America and the state of Texas experienced incredibly hard times when it
came to foreclosures over the past several years. At the height of the
mortgage crisis in 2008 to 2009, foreclosure rates surged a nearly unfathomable
80+ percent. Across the country, homeowners found themselves severely
underwater and were forced to walk away from their homes. Although the
housing market and economy has improved since that time, foreclosures
still remain an issue for numerous homeowners.
According to recent reports from ATTOM Data Solutions – a real estate
data aggregator formerly known as RealtyTrac –national foreclosure
filings reached a 10-year low, dropping 14 percent in 2016 from 2015 and
a staggering 70 percent from rates in 2009. The significant decline is
credited largely to rising home prices in many states and cities. This
includes the Dallas-Fort Worth area, where near-record level home prices
have reduced the amount of foreclosures.
While foreclosed homes in the DFW Metroplex are harder to find than they
were at the height of the housing crisis, hundreds of local residents
are still facing foreclosure proceedings each month. For example, Dallas
News reports that nearly 14,000 lender-owned properties were listed in
Dallas – Fort Worth in 2016. At its worst in 2010, foreclosures
comprised over 30 percent of home sales, which equates to close to 65,000
Foreclosures Can & Still Happen to Good People
For as long as there are homes, there will always be
foreclosure filings. While rates of foreclosures due to upside down mortgages have
dropped with the increase in home prices, there are still many reasons
why foreclosures happen. Often, it’s simply a matter of unfortunate
things happening to good people.
Common reasons why foreclosures occur, aside from negative equity, include:
- Job loss
- Reduced work hours
- Injuries and medical conditions
- Divorce or personal issues
- Unexpected home maintenance
- Loss of a family member
At Allmand Law Firm, PLLC, our attorneys have worked with thousands of
individuals and families dealing with tough financial times and foreclosures.
Over the years, we’ve seen many reasons behind foreclosure proceedings
and we understand that sometimes, good people are forced to deal with
tough circumstances. That’s why we proudly offer our services in
helping clients find financial stability.
Speak with a Caring & Compassionate Lawyer
By taking a compassionate approach, providing detailed assessments of the
situation, and leveraging the experience of our legal team, we are able
to help clients find the most appropriate option for dealing with looming
foreclosure and other issues involving debt. These solutions may involve filing
Chapter 13 bankruptcy, which can halt foreclosure proceedings with an
automatic stay and potentially allow homeowners to keep their houses, deed in lieu
of foreclosure, and short sales, among others.
In addition to fighting foreclosure, we can also help clients evaluate
their overall financial picture and ensure their concerns are addressed
fully. Foreclosure is just one of many symptoms of financial trouble,
and we’re prepared to help clients facing other issues as well,
including repossession, creditor harassment, and more.
Every financial and personal situation is different, and we make it a point
to work cases on a personalized basis so our clients can find the best
solution to their unique problems. Led by Attorney Reed Allmand, who is
Board Certified in Consumer Bankruptcy by the Texas Board of Legal Specialization,
our firm has the insight and resources needed to help local residents
facing foreclosure, no matter how difficult the situation may seem.
For a FREE financial empowerment session on foreclosure and any other debt-related
concerns you may have,
contact us today!