Archive for 'Georgia'

Homeowners in Georgia who are worrying their houses would become foreclosed homes received some unexpected encouragement from Hollywood celebrities.

Grammy winners Mary J. Blige and Big Boi joined the Bringing Hope Home tour in its Atlanta stop in a bus marked with the Hope Now Alliance hotline 888-995-HOPE. Big Boi, half of the music duo OutKast, is a native of Atlanta.

The bus tour made stops in Kirkwood, Reynoldstown and downtown Atlanta where the musicians and counselors advised homeowners to call free foreclosure prevention hotlines and not to contact paid counseling scammers.

Suzanne Boas, head of the Atlanta nonprofit group Consumer Credit Counseling Service, said the counseling service is free and confidential. She is urging homeowners to call before their houses are added to lists of foreclosed homes.

The presence of Blige and Big Boi attracted crowds and homeowners finding solutions to prevent their houses from becoming foreclosed homes.

One of them is 28-year-old Tara Harp who was unable to pay two months of her mortgage amortizations after having a car accident. Consumer Credit helped her restructure her mortgage loan and set up a personal budget. Her counselor advised her to carpool and have a roommate to save on costs.

On the other hand, 44-year-old Paris Rhoden was not able to save his house from the threat of foreclosure, but he was successful in preserving his good credit. With support from the Resources for Residents and Communities, from whom he bought his house several years ago, he sold the house and then moved into a rental apartment. Having prevented his credit record from being tainted with the mark of foreclosed homes, Rhoden plans to save to be able to buy another house from the same resource center.

Young Hughley, chief executive officer of RRC, said many people approach the center when it is already too late to recommend a helpful solution. Some homeowners may not get the help they are expecting from the center, but they can at least get some useful suggestions on how they can get through their problems.

Housing counselors said many homeowners are scared to confront their fears of having their houses turned to foreclosed homes. They ignore letters of payment warnings from their lenders.

Eric Selk, a HOPE NOW project manager, said the alliance’s Atlanta project sent thousands of letters to distressed homeowners in Atlanta and surrounding areas. He said mortgage lenders who are working with HOPE NOW prefer negotiating payment plans with borrowers because they lose about $50,000 for every unit added to lists of foreclosed homes.

A small government body now stands to become a prime force in the efforts by the city to turn Atlanta foreclosure homes into cost effective housing. The Fulton County/City of Atlanta Land Bank Authority wipes off liens and delinquent taxes thereby aiding developers in putting the homes back on tax rolls. The land bank receives homes which are tax delinquent from the county and the city. These are then passed on to developers of affordable housing, which, more often than not, is a non-profit organization. The land bank can also wipe off taxes on distressed homes that the developers obtain by themselves.

The land bank now is set to do a whole lot more, due to the ongoing housing crisis besides a change in policy. As part of the new policy, the county and the city government will now be able to bank properties for up-to five years, and other non-profit organizations will be able to do so for up-to three years.

Developers like Atlanta Habitat for Humanity will now be able to buy the properties quickly before they are bought by someone else or before prices go up, and then work on the development, thanks to the change.

Atlanta Housing Association of Neighborhood-based Developers’s executive director, Andy Schneggenburger, said that this move would result in keeping the affordable housing’s developments costs low, thereby resulting in purchase prices being lower. Non profits will also end up saving a considerable amount of money because banked homes will not be subject to tax. Besides, expenses for maintaining the property will be collected from the non profits, but after providing a discount. Schneggenburger also said that the program was being viewed as a potential tool which could provide great help in turning around the existing foreclosure crisis.

Atlanta Development Authority’s managing tor, Ernestine Garey, said that in the last two years there have been more than 27,000 filings for foreclosure in Atlanta. With some neighborhoods filled with empty houses due to homeowners in debt and mortgage fraud, this change in policy could help provide Atlanta foreclosure homes with a much needed uplift.

Start your search for Foreclosure Homes in Georgia Cities:

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Find information about tax foreclosure properties

Georgia continues to be one of the top states for personal bankruptcy, as new reports indicate that the state ranked 2nd in the nation with just shy of 13,000 bankruptcies registered during the first quarter. The only state with more bankruptcies was Tennessee.

Declaring bankruptcy is sometimes the only way for consumers and citizens to seek legal protection from creditors seeking to collect money that citizens simply don’t have, and in Georgia, roughly 1 out of 60 homeowners has sought this protection.

However, this is nothing new. Georgia has historically had one of the higher bankruptcy rates in the nation, and has rarely fallen out of the top 5 states in this category. Experts say that this is because the state attracts a lot of young entrepreneurs who attempt to go into business for themselves, and of course, some fail. This, combined with the state’s laws that make it easy for creditors to go after their debts contributes annually to one of the higher rates of bankruptcy out there.

The recent trend in foreclosures has also had a huge impact on personal bankruptcies, and Georgia is currently 8th among states in terms of foreclosure rate. Laws in Georgia also make it easy for lenders to pursue a foreclosure on indebted homeowners relatively quickly, as most homes in foreclosure end up being sold off within 40 days.

These are all signs of how deeply the housing market recession is affecting the economy, and the personal lives of so many borrowers and homeowners. Since they cannot gain anything by selling off their properties on the open market, many homeowners in Georgia seek pre-foreclosure sales to investors to rid themselves of the foreclosure, and instances of pre-foreclosure sales have been growing in the area.

