According to an article in the Dallas Morning News, there are more than 6,000 properties posted for foreclosure in the Dallas- Fort Worth area. That's a 62 percent jump from just a year ago. Dallas-Fort Worth has already experienced more than 35,000 foreclosure filings in 2009 alone and we're only at the mid-point in the year. And despite foreclosure prevention funds given to mortgage companies, the number of foreclosures in Dallas-Fort Worth and nationwide continue to rise.
The article said:
Mortgage company and government programs designed to help homeowners with loan problems may be adding to the surge in foreclosure filings. While lenders are negotiating with borrowers, they often repost the home each month for pending foreclosure.
The author should also note that some homeowners lose their homes to foreclosure while waiting for lenders to respond to their requests for modifications. This is why it's imperative that homeowners facing foreclosure have several options open to them. One of those options should be bankruptcy.
No homeowner should leave themselves vulnerable to foreclosure while attempting to negotiate a modification with a lender. The least a homeowner can do is find out how a bankruptcy could help them save their home and stop foreclosure if a mortgage modification agreement is not reached. To find out more about how bankruptcy can stop foreclosure, contact a Dallas- Fort Worth bankruptcy attorney today.