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Underwater mortgages plague half of Atlanta homeowners Atlanta, GA

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Underwater mortgages plague half of Atlanta homeowners

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In a recent report on mortgage equity in the U.S., there was good news and bad news for residents of metro Atlanta. In the former category, the percentage of Atlanta homeowners who owe more on their mortgage than their home is worth declined by nearly one percent from the first quarter of 2012 to the second.

But in this situation, unfortunately, it seems that the bad news outweighs the good. In the second quarter of 2012, more than half of Atlanta homeowners were underwater on their mortgages. This means that Atlanta has the second-worst percentage of underwater homeowners of the top 30 markets in the U.S.

Specifically, 54.4 percent of metro Atlanta homeowners had negative equity in their homes in the second quarter, down from 55.2 percent in the first. Only Las Vegas has more underwater homes, with 68.5 percent of homeowners in that city owing more than their homes are worth.

Both of these numbers are significantly higher than the national average of homeowners with underwater mortgages, which fell to 30.9 percent in the second quarter.

In sum, 573,016 Atlanta homes have negative equity totaling nearly $40 billion. But perhaps the most negative news of all is that more than 20 percent of Atlanta homeowners owe twice – or more – than what their home is worth.

Despite their predicament, however, it seems that Atlantans are finding ways to avoid foreclosure than homeowners in other parts of the country. Here, 7.8 percent of homeowners are delinquent on their mortgages by 90 days or more, which is less than the national average of 9.2 percent.

Source: Atlanta Journal-Constitution, “Metro Atlanta 2nd worst in underwater homeowners,” David Markiewicz, Aug. 23, 2012

The attorneys at our Atlanta bankruptcy firm help homeowners who are dealing with underwater mortgages. For more information, please visit our foreclosure page.

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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