Georgia Foreclosure Rates Go Up in 2010 – Bankruptcy Solutions

According to RealtyTrac, a leading foreclosure company, foreclosures went up in July of 2010. And Georgia still has some of the highest rates of foreclosure in comparison to all other states. There were 12,577 Georgia foreclosures in July of 2010. One in every 320 homes went into foreclosure, eighth highest in the country.

Why are so many homes going into foreclosure? And what can you do to avoid losing your Georgia home?

Why Foreclosure?
Why foreclosures are occurring may be for different reasons than you might think. Yes, the housing crisis is a major culprit in the rise of foreclosures nationwide. Yet there is far more to it than that. Unemployment rates are high, many are barely able to afford paying credit interest rates, many lack proper medical coverage, and some have lost thousands of dollars on their homes due to the downward spiral in pricing.

How To Stop It
There are many ways to avoid a foreclosure. In Georgia, with over 1 in every 300 homes being foreclosed every month, the main problem is debt. You likely owe more money on your home than it’s worth. Also, credit and medical debts are increasing, just as jobs are being lost across the state.

You do have options. You can try to sell the home for full value, hoping you get lucky (and you might). You can do what’s called a short sale and sell in order to pay back what you owe; you are selling for less, but will be clear of the debt. You can also get legal protection from creditors and for your home by filing bankruptcy.

Why Bankruptcy?
Bankruptcy gets a bad name. “Only people giving up file bankruptcy” may sound familiar. In fact, bankruptcy can save your home, and it’s your legal right to get help. It all depends on where you stand, and requires some expert financial and legal help. If you want to lose your mortgage debt, and you also have high credit and/or medical debt, filing Chapter 7 may be smart. If on the other hand you believe you can keep the home, but just want some time, Chapter 13 can help. Chapter 13 may be best because it protects you from foreclosure as you create a debt repayment plan you can afford.

Getting Financial Help
This can all get quite technical and requires some financial expertise. You can consult with a lawyer, but you should also consider speaking with some financial experts. This can really help your situation by giving you options.

Getting Legal Help
A lawyer is invaluable if you want to protect your home or discharge debt by filing bankruptcy. Georgia bankruptcy has numerous benefits. Just remember: while you do pay this lawyer money, he or she saves you far more. If you have a $150,000 home in danger of foreclosure, a Georgia bankruptcy lawyer can help you protect it. That’s the main reason for hiring a lawyer: he or she gives you financial protection.

Filed under: Bankruptcy Information — Tags: avoid foreclosure, bankruptcy financial protection, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, Chapter 7 Bankruptcy in Atlanta, delay foreclosure, foreclosure process, Georgia bankruptcy attorney, Georgia Foreclosure Law, georgia foreclosure options — jmalewitz @ 2:30 pm

6 Tips for Atlanta Residents to Improve Credit Report Scores

What is a credit report? A credit report shows your financial history, as created by credit bureaus. If you’ve ever fallen into debt, filed bankruptcy,and/or lost your home in foreclosure, your credit report may look like a battlefield. No worries–you can improve it. And this guide shows you precisely how to do that.

1- Get Your Credit Report
How do you get your credit report? Simple. You can get it by going to the three major credit bureaus, who have websites at Equifax.com, Experian.com, and Transunion.com. This is where your credit score is created. You can expect your scores to reflect: your payment history, how much you owe, length of your credit history, types of credit used, and your new credit.

2-Improve Your Payment History
You can improve your credit score in a variety of ways. No matter how bad you think it is, there is always a solution to improving credit scores and rebuilding your life after bankruptcy, home foreclosure, or job loss. To improve your credit report, improve your payment history. This means paying bills on time, getting current on past due bills, contacting creditors if you think you’ll not be able to pay a bill on time, and if you run into trouble working with a non profit credit counselor (be thorough in researching them and making sure they’re legit).

3-Avoid Debts
One major problem people in debt face is high credit card balances. You want to keep these low. Why? They lower your scores, so keep them low and you can improve your score. Next, you want to avoid moving debt around; just pay it off. The more open balances you have the lower your score gets.

You just have to be logical when it comes to debts. Here again there is professional help, just as there is for home owners facing foreclosure or bankruptcy.

4-Time and Credit History
Time is on your side if you follow these tips, but it’s something you obviously cannot “rush.” However, what you can do is not opening multiple accounts in a short period. If you have little credit history, this could hurt you.

5-Managing Credit
There are many other ways your credit score can do now that you may be unaware of, such as searching for a single loan. If you search for a single loan, perhaps for a home, multiple queries can surprisingly hurt your credit score. Also, if you make many credit queries in quickly, that can sometimes lower your credit score. If you have to do either, do them in as short a window as possible.

