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Decline in Georgia foreclosures for the first quarter of 2013 Atlanta, GA

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Decline in Georgia foreclosures for the first quarter of 2013

Foreclosue Sign on Top of For Sale Sign in Front of House

As finances get tight, it can be very difficult to make the requisite mortgage installments that are due each month. With time, lenders begin to get impatient on missed payments. This often results in the initiation of the foreclosure process.

The good news is that Georgia foreclosures in the first quarter of 2013 dropped annually for the third successive quarter. While this is positive for the state, unfortunately, Georgia still stands as the nation’s fight-highest foreclosure state.

The numbers come from RealtyTrac, which reported 20,291 foreclosure filings in Georgia for the first quarter. This number has dropped 41 percent from the first quarter of 2012. Furthermore, it is down 17 percent from the fourth quarter of 2012. Moreover, the state had a total of 6,300 foreclosures in March. This number is down 44 percent from March 2012 and up 9 percent from February of this year. While it will take some time to account for the variable shifts in the market, overall, this is a good trend for the state.

If you have been struggling to make ends meet, it is not your fault. The economy has not yet bounced back to its most healthy state. However, if you are at your last end, you might consider bankruptcy. Bankruptcy delays the foreclosure process, providing more time for you to settle your outstanding payments. Also, the process helps avoid the incessant harassment from debt collectors as you get everything in line

To learn more about foreclosure and bankruptcy, speak with a qualified bankruptcy attorney in your area. A lawyer can help you assess your financial options.

Source: Atlanta Business Chronicle, “Georgia fifth in Q1 foreclosures,” Jacques Couret, April 11, 2013

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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