A report issued by the Mortgage Bankers Association shows that 1 in 8 Georgia homeowners was delinquent or in foreclosure in the last three months of 2008.
The association said that 223,000 Georgia homeowners behind on mortgage payments or already in foreclosure was a 16 percent increase from the numbers for the third quarter.
The report also said that homeowners with subprime mortgages were more likely to be having trouble, with roughly 35 percent of Georgia residents with those types of loans either delinquent of in foreclosure.
With unemployment rates continuing to climb, Georgia’s economic woes are likely to get worse before they get better.
Bankruptcy filings for the 12-month period ending in December 2008 rose more than 20 percent across Georgia. In the Northern District of Georgia Bankruptcy Court, which serves Atlanta metro, the number of bankruptcies filed reached 40,122, up 24.1 percent from the 32,320 cases filed in 2007.
As a bankruptcy law firm, we recommend that those in danger of losing their home to foreclosure seek advice about a possible bankruptcy filing as soon as possible. Georgia law allows for the foreclosure on your house to go through relatively quickly with little notice to you.
Getting the advice of an experienced Atlanta bankruptcy lawyer can help you keep your home.
