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Part of Georgia’s foreclosure fraud settlement may be diverted Atlanta, GA

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Part of Georgia’s foreclosure fraud settlement may be diverted

Judge Gavel, Scales of Justice and legal books on the desk

Five major mortgage lenders recently reached a $25 billion foreclosure fraud claims settlement with a committee of attorneys general from several states. Georgia Attorney General Sam Olens was not a member of that committee but accepted the deal nonetheless. Although Georgia’s share of the settlement will total $815 million, more than $100 million of that money may not be used to benefit the state’s struggling homeowners or victims of foreclosure fraud.

This is because the settlement agreement also provides that the lenders pay a portion of the money directly to state governments so that states can develop their own programs. Georgia is expected to receive $104 million of its $815 million total as a direct payment. Unfortunately, the state’s constitution requires that this money be put in the state treasury, which means that it can and most likely will be used for other purposes.

Is this fair? With average home sales prices in the Atlanta area at or near record lows and as many as one-third of the state’s homeowners underwater on their mortgages — many neighborhood organizations, homebuilders and advocates for defrauded homeowners say no and have asked state legislators to use the $104 million to benefit victims of foreclosure fraud and distressed homeowners.

A spokesman for Gov. Nathan Deal said the governor is open to the possibility of using the money to help victims of foreclosure fraud but will also have to weigh that need against others, including “the needs for teachers, law enforcement officers and building transportation infrastructure.”

Source: The Atlanta Journal-Constitution, “Funds for defrauded homeowners diverted by state,” Christopher Quinn, March 11, 2012

Posted on behalf of Gingold & Gingold

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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!

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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.

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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.

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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.

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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