Trump Rescues McMahon From Foreclosure. What Are Dallas Home Owners To Do?

We live in troubling times. Many Dallas homeowners are having difficulty paying for their homes. The number of foreclosures rise each month and it looks like things will get worse before they get better.

Most Dallas homeowners who are behind on mortgage payments aren’t as lucky as Ed McMahon, the longtime sidekick of comedian Johnny Carson. Ed McMahon has been battling off foreclosure for months after defaulting on a $4.8 million mortgage from Countrywide Financial Corp. Then along comes Donald Trump to save the day! Donald Trump told the Los Angeles Times he will buy Ed McMahon’s six-bedroom home in Beverly Hills and allow McMahon to live in it.

A Donald Trump bailout is great news for Ed McMahon, but what about Dallas homeowners who are struggling with mortgage payments? How do we avoid foreclosure? Here are HUDs Top 10 tips to Avoid Foreclosure:

If you have you received a notice from your lender asking you to contact them?

• Don’t ignore the letters from your lender
• Contact your lender immediately
• Contact a HUD-approved Housing Counseling Agency
• Toll FREE (800) 569-4287
• TTY (800) 877-8339

If you are unable to make your mortgage payment:

1. Don’t ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
(more…)