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Despite national five-year low, Atlanta foreclosures increase (2) Atlanta, GA

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Despite national five-year low, Atlanta foreclosures increase (2)

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

Earlier this week, we wrote about the new report which stated that the national foreclosure rate has dropped to a five-year low. As previously discussed, that initial report of a falling foreclosure rate does not paint a complete picture of the situation in states like Georgia, where foreclosures have increased year-over-year.

The report also highlighted the recent trend toward short sales, which mortgage lenders have increasingly embraced in the past year. Short sales are an alternative to foreclosure in which lenders agree to sell a property for less than it’s worth.

In an effort to sway borrowers with underwater mortgages, many lenders have begun to offer incentives to homeowners who seek a short sale instead of allowing their home to go into foreclosure. For example, Bank of America is reportedly giving up to $30,000 in relocation assistance to homeowners who complete short sales and meet various qualifications.

As a result, the ratio of short sales to foreclosures increased for many of the top mortgage lenders in the county in late 2011 and early 2012.

While a short sale may seem like a good idea, it can end up causing a substantial amount of harm to the homeowner’s finances and credit. In an average short sale, the homeowner will wait for months before the lender agrees to the sale, before a potential buyer makes an offer on the house, before the lender approves the contract with the buyer, and before the buyer can get financing.

If the sale goes bad during any part of this process, the homeowner will find him or herself even farther behind on their mortgage payments. Therefore, if you are considering a short sale, you are advised to talk to an experienced bankruptcy attorney to determine if it is the best step for you.

Source: CBS MoneyWatch, “Foreclosures reach lowest level since 2007,” Ilyce Glink, May 17, 2012

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
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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.

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