Posted on July 19, 2009 by Bryan Fears

Fort Worth Homeowners: You Can Avoid Foreclosures!

Despite some of the reports on the Internet that foreclosures in the Fort Worth area are declining, the rates are still considerably higher than they were last year. There can be many reasons why there is a lull in foreclosures. It could mean that the mortgage companies are overwhelmed with paperwork and are forced to sit on homes that are in pending foreclosures. This of course does not mean that they will not foreclose, but rather that they will eventually get around to it.

 

If you are facing foreclosure and cannot negotiate a reasonable repayment plan with your mortgage lender, it may be wise to consider filing for a Chapter 13 bankruptcy. When you file for bankruptcy, you will stop the sale of your home and have the opportunity to repay the arrears. Additionally, you may even be able to exclude a second mortgage that in turn can save you thousands in mortgage payments.

 

If you are in danger of losing your home, filing for bankruptcy can be a very powerful solution for many homeowners as it can give you the time and resources to renegotiate your mortgage with your lender while saving your home.

 

For more details on how Chapter 13 can help you save your home contact bankruptcy law firm, Fears | Nachawati, toll free at 1.866.705.7584 or e-mail info@fnlawfirm.com for a free bankruptcy consultation.

 

 

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Posted on June 30, 2009 by Bryan Fears

5 Common Financial Mistakes in Today's Bad Economy

The Dallas Morning News published an article recently by bankrate.com regarding 5 common financial pitfalls that individuals make in a bad economy.  The article outlines the below 5 mistakes and offers realistic solutions regarding how to avoid them.  For a link to the article click here.     

1.  Continued spending using credit cards

2.  Invading your nest egg - withdrawing money from your IRA or 401k

3.  Paying for college without applying for aid

4.  Investing inertia - long-term investment management

5.  Obtaining cash from your home

If you have found yourself in one of the above situations not realizing that they were mistakes and cannot find a solution for relief then you may want to speak to an experience attorney who can discuss your options with you.  Call us toll free at 1-866-705-7584 or e-mail us at info@fnlawfirm.com.   

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Posted on April 21, 2009 by Majed Nachawati

Dallas Fort Worth Foreclosure Filings on the Rise

 

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.

 

 

 

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