FORT WORT (CBSDFW.COM) – Researchers say that while numbers vary on how many North Texas residents are actually enrolled in mortgage waiver programs, we do know that about 16% of DFW loans are overdue, according to the American Enterprise Institute.
The federal abstinence program expires at the end of September and the reality is that some people will lose their homes to foreclosures, however Dr. Luis Torres of Texas A&M Real Estate Research Center says he does not expect a foreclosure or homelessness crisis in the background. a strong economy and a strong real estate market.
Dr. Torres’ advice for those still unable to pay off their mortgage at the end of September is to sell and leave while you still can. “If they leave before it happens. If they plan it, they can sell their house and profit from it, ”he said.
Dr. Torres added: “It’s sad for those people who might lose their homes when it ends, but the market is willing to take over those homes if they go out and sell their homes and they can sell them before they go to forfeiting. redemption “.
Despite Dr. Torres’ advice, there are those who still want to hold out and are looking for other options.
Fort Worth Real Estate Attorney Frank Jacobini says the first thing to do for a troubled borrower is to call your lender directly and ask them to work with you and develop a payment plan that will help you avoid foreclosures.
Jacobini said: “We hope the creditors do the right thing, otherwise you will be back enforced by the Consumer Financial Protection Bureau.”
He says you can contact the Consumer Financial Protection Bureau if you are eligible for help, but your lender is denying it.
Jacobini explained that the bureau may require creditors to help even if they refuse at first, saying: “If the creditor is sufficiently wary of strengthening the supervisory and investigative powers of the Consumer Financial Protection Bureau.” Then that should get them back on their heels to say, “Okay, let me go back and take another look.” So this is what you are likely to see “let’s take another look.”
Whatever you decide, experts say that time is running out and you must make a decision quickly.