There were 2,869 foreclosed homes in Collin County in September 2009 with 452 new foreclosed homes.  The average sales price for all Collin County and Dallas homes was $274,216 and the average sales price of a foreclosed home was $172,788, a $101,428 savings,  according to RealtyTrac.com.

Collin County and Dallas Foreclosure Activity and Home Price Index

Collin County and Dallas foreclosure activity decreased  in September with 489 foreclosures in August and 479 in September. 
                                   

Collin County and Dallas foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Collin County and Dallas Foreclosure Geographical Comparison

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The number of people experiencing their Dallas home entering foreclosure is steadily increasing. Also increasing, is the number of bargains just waiting for home buyers to make a move. In RealtyTrac’s April 2009 U.S. Foreclosure Market Report^TM they found that default notices, auction sale notices and bank repossessions were reported on 342,038 properties during the month of April alone. The increasing numbers have contributed to the thirty two percent increase since last year’s April 2008 report. The report also showed one in every three hundred and seventy four homes received a foreclosure filing in April. These statistics prove foreclosure to be a growing threat to home owners. On the other hand, the foreclosure situation is benefiting people looking to purchase real estate in this buyer’s market.

Buying Dallas Foreclosure At Auction

The amount of foreclosure properties on the market opens the door to opportunity for buyers. One way for buyers to take advantage of the opportunity to purchase a foreclosed Dallas home is through an auction. It is important for people, especially first timers, to become educated on how to buy a home at a foreclosure auction. The first place to start would be to look up general information about the process on the internet. Then, it might be a good idea to contact a real estate agent or real estate attorney for professional help and advising. Auctions can be organized in public places or held at local courthouses. It is best to avoid auctions held at courthouses because professional investors are common competitors and there is not much, if any, time to research the physical condition and financial background of the property being auctioned. Instead, find foreclosure auction notices in the local newspaper, online, or by contacting a city official for upcoming auction dates. It is important for buyers to research the property before deciding if they will bid on it. Prior to determining your bid gather some important information about to property such as, the estimated market value, outstanding loan balances, property liens, ownership history, title information, and calculate possible monthly expenses as the future homeowner. Once a little research is done on the property, enough knowledge will be available to determine the appropriate bid.  Thoroughly looking farther in to the property can maximize your chances of getting a good bargain.

Buying Dallas Foreclosure Options

 There are also other options for foreclosure buyers to consider. Today, most foreclosure properties have large or multiple mortgages. This takes away from the likelihood of getting a bargain at an auction because banks will ask for bids that are more than the actual value of the property. The first alternative is to buy the property before it goes to auction, which is called a pre-foreclosure. To do this check the city records to find foreclosure properties. Then, contact the owners by writing a letter of interest. Follow up with a phone call and hope they are willing to accept an offer. Another route is to wait to see if the property sells at the auction. If the property does not see it will be put on the market by the bank it is owned by. In this case you will be able to buy the house just like it was regular real estate. Another benefit to this option is the ability to conduct a home inspection and get a mortgage. Remember, when considering the purchase of a Dallas home through an auction make sure plenty of research is done to maximize the potential of getting a good deal. Getting the help of a Dallas Realtor will help insure you get the best deal.

If you or someone you know are falling behind on mortgage payments and are concerned that foreclosure is your only option, then contact me about your short sale option.

There were 3,239 foreclosed homes in Collin County with an average sales price of $206,001 with 642 new foreclosed homes in July 2009, according to RealtyTrac.com. Foreclosed homes sold 15% less than other homes with the average sales price for all Collin County and Dallas homes being $242,160.

Collin County and Dallas Foreclosure Activity and Home Price Index

Collin County and Dallas foreclosure activity increased dramatically in July with 139 more foreclosures than in June.  At the same time, the Home Price Index remained relatively unchaged from June.

Collin County and Dallas foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Collin County and Dallas Foreclosure Geographical Comparison

Collin County Dallas foreclosure activity is 0.06% lower than national statistics and 0.09% higher than Texas figures.

Collin County and Dallas Foreclosure Activity by Month

The significant increase of Collin County and Dallas auction and bank-owned activity in July indicates we will see many more foreclosures in the coming months.

