Atlanta Bankruptcy Law Blog

Home sales increased in January

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, February 23, 2011.

Last month, sales of previously occupied homes increased by almost three percent from December's reported sales. While this may seem like promising progress for the fledgling real estate market, analysts and economists say that recovery is still far in the distance. Unemployment, stricter lending standards, a shadow inventory of home foreclosure sales waiting to enter the market, and a decrease in purchases by first-time homebuyers all indicate that the market is still struggling.

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Tags: first-time homebuyer, foreclosure, foreclosure sales, housing market, unemployment

Former 'Bachelor' files for bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Friday, February 18, 2011.

When he looked for love on the ABC show "The Bachelor" in 2002, Aaron Buerge ultimately came up empty-handed. His ill-fated engagement to elementary school psychologist Helene Eksterowicz ended just weeks after the show's finale. However, Buerge eventually recovered, with entertainment magazines reporting that he wed fiancée Angie McIntosh in August of 2009. However, the Buerges' newlywed bliss seems to have worn off: the couple recently filed for Chapter 7 bankruptcy in their home state of Missouri.

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Tags: Chapter 7, assets, bankruptcy, creditors, debt

Mortgage registrars cannot initiate foreclosure, court says

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, February 15, 2011.

For many American homeowners, a mortgage can be somewhat of a mystery. This is because there are many banks and other businesses who become involved in the mortgage process somewhere along the way, often behind the scenes and without the knowledge of the homeowner. It is only if a foreclosure becomes necessary that the homeowner may hear from some of these parties, which can add complication and confusion to an already stressful process. Now, however, a court has ruled that one such business has acted without authority in transferring mortgages and initiating foreclosures on behalf of banks, potentially halting or reversing thousands of foreclosure proceedings.

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Tags: MERS, foreclosure, homeowner, mortgage, mortgage lenders

Court rules against mortgage lender in loan modification suit

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, February 11, 2011.

Recently, a court of appeals recently issued a landmark court ruling against a mortgage lender, finding that it did not keep its promise to negotiate a mortgage modification with a homeowner before issuing a foreclosure and selling the home at auction. The widely publicized case brought to light on some of the most underhanded tactics employed by lenders in dealing with homeowners, and may lead to the challenge and reversal of thousands of foreclosures in Georgia and throughout the country.

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Tags: Chapter 13, foreclosure, homeowner, mortgage lenders, mortgage modification

Georgia joins economic 'most stressed' list for the first time

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, February 9, 2011.

Despite a reduction in economic stress for much of 2010, the end of the year saw an increase in stress throughout the country. High foreclosure rates are likely the main contributor to the increased economic stress, despite a drop in unemployment, economists say. In Georgia, high foreclosure and bankruptcy rates combined to make the state one of the top five most stressed for the first time.

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Tags: Georgia, bankruptcy, economy, foreclosure, unemployment

Georgia churches forced into foreclosure

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, February 4, 2011.

As homeowners throughout Georgia and across the country struggle with unemployment, debt, bankruptcy and foreclosure, the effects of their financial difficulties often have a lesser-seen ripple effect on their communities. One growing example of this is the increase in church foreclosures that has taken place in recent years. When church members can no longer afford to tithe to their church, or are forced to move out of their homes and away from their congregation, the church also has a loss of income. And with the high occurrence of financial difficulties among churchgoers, church foreclosures are becoming more and more common.

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Tags: Georgia, church foreclosure, foreclosure, foreclosure rates, recession

Million-dollar homes more likely to remain in default

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, February 1, 2011.

Homeowners across the country are finding themselves in an impossible predicament. If a home was purchased prior to the housing market crash, its value has inevitably tumbled right along with the market. The recession means that millions of homeowners are finding themselves unable to make high monthly mortgage payments. Yet homeowners who have less equity in a home than what they owe on its mortgage are unable to sell, and cannot relieve themselves of the monthly obligation, often leading to default, foreclosure, and bankruptcy.

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Tags: bankruptcy, foreclosure, housing market, mortgage, strategic default