Monday, October 22, 2007

Foreclosure in Georgia

One out of every 165 Georgia households is in foreclosure.
Georgia ranked fourth in the nation among all states in the number of foreclosures. Georgia's foreclosure rate jumped 10.6 percent from July and was up 133.5 percent compared with August 2006. Only Nevada, California and Florida had worse foreclosure statistics.

The United States had a total of 243,947 foreclosure filings in August, up 36 percent from July and up 115 percent from August 2006. This is the highest number of foreclosure filings in a single month that RealtyTrac has reported since it began issuing its monthly report in January 2005. The national foreclosure rate of one foreclosure filing for every 510 households for the month is also the highest figure ever issued in the report. In July, 2007 10,000 Georgia households were facing foreclosure.

9 comments:

earth said...

how do you stop the process? when you only have a week before the sale date and you have nowhere else to go, and you are waiting for the mortgage company to review a payment option (loan mod) for you which can take longer than the sale date...

Sisters in Law said...

The surest way to stop the foreclosure process is by filing for bankruptcy protection in federal court. A lender will demonstrate genuine interest in your proposal by responding to it promptly. Bankruptcy is not a decision to make lightly, since it negatively affects your credit for 7-10 years, but so does foreclosure. Make sure you have exhausted other options, such as tapping a friend or relative to purchase the property from you.
Janice L. Mathis

k.h. said...

My ex-husbands house is being auction off next month. I am still listed on the loan but I have no claim to the property per our divorce decree. The judge put in the decree I was not financally responsible for the loan. He never refinanced to remove me from the loan. What are my options so the bank will not come after me.

earth said...

Thanks so much for your response. That has helped me a lot. My next question is, do I file Chpt 13 or Chpt 7. From what I understood from one office, I can only file Chpt 7 if I'm not delinquent on my bills in order to keep my home. Yet I hear from people that I will come out better filing Chpt 7 than Chpt 13. The bottomline for me is, I don't want to lose my home. So whichever route to take to keep my home is the route I'm willing to go. I'm still waiting for my mortgage co. to approve the loan mod, and I also don't want to wait until it's too late. They say they can postpone the foreclosure date if a decision hasn't been reached by the sale date. I don't want to rely on that though.

Sisters in Law said...

There are several ways to stop a foreclosure in process:
1. sell the property and pay off the existing mortgage prior to the sale
2. file for bankruptcy protection
3. catch up the arrears payments plus legal expenses associated with foreclosure (available at the discretion of the lender)
4. refinance the property with a new lender - another way of paying off the mortgage
5. negotiate a modification with the lender

Sisters in Law said...

In order to protect yourself from your ex-husband's creditors, you should send a certified copy of the divorce decree to the lender's risk reduction officer. Follow up by phone, fax and email to assure receipt and acknowledgement of the decree. You should also send a copy of the decree to the three major credit reporting agencies, with a cover letter explaining that the court relieved you of liability for the mortgage. It is also a good idea to execute a quitclaim deed to your ex, if you have not done so already. Good luck.

T said...

If a home is auctioned in a foreclosure action, typically how long does the occupant have to vacate the premises?

helpme said...

I recently went to court over a dispossery warrant and was givin only 7 days to vacate my house can I possibly extend this to 60 or 90 days

helpme said...

My home was recently foreclosed on, and I had to appear in court on a dispossery warrant and was only givin 7 days to vacate is there a way to extend this to 60 or 90 days