Increase in Georgia Foreclosures Lead Nation, Keep Home Values Down
A new report from ForeclosureDataOnline.com shows that Georgia led the nation in the increase of foreclosure listings between March and April -- 7 percent.
As the local market is continuously flooded with foreclosed homes, it is further proof that home values will continue to drop. This is another important reason for homeowners to consider bankruptcy in Atlanta if they are pouring every last bit of their savings into an upside down mortgage. If you find yourself in this situation, set up a free consultation with Atlanta Bankruptcy Lawyers to determine what may be your best option.
According to the report, there were 3,575 foreclosure listings in March, which climbed to 3,828 in April, a jump of 7.08 percent. Closest to Georgia was Colorado, where foreclosure listings increased 6.62 percent. The Atlanta area saw a 28.9 percent increase, while Marietta foreclosure listings rose 23.6 percent. In Douglasville, listings increased a staggering 129.3 percent.
As the number of foreclosed houses flood the real estate market, those houses are getting deeply discounted, USA Today reports. According to the article, foreclosed homes are settling at a 27 percent discount compared to non-distressed properties nationwide.
All this goes to show that the American homeowner is in a precarious situation. Many homeowners are upside down on their mortgage because the value of their home has plummeted in the midst of the foreclosure glut. They are now stuck in a house that is worth far less than what they are paying for it.
And some are struggling to make payments, sinking thousands of dollars they have been saving for the future into houses that may take years or decades to recover in value.
For those who want to stay in their homes, simply threatening to file for bankruptcy could bring a bank or lending institution to the negotiating table if the homeowner is seeking a loan modification. Normally, banks are unwilling to modify loans because it isn't as beneficial as simply going through the foreclosure process and seeking a deficiency judgment against the homeowner.
But filing for bankruptcy, if the homeowner is concerned about losing his or her home to foreclosure, can help eliminate debts associated with property. Filing for bankruptcy immediately stops the foreclosure process and stops creditors and collection agencies from calling and bothering homeowners.
Getting this type of protection and being able to eliminate debts associated with an upside down mortgage can give people a very freeing feeling. Atlanta Bankruptcy Lawyers have been able to help many homeowners stuck paying for houses that won't increase in value by filing for bankruptcy and clearing away their debt.
Millions of people have taken advantage of these laws and have gotten out from under a house that is draining their finances and, in turn, harming their family's future. Contacting our firm for a free consultation to determine if this is a good option for you is the first step. Don't continue throwing away your money on a house that isn't worth what you're paying.
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.