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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.

Foreclosure Rates Decline, But Homeowners in Dallas-Fort Worth Still Face Problems

Posted By Allmand Law Firm, PLLC || 20-Jan-2017

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 foreclosure filings.

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!

Categories: Foreclosures
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