According to recent news reports, Dallas/Fort Worth foreclosures are on the rise. According to the Dallas Morning News, home foreclosure filings in the Dallas-Fort Worth area have risen to a record high, with more than 5,500 properties facing forced sale next month.
Foreclosure Listing Service reports that the number of house facing foreclosure in May rose 25 percent from 2008.
Bankruptcy records indicate that more than 40 percent of the current foreclosure postings Dallas County are repeat foreclosures. This may be due in part to the fact that some lenders have recently announced that they are lifting the self-imposed moratoriums.
The largest increase in May postings was in Collin County, where the number of homes posted for foreclosure jumped 45 percent, rising to 700 for the first time. Efforts to restructure home loans and keep owners in their homes have met with limited success at best. The loan modification program supported with government funds is also similarly too new to provide any solid idea of its effectiveness.
Another dismal figure is reports that more 30,000 jobs were lost in Dallas and Fort Worth at the end of February compared with a year earlier.
The benefits and pitfalls to considering bankruptcy are significant. Any individual considering bankruptcy should make a decision after consulting with competent legal counsel. For more information on bankruptcy, contact the Fears | Nachawati Law Firm at 1.866.705.7584.