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.

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

Joshua Harley, Broker and owner of  Texas Home Central Realtors has received the designation of  “Certified Distressed Property Expert” (CDPE) to help families avoid foreclosure. The training is a rigorous 21+ hour course designed to help Realtors counsel homeowners, and help families avoid foreclosure.

Alex Charfan, founder of the Certified Distressed Property Expert Designation (CDPE) believes that in almost all cases the best person for a homeowner in distress to speak with is a well informed Licensed Realtor® that has the tools needed to help that homeowner find the best solution for their situation.

Foreclosure is a devastating financial and emotional process for homeowners and their families to go through, and in many cases they do so alone and without help of any kind.

A North Dallas Realtor who has earned the CDPE Designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with. The CDPE Professional is an agent who understands the full range of solutions and is ready to help. 

Short sales are one option available to homeowners who have experienced a hardship. A short sale allows a property to be sold for less than the current loan balance. With plummeting property values, this can save many families from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures. 

National statistics show 1 out of 10 homeowners are in default on their mortgage with hundreds of homes in danger of foreclosing and hundreds of families in turmoil. While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn’t be. Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.

You can learn more about avoiding a Plano TX foreclosure by visiting TexasHomeCentral.com. Joshua can be reached at 972-562-0896, or via email.