Michael R. Rethinger Bankruptcy Law Blog on Lawyers.com

Reasons for High Georgia Foreclosure Numbers and Help for Homeowners

Wednesday, February 1, 2012 by Michael R. Rethinger

Photo of Michael R. Rethinger


It’s well known among those in Metro-Atlanta that Georgia
has been greatly affected by the high number of foreclosures that have occurred
in the past few years.  The good news is
that recent reports show that our state saw a 16% decrease in foreclosure
filings in 2011.  Unfortunately, we are
still the fourth highest state in the country for home foreclosures.  The Atlanta Journal-Constitution recently
published an article that set forth several reasons why Georgia is plagued with
so many foreclosures.



First, Georgia is a “title theory” state, which means the
state has very strong foreclosure laws.  A
person can lose their house in as little as six weeks in Georgia.  In some states it may take up to 2 years to
foreclose on a property.  The second
reason foreclosures hit Georgia so hard is because the state experienced unprecedented
growth, and a resultant housing boom.  During
this time, many homes were sold to first-time buyers with good intentions to
stay current on their mortgage, but the inability to do so after a
life-changing event.  Lastly, mortgage
fraud ran ramped through Georgia in the years prior to 2008, which had a
tremendous impact on the overall housing market and recovery. 



If you or a loved one is facing foreclosure, Atlanta
bankruptcy attorney Mike Rethinger can help. We’ve helped homeowners keep their
houses in Atlanta, Marietta, Jonesboro, Conyers, and other suburbs by utilizing
our years of experience in the bankruptcy courts.  Call our office today at (770) 922-0066 for
your free consultation.  All information
remains strictly confidential.



 
Posted at 09:35 AM
Topic: Bankruptcy
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