Are you or someone you know behind on your mortgage payments and facing a Dallas foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home.  As a Certified Distressed Property Expert (CDPE), I have the skills and knowledge to help save you your home and your family. Give me a call for a private consultation.

In order for you to qualify for a short sale when selling your Plano home or DFW area home, you must show proof of a financial hardship. Proof must be in the form of a signed letter submitted to the mortgage company along with additional support documentation.

Acceptable Financial Hardships

A hardship is a material change in your financial situation that is or will affect your ability to pay the mortgage on your Plano TX home. Acceptable hardships are:

1. Loss of job
2. Business failure
3. Damage to property
4. Death of a spouse
5. Death of family members
6. Severe illness
7. Inheritance
8. Divorce
9. Mandatory job relocation
10. Medical bills
11. Military service
12. Payment increase or mortgage adjustment
13. Insurance or tax increase
14. Reduced income
15. Separation
16. Too much debt
17. Incarceration

Also, you must be financially insolvent for the lender to consider accepting a short sale. This means you owe more on your Plano TX home than you have in liquid cash or assets that could be used to buy-down the mortgage. A short sale is not a ‘get out of your mortgage Free card’. You must be in financial distress.

If you or someone you know are in a distress situation, don’t hesitate. Call me at 972-562-0896! Every moment counts. I am a Certified Distressed Property Expert, specializing in Short Sales and I can help save your your home and your family!

North Dallas home owners who are behind on their mortgage payments have options other than foreclosure. Below are possible strategies to avoid foreclosure.

Short Sale
Lender agrees to sell the property for less than the loan balance for homeowners facing a hardship.

Mortgage Loan Reinstatement
Paying all missed payments, late fees, and legal fees that are due up to the date the loan is re-instated.

Forbearance or Re-Payment Plan
Negotiating a repayment plan to pay the monies due over a period of time.

Mortgage Modification
The interest rate is lowered on the existing loan to lower the payments.

Refinance
The loan is replaced with new financing at lower interest rates. Sometimes the homeowner’s credit is too badly damaged for this option.

Short-Refi
Refinancing with a reduction in the principal balance, as well as the interest rate.

Rent the Property
Lease the property to keep up with mortgage costs.

Deed-in-Lieu of Foreclosure
Referred to as a ‘friendly foreclosure,’ with the homeowner giving the deed back to the bank.

Service members Civil Relief Act (SCRA)
Temporary relief provided to service members.

Bankruptcy
Bankruptcy stops foreclosure giving the homeowner time to reorganize his debt.

As a trained Certified Distressed Property Expert, I have the skill and knowledge needed to help assess your individual situation so you can choose a strategy to avoid foreclosure based on an educated decision. Give me a call for a private consultation. I can help save you, your family and your home.

Being in a distress situation and facing foreclosure and the the loss of your DFW area home can be devastating.  Many Plano TX home owners simply give up once they miss a mortgage payment. Below are reasons why you don’t want to give up and should seek help to avoid a foreclosure:

• You will always have to disclose that they have had a foreclosure on future mortgage applications and many job applications, having an adverse affect on future borrowing and employment. 
• A foreclosure on your credit report can have an adverse affect on future borrowing rates.
• Your credit score will be lowered by 300+ points.
• Foreclosure is the one credit report item that is almost impossible to “repair.”
• Your lender can seek a deficiency judgment after the foreclosure, meaning that the foreclosure is not the end of financial burden.
• Many employers run credit checks as part of the hiring process, meaning that a foreclosure could put future employment in jeopardy.
• Many employers run periodic credit checks on current employees, which can put current employment in jeopardy.
• Security clearances and government positions such as military service and law enforcement can be jeopardized by foreclosure.

As a Certified Distressed Property Expert, I have the skills and knowledge needed to help you and your family avoid foreclosure.

Do not hesitate to call me at 972-562-0896! Every moment counts. My team is experienced in short sales and we cover the entire DFW area.

Recent statistics show over 12 percent of all United States mortgages are in default, meaning more than 8,760,000 families are in distress situations and facing possible foreclosure of their homes.  If you are a Plano TX home owner in distress, I can help. As a Certified Distress Property Expert (DCPE), I have the experience and training to help families in distress.

Foreclosure is not the only option for Plano TX home owners. A short sale may be able to save you, your family and your home. When I suggest a short sale to many Plano TX and DFW area home owners, they often ask, “What is a short sale?”

