by Albert Martin
20. July 2009 01:49
While Texas seems to be doing better than the rest of the country during the mortgage crisis, more homeowners are faced with foreclosure than ever before as foreclosure filings in Dallas-Fort Worth continue to grow.
According to First American CoreLogic, during the first seven months in 2009, foreclosures were up by 20 percent as compared to the same time frame last year.
To help safeguard your home, there are many real solutions available to those who request assistance. The most critical step in staving off foreclosure, in most cases, is reaching out and saying you need help.
Many families are embarrassed to pick up the phone and tell their lender they need help. Early communication is important and is crucial for families and lenders to be able to work together to save their homes.
Other tips include:
- Setting a household budget. By taking a look at your spending, you can spot potential problems sooner. According to HUD, if you are paying more than 35% of your monthly net income for housing, you may need to tighten your budget.
- Don’t ignore the problem – keep in constant contact with your lender.
- Call a HUD-approved housing counselor to discuss your available refinancing options. These services are available at no charge to the client.
- Work with your lender as soon as you realize that you might have a problem to set up a repayment schedule that is manageable.
- Know your mortgage rights. Look over your loan documents and read them to determine what your lender may do if you can’t make your payments.
- Avoid using foreclosure prevention companies. There are many non-profit organizations that provide these services for free or for a low fee.
It may seem that it is easiest to just walk away and give your home back to the lender. However, in foreclosure everyone loses - the family, the lender and the community.
By working together, we educate not only those families who need our services, but the North Texas community as a whole on what affordable, quality working class housing can do for the entire community.
-Albert Martin, Executive Director, North Texas Housing Coalition
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