The foreclosure crisis continues in Georgia
Last week, we reported on the increase in mortgage delinquencies that occurred during the third quarter of this year. According to a new report, close to eight percent of homeowners are behind on their mortgages by at least one payment. It is clear that the foreclosure crisis won’t be nearing its end any time soon as more families are dealing with an upside down mortgage.
While the report by the Mortgage Bankers Association shows that fewer homeowners across the country are delinquent on their mortgage payments, the number of foreclosure filings has risen, particularly in Georgia and other states that are routinely referred to as “high-risk.”
Despite the unusually low interest rates, home sales and prices remain low and analysts say the nation may only be halfway through the housing crisis storm.
The number of home loans behind on one or more payments is down by more than a percentage point from last year at this time and is down half a percentage point from the second quarter. Although those numbers may be encouraging, the report shows that banks may be getting tougher on delinquent borrowers.
Additionally, the report shows that the number of homes going through the foreclosure process in the third quarter was up from last year at this time at 4.43 percent.
It can be a frightening and confusing time for those homeowners who are behind on their mortgage payments or for those who are already going through the foreclosure process, but there are places to go for help. Speaking with an experienced bankruptcy attorney may be the best first step. The attorney may be able to present homeowners with bankruptcy options and help individuals and families determine the best course of action. In the end, homeowners may be able to keep their home and set up a path to financial freedom.
Source: The Oklahoman, “Delinquencies slow, but foreclosure crisis remains,” E. Scott Reckard, Nov. 26, 2011