have missed several
payments, and have not had success with other methods to avoid foreclosure,
then bankruptcy may be the best option for you. Chapter 7 bankruptcy can
delay foreclosure, while a Chapter 13 filing may even help you save your
home. Work with a lawyer at Allmand Law Firm, PLLC to find out which option
will work in your best interests.

Our goal is to help good people through bad times. We encourage you to
get in touch with our firm today at (214) 884-4020.

By | 2017-12-13T02:03:21+00:00 November 9th, 2015|Bankruptcy, Foreclosures, Loans / Mortgages|Comments Off on Huge Spike in Home Repossessions During Lingering Foreclosure Crisis