Housing
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 Photo by respres |
Fueled by job losses, mortgage crisis intensifies in North Texas
The mortgage crisis took a little longer to hit North Texas, but in the last 18 months families struggling to make payments as they cope with persistent job losses and rising costs have increased dramatically.
In July, more than 6,000 North Texas homes were posted for foreclosure proceedings, the most in recent history.
Many homes could have been saved, according to housing counselors, if homeowners had asked for help earlier.
The nation’s growing mortgage crisis and programs by the federal government mean lenders are more willing to renegotiate terms to keep folks in their homes. But housing counselors say homeowners straining to make payments are starting that renegotiation process later.
Lenders have been overwhelmed with the volume of cases, meaning a solution can take longer to reach.
The reasons homeowners are behind have shifted. Two years ago, homeowners struggling with higher costs associated with sub-prime mortgages or adjustable rates that ratcheted up monthly payments were the key drivers pushing folks into trouble.
Frequently Asked Questions
Provided by Housing Opportunities of Fort Worth Inc.
I have missed several house payments can the mortgage company still help me keep my home?
Answer: Yes. The mortgage servicing company has options available to assist you depending on your hardship and financial situation.
Tips For Avoiding Foreclosure
Published by the Federal Reserve Board (en Español)
- Don’t ignore your mortgage problem.
If you are unable to pay–or haven’t paid–your mortgage, contact your lender or the company that collects your mortgage payment as soon as possible. Mortgage lenders want to work with you to resolve the problem, and you may have more options if you contact them early. Call the phone number on your monthly mortgage statement or payment coupon book. Explain your financial situation and offer to work with your lender to find the right payment solution for you. If your lender won’t talk with you, contact a housing counseling agency. You can find a list of counseling resources at NeighborWorks and on the U.S. Department of Housing and Urban Development’s (HUD) website or by calling (800) 569-4287.
Help For Homeowners
Adapted from www.makinghomeaffordable.gov (en Español)
Learn more about how the American Recovery and Revitalization Act of 2009 can help you save your home.
On the Making Home Affordable Web site, homeowners can find detailed information about the programs and use online tools and calculators to see if they may be eligible. Homeowners can also connect with free counseling resources for one-on-one help, find answers to frequently asked questions and find out what to have ready when they call their loan servicer.
More Resources
Where are the foreclosure hotspots in the Dallas-Fort Worth area? The Dallas Morning News published an interactive map that allows you to search city-by-city and by zip code to get a glimpse of foreclosures in your neighborhood during 2008 and during the first half of 2009.
Find a HUD-approved housing counselor near you, or call Hope Now at 1-888-HOPE (4673).
