Dallas Real Estate Market Foreclosures on the Rise
2008-02-15 23:29:23 (GMT) (Caymanmama.com - Dallas News Real Estate News News)Bush administration proposes housing plan that will assist homeowners facing foreclosure in keeping their home.
February 14, 2008 – The threat of foreclosure used to be a danger that only showed itself in rundown neighborhoods strewn with dilapidated houses. Unfortunately, the drooping economy and sagging Dallas real estate market has presented the nightmare to homeowners in such high-end neighborhoods like Highland Park.
In a new plan proposed by the Bush administration on Tuesday called “Project Lifeline”, homeowners will get a 30-day reprieve in some instances. The initiative will be available to homeowners with all kinds of mortgages. This means that the plan is not limited to subprime loans with high-cost which have been the focal point of prior relief efforts.
Although many assume that banks do not care if a homeowner must foreclose, this cannot be farther from the truth. In contrast, banks prefer to avoid foreclosures since it costs a great deal more for them to proceed with a foreclosure. Project Lifeline was brought about by six of the nation’s leading financial institutions to aid the real estate market and repair its current state, and the plan will service nearly half of the nation’s mortgages.
Although not a permanent fix, the project’s objective is to give troubled homeowners valuable time to work out refinancing terms with their financial institutions and work out a way to get back on their feet. Lenders plan to contact homeowners who are at least 90 days overdue on their monthly mortgage payments. They will then extend the opportunity to homeowners to pause the foreclosure process for 30 days. During that time, the lenders will work on a way to make mortgage payments for affordable.
According to Marcy Gordon of the Associated Press, “The Mortgage Bankers Association reported that at least 1.3 million home mortgage loans were either seriously delinquent or in foreclosure at the end of the July-September quarter. Private economists are forecasting that the number of foreclosures could soar to 1 million this year and next, about double the 2007 rate. Officials did not have an estimate of how many people might be helped by the new “Project Lifeline” program.”
This news brought to you by Joan Severson of Re/Max DFW Associates. For more information about foreclosures in the Dallas area, contact Joan at 972-588-8588 or visit http://www.joansellsdallas.com.
CaymanMama.com - Press Release Distribution Service
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