Dallas Fort-Worth Foreclosure Facts
Homeowners should be aware that the only way to STOP a foreclosure in Dallas is to pay all outstanding payments and liens impacting their home finances. Outstanding mortgage payments are not the only reason for institutions to initiate foreclosure proceedings. Late payments for property taxes, home owner association dues and home insurance can also initiate foreclosure.
Although bankruptcy, loan modifications and other financial restructuring can DELAY foreclosure, ensuring that all accounts are current and paid in full is the only way to STOP foreclosure proceedings. Most homeowners that complete a bankruptcy or loan modification filing without increasing their financial commitment toward their home face foreclosure again within 1 year following filing and experience a significantly increased loan balance.
Many homeowners pursue a loan modification as a method to delay a foreclosure. Often times the lender will make you current on your loan by establishing a second lien on your home equal to the amount you were behind on your mortgage. A loan modification may also result in a significantly increased total loan payoff with penalties, legal fees and a lengthened lending period. Finally, a loan mod will most likely result in a higher monthly payment. During the loan modification trial period if you miss a single payment by a single day your lender will immediately foreclose.