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Atlanta stands among cities with the most abandoned homes Atlanta, GA

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Atlanta stands among cities with the most abandoned homes

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Although the housing market may be improving, many families here in Atlanta are still struggling and this is evidenced by the number of foreclosed and vacant homes in the area. A recent news report published by USA Today states that one in five homes nationwide that are in the foreclosure process have been abandoned by homeowners. Atlanta is among the cities with the most vacant homes.

Based on data from RealtyTrac, of the 101 largest metro areas in the country, Atlanta has the ninth most homes that stand abandoned as the result of foreclosures.

According to the report, about 28 percent of homes that are being foreclosed in the larger Atlanta metropolitan area have been abandoned. That makes a total of 3,071 vacated homes.

Of course, Atlanta has been hit hard by the foreclosure crisis, with home prices dropping by 26 percent from 2007 to the end of 2012.

Interestingly, most of the other cities with high rates of abandonment of homes in foreclosure have very long foreclosure processes. This is not true of Atlanta, where the average foreclosure time is about 199 days. However, this wait time is much longer than it was just one year ago.

It is important that Georgia residents are aware that being delivered a foreclosure notice does not mean that you immediately need to abandon or vacate your home. In many cases, it may be possible to stall or stop foreclosure.

One option may be to file for bankruptcy, which places a stay on the foreclosure process and allows homeowners to straighten out their finances and take advantage of a fresh start. This may not be the best option for all homeowners who face foreclosure. Those facing foreclosure may benefit from discussing their financial situation with a bankruptcy and foreclosure attorney to learn whether a viable option exists to save their homes.

Source: USA Today, “Cities with the most abandoned homes,” Mike Sauter, June 22, 2013

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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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!

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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.

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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.

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