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Homeowners: once bitten, twice shy? Atlanta, GA

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Homeowners: once bitten, twice shy?

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

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, May 6, 2015.

Losing a home in foreclosure can be an extremely upsetting experience for any homeowner in Atlanta. Unfortunately, it is an experience that far too many people have had in the past decade thanks to the volatile housing market and troubling loan practices. Because of these factors, millions of people went through foreclosure in the past 10 years.

Now, economists and real estate professionals are worried that many of these same people will not return to the market, even when they are eligible and well-positioned to do so. In fact, the National Association of Realtors estimates that as many as two-thirds of people who lost their home in the last 10 years will not buy another house.

There are a few reasons for this estimate. To being with, going through foreclosure can be extraordinarily upsetting. Many people who have had to go through this experience would never want to go through it again, so they feel it’s safer to just never buy another house.

Another reason that people who have lost a previous home may not buy again stems from the extremely rigid standards in regards to lending, meaning that they may not qualify for a loan. Finally, because foreclosure can do such serious damage to a person’s credit score, it can take several years before a person can rebuild their credit up to a satisfactory level to make them eligible for a mortgage. By that time, a person may no longer be interested in purchasing a home and instead choose less permanent housing options.

It certainly makes sense that people want to be more cautious when it comes to spending and taking out loans after they have gone through a process as complicated and frustrating as a foreclosure. However, there are ways to avoid foreclosure in the future that can prove to allay some homeowners’ concerns. Reviewing financial obligations, debt relief options as well as loan documents with an attorney can help people understand what they need to do to protect themselves, their homes and their financial future.

Source: The Wall Street Journal, “Many Who Lost Homes to Foreclosure in Last Decade Won’t Return — NAR,” Laura Kusisto, April 20, 2015

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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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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