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What options are available for people with underwater mortgages? Atlanta, GA

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What options are available for people with underwater mortgages?

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A home is an extremely important asset to people all across Atlanta. For most homeowners, a house is the single most expensive thing they own and it can be a source of great pride and comfort.

However, a home can also be the source of considerable stress and anxiety. Upkeep and repairs can be quite expensive, but it is the mortgage payments that many people struggle with the most. Thanks to factors including a volatile housing market and the economic recession, there are thousands of Atlanta residents who are currently underwater on their mortgage. This means that they owe more than a home is worth. If you are in this upsetting situation, you should understand what options you have to resolve your mortgage issues.

In some cases, it is possible for homeowners to keep their home and continue to pay their mortgage payments. Of course this could prove to be very difficult, but if and when home prices increase eventually it could pay off. However, it is important for people to understand that they will need to keep up with their mortgage payments, or there is a risk of foreclosure.

Another option is to refinance. As this article discusses, there are a number of refinancing programs for which a homeowner may be eligible. However, not every homeowner is eligible for refinancing. In some situations, it may instead be an option to seek a loan modification or short sale to avoid foreclosure.

Filing for bankruptcy protection can also be an effective option for underwater mortgages because it can discharge remaining balances on loans. Declaring bankruptcy can also wipe away other debts that are contributing to a person’s dire financial situation.

It can be very difficult for homeowners to examine all the options that may be available, especially when they are already dealing with the frustration and fear associated with falling behind on a mortgage or facing the threat of foreclosure. This is why many people with underwater mortgages discuss their situation with an attorney. Legal support can prove to be crucial in helping people keep their homes and deal with debt.

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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