Chief Secretary of the United States Department of Housing and Urban Development Alphonso Jackson announced today that he planned to launch a foreclosure task force specifically for dealing with the rising rate of Texas foreclosures. Texas has one of the highest rates of foreclosure in the country in many of its cities, and one of the largest inventory of foreclosure properties overall.
Jackson formed the partnership with lending and banking industries, such as Wells Fargo, Neighborworks America, and the Texas department of Housing and Community Affairs, all of which will donate money to the task force to help slow down the amount of defaults that eventually become foreclosures across the state.
The task force’s primary function will be to provide homeowners with information, assistance and resources to turn to when they face default, so that they can know how to deal with it and avoid becoming a statistical victim of the foreclosure boom. Homeowners of Texas foreclosure homes will be instructed on working with lenders, refinancing dangerous mortgages, and selling to avoid foreclosure. Since Texas is one of the easiest states for lenders to pursue a foreclosure in, this extra effort is well needed by homeowners.
