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Economists predict a new wave of foreclosures in 2012 Atlanta, GA

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Economists predict a new wave of foreclosures in 2012

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

Although the robo-signing scandal and resulting foreclosure slowdown happened nearly a year ago, it seems to still be affecting foreclosure activity in a fairly major way. Specifically, movement on repossessions and foreclosures has slowed down significantly in the past year as banks have worked through their paperwork problems. But according to housing market analysts, that slowdown will likely end in the coming months as banks begin to push foreclosure documents through the courts.

In sum, there are currently about four million delinquent loans that are scheduled to be pushed through the foreclosure pipeline in the coming months. Although most banks will continue processing foreclosure documents through the holidays, most have said that they will wait until next year to actually evict any homeowners. However, this likely provides little relief for the millions of residents who will spend the first part of 2012 dealing with foreclosure.

Unfortunately, state and federal efforts to keep homeowners in their homes have largely proven ineffective, and several of the hardest hit states continue to deal with high foreclosure rates. Recently, Georgia rose into the top five states in the nation in terms of rates of foreclosure, and with the prediction of the coming wave of repossessions, the situation is likely to only get worse.

In addition, the swell of foreclosures will add pressure on a housing market that is already struggling to stay afloat. Currently, foreclosure starts outnumber home sales by three to one. Further, an increase in foreclosed homes could drive home prices down even further, pushing more homeowners underwater and making it more difficult for them to sell homes they can no longer afford to keep.

Source: CNBC, “New Foreclosure Wave is Coming,” Diana Olick, Dec. 15, 2011

Posted on behalf of Gingold & Gingold

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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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