Much has been said over the past couple of years about the rate of mortgage default and residential foreclosure around the country. As I have pointed out many times -- and it's no surprise to those most affected -- the worst of this entire crisis has focused on five states -- Florida, California, Arizona, and Nevada, plus Michigan, where the housing downturn began long before the national "mortgage meltdown." Nonetheless, no major market has completely dodged this bullet -- even Austin, Texas, which has been noted as the first to enter recovery and possibly the strongest throughout the downturn.
I have written before about the rise in homeowner distress in Austin and Central Texas (Forclosure postings up), and government and mortgage lenders have been working to find ways to help. One of the newest programs is called HAFA -- Home Affordable Foreclosure Alternatives. It is intended for borrowers who have failed to qualify for assistance under HAMP (the Home Affordable Modification Program).
Here is a summary:
If you're interested in learning more, you'll find a wealth of information on my website, or just give me a call so we can discuss your situation.