Related Links:

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Georgia once again came in near the top of the charts among states with the highest rates of foreclosure in 2007. Georgia foreclosures and filings numbered over 9,950 in the month of November alone, which was one of the high points of the year. Georgia foreclosure homes numbered 1 for every 420 houses in the state during that period. While this number was a decrease from October of more than 20%, it is still 28% higher than it was in November of 2006.

Georgia has been a model of the nationwide foreclosure trend, as Atlanta foreclosures, Macon foreclosures and Savannah foreclosures have all seen huge increases over the years since the housing boom sparked intense investment in real estate. The future of the foreclosure market in Georgia has yet to be seen however. The drop in the rate between October and November is a good sign, but many experts still predict that more adjustable rate mortgages will reset in the next year, making it hard for owners to keep up with payments.

In terms of foreclosure investing, Roswell foreclosures and other suburban Atlanta foreclosed properties have been seen to be excellent investments. These desirable areas for middle to high income families are seen as being some of the places with the biggest chance for stable home value, and thus the discount offered by bank foreclosures and other real estate foreclosures has a greater chance to lead to potential profits in the future.

Despite what other people may say, investing real estate properties now, especially foreclosures, will provide buyers a good return on their investment. These buyers will not even have any difficulties looking for bargain Georgia foreclosure homes. The state currently has the 4th highest foreclosures rate in the nation –with one filing for every 271 homes. Aside from the large inventory of foreclosed properties to choose from, buyers will also be delighted with another thing – affordable closing costs.

According to a report published by Bankrate, Inc., the state has the 31st highest closing cost, with an average of $2,655. Just last year, closing costs for real estate properties including Georgia foreclosure homes is $3,046. The report was based on a survey conducted on lender fees, settlement fees and title fees in almost 51 locations.

If you have been interested in buying one of these Georgia foreclosure homes, knowing that you will have to pay an affordable closing cost will surely help you make a decision faster. Sellers who are having a tough time selling their foreclosed homes should consider shouldering these closing costs in order to attract more buyers. With the housing market favoring buyers, offers like this will surely be grabbed immediately. Sellers have an even greater chance of receiving several offers from interested buyers!

To help you find the ideal foreclosed property, you should just rely on foreclosure listings to do the work for you. These listings have become quite popular among serious investors because it provides them with a convenient way of searching thru the many available foreclosure homes for sale. Well-respected brokers like Foreclosure Deals can provide you with complete and updated foreclosure listings. You should certainly think of subscribing to their service if you seriously wan to succeed in this business.

Start your search for Atlanta Foreclosure Homes and Lithonia Foreclosure Homes.

Good news for real estate investors and buyers. According to a report released by the Office of Federal Housing Enterprise Oversight, the HPI (Housing Price Index) has actually grown by about 3.2 percent fro the second quarter of this year nationwide. This means that investing in real estate properties will be a wise investment decision. And if buyers consider the return potential that Georgia foreclosure homes offers, they would certainly enjoy great profit.

The number of foreclosure homes in Georgia is still growing due to the thousands of owners who have trouble paying their mortgage dues. With a large selection of bank foreclosures, pre-foreclosures and even foreclosures at auctions, the market will obviously favor these buyers. This particular good news will even generate more buyer interest since confidence will generally be up. Buying one of these foreclosure homes during these times will translate to bigger equity.

If you are a buyer who is thinking twice about these real estate foreclosures, you should not hesitate. Market conditions are perfect for buying these Georgia foreclosure homes and you will certainly miss out on such a great investment opportunity.

For more convenience, search reliable foreclosure listings for hot leads to bargain foreclosures. One good source is Foreclosure Deals, which provides its subscribers with regularly updated listings of the hottest foreclosure properties available for sale nationwide. With home prices in the state stabilizing, you should not waste time. The perfect foreclosure home is just waiting for you.

Whether you are a first-time buyer or seasoned investor, it is recommended that you check the foreclosure property you are bout to buy for structural damage and encumbrances. You will be able to save yourself much grief over inconveniences that could have been avoided in the first place.

Start your search for Atlanta Foreclosure Homes and Lithonia Foreclosure Homes.

The number of foreclosure homes in Georgia reached 22, 391 during the first quarter of 2007. With 1 foreclosure for every 138 homes, the state is considered to have the third highest foreclosures rate. Compared to last year’s data, the foreclosure activity in Georgia has actually decreased by 8 percent. The thousand of Georgia foreclosure homes will surely generate much interest from buyers and investors.

The housing boom experienced a couple of years ago resulted to many subprime loans. These loans are considered to be the culprit for the current high foreclosures rate that most states are struggling with. With the rising interest rates, high cost of living and aggressive lenders, many owners are finding themselves facing foreclosure.

When faced with this unfortunate incident, you should keep in mind that there are available options that could stop foreclosure. One of the fastest ways is to speak with your lender as soon as you missed a single payment. Your lender would appreciate such effort and could help you work out a mortgage payment plan that could help you manage your mortgage better.

With a loan re-structuring option, your lender will basically change the terms and conditions of your loan. You would not need to take out a separate loan and all you have to do is pay the total amount past due before the new terms take place. On the other hand a re-financing would require you to take out a new loan aside from paying the amount past due.

If these options are not available to you, you can explore the possibility of selling your home. There are reputable real estate brokers like Foreclosure Deals that can help you attract potential buyers thru foreclosure listings. These listings have been utilized by seasoned real estate investors for their convenience.