Obama legislation to manufacture a foreclosure prevention fund seems like it has largely gone without effect. The plan, intended to help 18 states where foreclosures were most rampant, cost billions of dollars and was issued to help homeowners who were unemployed avoid foreclosure. Foreclosure is still a massive problem. Although reports noted that numbers were down in January in comparison to the prior year, experts say that this is sort of calm before the storm, and that foreclosures are expected to rise in the coming months. The reason this plan seems to have failed in the eyes of many is because the money that was intended for relief was never spent.
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Many homeowners are even unaware of the program, and therefore cannot take advantage of its benefits. This should have been the responsibility of the state, but states like California refused to mail that information out to its unemployed citizens. The Treasury Department stated that in California, $2 billion was given in federal aid and only $38 million was actually used. The same was true with many other states who received the funds. In Texas however, foreclosure numbers are on the decline. The amount of foreclosure-related home sales is only at 10 percent. Compare this to California, in which the percentage of foreclosure-related sales is at 43. If you feel as if there is nowhere else to turn for help and you have exhausted all your resources, there may still be hope.
Despite the fact that Texas has a lower foreclosure rate than most states, many people are still struggling financially. The unemployment rate in Texas is at 7.8 percent. If you are among one of the many families facing the reality of foreclosure, you may want to consider an alternative. There is the possibility to modify your home loans or refinance on your home in order to lower your payments to a more manageable rate. If you choose to file for Chapter 13 bankruptcy, then you will be put on a payment plan in order to get you back on your feet. If you are unemployed or have little to no means of paying back your debt, then you may be looking to file for Chapter 7 bankruptcy. If you do, creditors must stop collection from you immediately. Don't give up trying when it comes to relief from your debt, because there may be hope for you yet with the help of a bankruptcy lawyer.
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