Foreclosure in Georgia is down, but not out
Foreclosure is one of the most frightening and disheartening things that can happen to an individual or family. The recent tough economic times have made foreclosure a serious threat for a lot of people. A series of financial struggles can lead from being unable to pay your monthly pills to falling behind on your mortgage, and falling behind on your mortgage can put you at risk of foreclosure.
The fear of losing one’s house has been particularly real for residents of Carroll County. According to a recent report, Carroll County saw nearly one in every 43 homes facing foreclosure filings in 2013. This means that roughly 2.35 percent of all homes in Carroll County were threatened with foreclosure last year. Even more frightening is the fact that this number is down 49 percent from the foreclosure rates of 2012. Despite the foreclosure rate being nearly half of what is was the previous year, the report states that Carroll County still ranks number seven in the state of Georgia for foreclosure rates.
While things appear to be getting better, they’re still not ideal. In Douglas County, the number of building permits has gone up to 325, but that number pales in comparison to the 2,600 permits recorded in 2006. Unfortunately, the state of Georgia as a whole fares poorly as well. Georgia is ranked sixth in the nation in foreclosures.
Foreclosure is a very real threat in our state, but you don’t have to live in fear. Filing for bankruptcy can save you from foreclosure by putting into effect an automatic stay that will prevent creditors from taking legal action against you. While this stay won’t save your house forever, it will give you enough time to deal with all of your financial challenges. Don’t let creditors frighten you into foreclosure; you have options.
Source: Times-Georgian, “Big drop in Carroll foreclosures in 2013,” Winston Jones, Jan. 16, 2014