Michael R. Rethinger Bankruptcy Law Blog on Lawyers.com

Atlanta Foreclosures Could Wind Up Being Investment Rentals

Tuesday, February 7, 2012 by Michael R. Rethinger

According to a recent article in the Atlanta
Journal-Constitution, metro Atlanta has thousands of vacant homes which are
owned by the federal government. A
report from the Federal Reserve states that Atlanta has nearly 4,600 government-owned
foreclosed properties, putting it first in the nation. Georgia has more than 6,400 government-owned
foreclosed homes, second only to California. A number of problems have left the region
trailing behind other metro areas, resulting in such a high number of
foreclosed home and personal bankruptcies. For example:

The
number of people moving to Atlanta
has dropped off dramatically.

Metro
Atlanta unemployment remains well above the national average.

The Atlanta
real estate industry, one of the biggest sources of jobs for residents, is
still struggling.

A federal pilot program aimed at turning government-owned foreclosed
homes into rental housing may make the region one of the biggest winners. The plan would allow investors to purchase
foreclosed homes and then rent them. This
could substantially reduce the number of Georgia foreclosures on the market,
which would stop home prices from declining.
While most agree that having investors buy the house for rental units
isn’t ideal, it may help move the market forward and have an overall net
positive affect.

Of course, that doesn’t help the homeowner much, and that’s
where we come in.

Foreclosure can be devastating for a homeowner. The
foreclosure process in Georgia is very quick, sometimes taking as little as 45
days to complete. That is why consulting with an experienced Atlanta bankruptcy
lawyer is so important. At the Law
Offices of Michael R. Rethinger, we represent clients facing foreclosure in
Marietta, Jonesboro, Decatur, Conyers, Douglasville, and across North Georgia. Our initial consultation to discuss personal
bankruptcy is free of charge, and all information remains completely
confidential. Call our office today at
(770) 922-0066.

Posted at 08:21 AM

Topic: Bankruptcy