6-Improve Credit, Avoid Debt, Delay Problems
There are many other ways you can improve your credit, but if you run into problems with debt on a regular basis, or if you are simply out of reach of paying back all your debt, you may want to consult with non-profit counselor. If things look bad, perhaps you fear a home foreclosure, you could contact a bankruptcy lawyer and see your options. Chapter 13 bankruptcy can be advantageous, including delaying any foreclosures for years. Chapter 7 bankruptcy can eliminate credit card debt. If you do want bankruptcy and a fresh start, hire a good bankruptcy lawyer, and when you’re done, work on rebuilding your credit with the above tips.

Filed under: Bankruptcy Information — Tags: after bankruptcy, Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, before bankruptcy, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, delay foreclosure, fixing credit report, Foreclosure, Georgia bankruptcy, improving credit history, improving credit score — jmalewitz @ 12:22 pm

Advantages of Filing Chapter 7 and Chapter 13 Bankruptcy Before Georgia Foreclosure

Filing for Chapter 7 or Chapter 13 bankruptcy is too complicated for many individuals to do by themselves, but the benefits of bankruptcy can be had by all. While it can be a complex and difficult process, in most cases Chapter 7 and Chapter 13 bankruptcy do more than give you a fresh start–they give you a second chance.

As noted in this blog post on Georgia Debt Law, if you’re facing foreclosure then bankruptcy is often your best option. At a minimum, you have extra time to find a second residence. At best, it buys you time to save your home.

Just what bankruptcy should you file and how does it work? First, let’s go over exactly what a foreclosure is.

Georgia Foreclosure
You fall behind on your mortgage payments, and the lender isn’t working with you on a payment plan. Maybe you have too many other bills, such as medical fees or car payments, or maybe you lost your job or someone close to you passed away. No matter the reason, the lender can take steps to bring foreclosure on your home, selling it at an auction and paying back your debt through the sale.

There are many alternatives to filing bankruptcy, but in terms of foreclosure, if you’re behind on payments sometimes there is little else you can do. If the lender is unwilling to negotiate, if you have bad credit, or if you have no other place to go if you lose this home, bankruptcy is almost a must.

Georgia Bankruptcy
Filing bankruptcy in Georgia usually calls for Chapter 7 or Chapter 13 bankruptcy. The good news with Chapter 7 bankruptcy is that it buys you extra time to find another residence (if you have few other places to go). This can be several months if not longer, as by law the courts can protect you.

How? If you file Georgia bankruptcy, there is the “automatic stay” which usually gives you 3-4 extra months extra time. You will likely lose your home if you file Chapter 7 bankruptcy in Georgia, but 3 months is a lot of time to figure something out.

On the other hand, you may want to fight this to the end. The best option if you want to keep your home–if you want to fight for it–is to file Chapter 13 bankruptcy in Georgia.

Advantages of Chapter 13 Bankruptcy in Georgia
Chapter 13 bankruptcy can save your home. You will need enough income to meet your current mortgage payment, so do what you can to get that. After, you will set up a repayment plan over a few years time–usually 3-5 years. This means you’ll pay back the debt over a longer period. It does call for bringing in more money, but Chapter 13 bankruptcy is the foreclosure solution.

Hiring a Georgia Bankruptcy Lawyer
Your best choice is to discuss this with a Georgia bankruptcy lawyer. Did you know, for example, you may be able to cancel your 2nd and 3rd mortgages? It’s not a dream, with the right assistance you can. And people successfully file for bankruptcy in Georgia to stop or delay foreclosures. All you need now is to choose a lawyer who can help.

Filed under: Bankruptcy Information — Tags: Atlanta, Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy, Creditor, delay foreclosure, Foreclosure, foreclosure process, Georgia bankruptcy — jmalewitz @ 8:08 pm

Stall Tactics Helping Homeowners Delay Foreclosure

An Associated Press story in the Atlanta Journal Constitution highlights a Florida attorney who has developed a stall tactic that has mortgage servicers wanting to foreclose on homes scrambling to find documentation that proves they in fact own the loan. Homeowners across the country have used the legal move to delay or stop foreclosure proceedings and stay in their homes.

After being served with foreclosure notice, the homeowner files with the court seeking proof of the lien by asking that the lender produce the original mortgage paperwork.

Since the paperwork is often stored in dedicated facilities, it may take weeks or even months to find the documentation delaying the foreclosure. Sometimes, mortgage lenders have been unable to produce the documentation of the loan and the foreclosure is stopped by the courts.

Since the foreclosure process in Georgia is much quicker than in some parts of the country, it requires that homeowners be on top of their situation. Knowing you have missed a couple of mortgage payments, you need to be on the lookout for a notice in your local paper and anything that may be sent to you in the mail regarding a foreclosure.

If your financial situation has deteriorated to the point that you are struggling to make your housepayment, you should talk to a Georgia bankruptcy attorney about your options.

Filed under: Bankruptcy News — Tags: Atlanta Bankruptcy Lawyer, delay foreclosure, foreclosure process, Georgia bankruptcy attorney — admin @ 10:25 am

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