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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Huge Spike in Home Repossessions During Lingering Foreclosure Crisis

Posted By Allmand Law Firm, PLLC || 9-Nov-2015

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) 238-9608.

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