 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
We DON'T buy houses....
We want to help you SAVE yours!
Foreclosures, Adjustable Rate Mortgages, and Subprime lending Abuses have been receiving daily coverage in the
media. In relative terms, Texas and Austin have not been impacted as severely as communities on the East and West Coasts.
Even though the numbers are not as large, the impact is very real for the families in Austin facing foreclosure.
There were 3327 foreclosures in Travis County in 2006. In 2007, the number of foreclosures actually declined by about 6
% to 3127 foreclosures.
Then in January and February, 2008, there was enormous surge as foreclosure postings in the central Texas
region jumped 56% over the same period last year. Travis County was up 38%. Overall 832 foreclosures in Travis County
were posted for February 5th. It appears that some lenders decided that they had waited long enough and it was time to get the
delinquent loans off the books.
It is difficult to predict the future based on just a few months data, but experts are warning that the fallout from the subprime
and adjustable rate debacles are not yet reflected in the foreclosure rate. That will change in the months and years ahead when
foreclosure postings are expected to climb dramatically as interest rates are reset on adjustable rate mortgages.
Many Families Are Unaware of the Solutions
While most consumers are unaware of the fact, there are many options available to assist a homeowner prior to foreclosure.
These options include the following:
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 (short sale) — selling the property for less than is owed on the mortgage
Frameworks CDC staff persons have received extensive training in Foreclosure Prevention and Loss Mitigation from
Neighborworks America and the U.S. Department of Housing and Urban Development.
Frameworks CDC helps families facing the threat of foreclosure by providing:
One on One Counseling to determine the family’s circumstances, create a realistic budget, and develop a plan to help the
family work its way out foreclosure.
Making sure that the family is fully informed of its rights and responsibilities, and possible methods of staving off the
pending foreclosure.
Acting as an intermediary with the lender or loan servicing company to help the family find a positive resolution to the pending
foreclosure.
media. In relative terms, Texas and Austin have not been impacted as severely as communities on the East and West Coasts.
Even though the numbers are not as large, the impact is very real for the families in Austin facing foreclosure.
There were 3327 foreclosures in Travis County in 2006. In 2007, the number of foreclosures actually declined by about 6
% to 3127 foreclosures.
Then in January and February, 2008, there was enormous surge as foreclosure postings in the central Texas
region jumped 56% over the same period last year. Travis County was up 38%. Overall 832 foreclosures in Travis County
were posted for February 5th. It appears that some lenders decided that they had waited long enough and it was time to get the
delinquent loans off the books.
It is difficult to predict the future based on just a few months data, but experts are warning that the fallout from the subprime
and adjustable rate debacles are not yet reflected in the foreclosure rate. That will change in the months and years ahead when
foreclosure postings are expected to climb dramatically as interest rates are reset on adjustable rate mortgages.
Many Families Are Unaware of the Solutions
While most consumers are unaware of the fact, there are many options available to assist a homeowner prior to foreclosure.
These options include the following:
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 (short sale) — selling the property for less than is owed on the mortgage
Frameworks CDC staff persons have received extensive training in Foreclosure Prevention and Loss Mitigation from
Neighborworks America and the U.S. Department of Housing and Urban Development.
Frameworks CDC helps families facing the threat of foreclosure by providing:
One on One Counseling to determine the family’s circumstances, create a realistic budget, and develop a plan to help the
family work its way out foreclosure.
Making sure that the family is fully informed of its rights and responsibilities, and possible methods of staving off the
pending foreclosure.
Acting as an intermediary with the lender or loan servicing company to help the family find a positive resolution to the pending
foreclosure.