A short sale is when you owe an amount on your property that when combined with closing costs and commissions is higher than the current market value.

A short sale can take place when a negotiation is entered into with your mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is considered ’sold short’.

A short sale is a very involved process that takes time, patience, good communication skills, organization and professionalism. I have the skills necessary to help you save your home.

If you or someone you know is behind on your payments or have a hardship situation, give me a call for a private consultation. Together we can look at your options and plan a course of action to save your Plano TX or DFW area home. My team covers the entire DFW Metroplex

There are 2,960 foreclosed homes in Collin County with an average sales price of $219,401 with 462 new foreclosed homes in May 2009, according to RealtyTrac.com.

Collin County and Dallas Foreclosure Activity and Home Price Index

Collin County and Dallas foreclosure activity has remained relatively stable in the last three months with approximately 525 foreclosures each month. At the same time, the Home Price Index has dropped dramatically.

Collin County and Dallas foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Collin County and Dallas Foreclosure Geographical Comparison

Collin County Dallas foreclosure activity is 0.09% lower than national statistics and 0.06% higher than Texas figures.

Collin County and Dallas Foreclosure Activity by Month

Collin County and Dallas auction and bank-owned activity remained stable in May compared to the previous month. The high auction activity in March is an indicaiton that we will see many more foreclosures in the coming months.

Are you or someone you know behind on your mortgage payments and facing a Dallas foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home.  Give me a call for a private consultation.

Collin County and Dallas foreclosure homes declined slightly in April with 446 new Collin County and Dallas foreclosure filings in April compared to 460 filings in March, according to RealtyTrac.com.

Collin County and Dallas Foreclosure Activity and Home Price Index

Collin County and Dallas foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

 
Collin County and Dallas Foreclosure Geographical Comparison

The Collin County and Dallas foreclosure rate is .04% higher than the state of  Texas rate and .11% lower than national statistics.

There are currently 2,969 Collin County and Dallas foreclosure homes with an average foreclosed sales price of $222,421.

Are you or someone you know behind on your mortgage payments and facing a Dallas foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give me a call for a private consultation.

Learn more about Dallas homes for sale at TexasHomeCentral.com.

Dallas real estate foreclosures hit a record high with more than 5,500 homeowners facing foreclosure in May. This number is25 percent higher than May 2008, according to statistics released by Addison-based Foreclosure Listing Service.

Collin County had the largest increase with a 45 percent jump from the previous year, topping 700 for the first time. In comparison, Dallas County foreclosures increased 15 percent.

More than 24,000 home foreclosure filings were recorded in the four-county Dallas-Fort Worth area since the beginning of 2009, Foreclosure Listing Service said, up 11 percent from the same period of 2008.

More than 50,000 Dallas-Fort Worth area foreclosure postings were recordedin 2008 - 17 percent higher than 2007 and a record.

Analysts with Foreclosure Listing Service say the biggest reason for the increase in postings in the last few months has been moratoriums on foreclosures put in place by many mortgage lenders.

“They have been reposting many of these properties every month because of the moratoriums,” said George Roddy, Foreclosure Listing Service president. “They have no choice but to continue posting the properties for foreclosure while they negotiate with the borrowers.”

More than 40 percent of the current foreclosure postings in Dallas County are repeats.

While the number of foreclosure filings has ballooned in recent months, the actual volume of houses sold on the courthouse steps by lenders has fallen, Roddy said. “The average is between 30 percent and 40 percent of all properties posted are actually foreclosed on each month,” he said. “But it’s been down in the high teens or low 20s. There has obviously been a lot of pressure on lenders not to foreclose during the last few months.”

But for many troubled homeowners, those delays may now be over. Some lenders have recently announced that they are lifting the self-imposed moratoriums.

“I think the floodgates are going to open,” Roddy said.

“We know that job loss is the primary reason that people are losing their homes today,” said Ted Wilson, a housing analyst with Residential Strategies Inc.

More 30,000 jobs were lost in the DFW at the end of February compared with a year earlier. Since then, other local companies have announced layoffs.

Are you looking for a Dallas real estate foreclosures to buy? There are thousands of available! Get a FREE list of Dallas foreclosures here.