Skip to main content
(404) 685-8800 Contact Us
Change in the Air Atlanta Foreclosure Rates Drop in August Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Change in the Air: Atlanta Foreclosure Rates Drop in August

Notices Fall to Four-Year Low

Many Atlanta area homeowners received encouraging news in August. Notices for home foreclosures dropped from 9,317 in July to 6,426. The reduction is especially nice for homeowners after a May report revealed that Georgia had the highest foreclosure rate in the nation. The new numbers bring Atlanta’s foreclosure numbers to the lowest numbers it has seen since 2008.

So what is behind the sudden drop in foreclosures? A lawsuit as it turns out. In July, the Georgia Court of Appeals reversed a lower court’s summary judgment ruling, stating that foreclosure notices must clearly identify who owns the mortgage or who is acting as the foreclosing bank’s agent. In addition, the Atlanta Journal Constitution reported that these documents are required to offer the name and contact information of parties who can modify the existing loan, approve a short sale or offer some other form of relief.

Attorneys handling foreclosures on behalf of mortgage companies have been quickly scurrying to make sure their documents are in line with the court’s decision. To make sure they do not run afoul of the standard, many attorneys have slowed down their processing.

While the reprieve is welcome to many, it may not last. Once firms have checked through their open files to confirm they are in compliance, foreclosure numbers are likely to pick up again. How much they rise is largely dependent on the economy.

By and large, the greatest number of people who are struggling to make their monthly mortgage payments are people who are either out of work or do not have sufficient income to make ends meet. Unemployment numbers are still rising in Atlanta, reaching 9.3 percent in July.

An overall review of financial distress by CredAbility found only modest improvements for people in Atlanta from a year ago. This year the agency, which looks at housing, credit, budget management, employment and overall net worth, rated Atlanta at 66.4 out of a possible 100. Anything below 70 is deemed to be financially distressed. Atlanta’s rating was 64.9 last year.

Empowering Options for Homeowners

People who are having a hard time keeping up with their house payments have a number of options, including bankruptcy. Even people who want to sell a home on short-sale or obtain a loan modification should take the time to get educated about bankruptcy. Bankruptcy has many advantages that could ultimately put people in a better position than they would be with either loan modifications or short-sales. Bankruptcy may ultimately be the best means of stopping foreclosure.

Chapter 13 bankruptcy offers the immediate advantage of helping delinquent homeowners catch up on their mortgage payments while protecting them from foreclosure. This can be a critical advantage for homeowners who became delinquent while attempting to secure a loan modification only to be denied.

Individuals with more than one mortgage on their home can sometimes have the second mortgage stripped using Chapter 13 bankruptcy provided the secondary mortgage is completely unsecured. Lien-stripping can be just the help that is needed to get a family back on track financially.

Every situation is unique and sometimes Chapter 13 bankruptcy is not the best option for people. Chapter 7 bankruptcy can still be helpful. By getting rid of unsecured debts, such as medical bills, credit card debts or unsecured loans, individuals are often able to get the fresh start they need to keep afloat with their mortgage payments.

Trying to stop foreclosure can be scary. It often feels like many forces are conspiring to push people out of their homes. Getting educated about options can help. People are empowered when they fully understand the options that are available to them. Atlanta bankruptcy attorneys with a long history of handling bankruptcies can listen to people’s situations and offer creative solutions to their financial predicament.

First Free
Appointment



Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

Write a review