DeKalb County Home Values Continue Freefall, Leading to Rise in Foreclosures
Two recent stories out of Atlanta show the frustration and discouragement people are feeling from America's foreclosure crisis.
Fox News reports that home values in DeKalb County continue to sink because of a high number of foreclosures. And The Atlanta Journal-Constitution reports that a recent walk-in workshop about foreclosure drew 1,500 nervous homeowners.
Atlanta bankruptcy lawyers understand and have seen the desperation people are dealing with in Atlanta and throughout Georgia because of plummeting home values, lost jobs and the Great Recession. Keep in mind that foreclosure sales in Georgia take place on the first Tuesday of each month, but if you are facing an upcoming foreclosure sale, filing for bankruptcy will immediately stop the sale. It is one of the few ways to stop a foreclosure sale in its tracks.
Fox reports that DeKalb is continuously in the top of the state in terms of foreclosure numbers and many houses are selling for a fraction of the asking price. This drags down property values for homeowners who are still holding on and the cycle repeats itself.
And even while paying less in taxes, many homeowners are worried about the long-term impact after a third consecutive year of plummeting property assessments. With 60 percent of the county's revenue coming from property taxes, it may cause tax hikes to existing homeowners to make up the lost money.
Meanwhile, in College Park, a recent Hope Now Foreclosure Workshop drew more than 1,500 homeowners in danger of foreclosure hoping to talk with lenders and counselors about the crisis.
The Atlanta Journal-Constitution reported that the workshop was designed to cut through the confusion of telephone negotiations, emails and letters, which often leave homeowners frustrating and feeling unproductive.
While people have tried to use scam artist loan modification programs or debt counselors, filing for bankruptcy is the only way to guarantee a foreclosure is stopped in Atlanta. Filing for bankruptcy immediately will stop a foreclosure immediately.
Creditors and debt collection agencies are immediately notified and you are protected from having to pay outstanding debts while the process is ongoing. You must qualify based on income and other factors and our firm is dedicated to helping you make the right decision.
There are different forms of bankruptcy, depending on your income level, number and value of assets, and other criteria. Chapter 7 bankruptcy is typically more helpful for people who don't own a home and have little income, but have mounting debt. Chapter 13, however, is usually best for a person or family who owns a house or other large assets and can set up a payment plan over three to five years.
Most lenders are unwilling to modify a loan and the foreclosure process can move fast in Georgia, so don't hesitate. Consult with an Atlanta bankruptcy lawyer immediately to discuss your case.
If you need to speak to an Atlanta bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis.
Additional Resources:
DeKalb Home Values Continue to Fall, by Portia Bruner, Fox News
Foreclosure aid meeting draws 1,500, by Christopher Quinn, The Atlanta Journal-Constitution