Foreclosures in the Austin, Texas area continue to escalate with a steady progression of increases
from 2007 through mid 2011 with more increases projected.
9,809 homes in the Austin region faced foreclosure in 2010, up 23 percent from 2009 when 8002
residences received filings; up 70 percent from 2008 and a whopping 90 percent from 2007.
The effects of the economic downturn are everywhere in the community. The tremendous gains in
homeownership by minority and lower income families over the past decade are being lost. Lower
income working families have been severely impacted by the loss of employment and reduction of
hours. Minority families who have been the targets of predatory lending practices have been hit
especially hard by the foreclosure crisis. Families are exhausting their savings trying to save their
homes after loss of a job.
The impact of a foreclosed home on the surrounding neighborhood is very harmful as the vacant
home becomes the target of vandalism and a focal point of criminal activity. The quality of life for
the remaining homeowners is diminished. Property values decline along with tax revenues
The impact of a foreclosure on a family is devastating. The family is not only faced with the
challenge of finding other housing when their credit record has been damaged, there are serious
physical and mental health consequences as well. Children are also disrupted in their schooling.
Many Families Are Unaware of the Solutions
There are many options available to assist a homeowner prior to foreclosure including:
from 2007 through mid 2011 with more increases projected.
9,809 homes in the Austin region faced foreclosure in 2010, up 23 percent from 2009 when 8002
residences received filings; up 70 percent from 2008 and a whopping 90 percent from 2007.
The effects of the economic downturn are everywhere in the community. The tremendous gains in
homeownership by minority and lower income families over the past decade are being lost. Lower
income working families have been severely impacted by the loss of employment and reduction of
hours. Minority families who have been the targets of predatory lending practices have been hit
especially hard by the foreclosure crisis. Families are exhausting their savings trying to save their
homes after loss of a job.
The impact of a foreclosed home on the surrounding neighborhood is very harmful as the vacant
home becomes the target of vandalism and a focal point of criminal activity. The quality of life for
the remaining homeowners is diminished. Property values decline along with tax revenues
The impact of a foreclosure on a family is devastating. The family is not only faced with the
challenge of finding other housing when their credit record has been damaged, there are serious
physical and mental health consequences as well. Children are also disrupted in their schooling.
Many Families Are Unaware of the Solutions
There are many options available to assist a homeowner prior to foreclosure including:
- Forbearance - Suspending or reducing payments for a period of time
- Repayment plan - Adding past-due amounts to the future monthly payments
- Loan modification - Adding the past-due amounts to the principal balance, extending the
term of the loan, or reducing the interest rate
- Pre-foreclosure sale - Selling the property for less than is owed on the mortgage.
Foreclosure Prevention
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Frameworks Foreclosure Prevention Counselors have received extensive training from
Neighborworks America and the U.S. Department of Housing and Urban Development and help
families facing the threat of foreclosure by providing:
Neighborworks America and the U.S. Department of Housing and Urban Development and help
families facing the threat of foreclosure by providing:
- One on One Counseling to determine the family’s circumstances
- Guiding family through creation of a Realistic Crisis Budget
- Developing a step by step Action Plan to help the family work its way out of foreclosure.
- Making sure that the family is fully informed of its rights and responsibilities, and possible
methods of staying off the pending foreclosure.
- Acting as an intermediary with the lender to help the family find a positive resolution to the
pending foreclosure.
WHAT FRAMEWORKS DOES TO PREVENT FORECLOSURES
FORECLOSURES IN CENTRAL TEXAS
Registration for Prevention Foreclosure
If you are interested in speaking with a counselor in regards to your mortgage please
Fill out one of our Registration forms and someone in the office will give you a call
back in 1-3 business days.
If you are currently facing a foreclosure and have a sale date close by, please call the office to
attend earliest counseling session available. (512) 385-1500
Fill out one of our Registration forms and someone in the office will give you a call
back in 1-3 business days.
If you are currently facing a foreclosure and have a sale date close by, please call the office to
attend earliest counseling session available. (512) 385-1500
| 701 Tillery Street, Suite A-7B, Box 15 Austin, Texas 78702 Phone: 512.385.1500 Fax: 512.385.1503 Contact Us About Us Supporters |
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