According to an article in the Atlanta Journal Constitution, foreclosures in 13 metro counties hit a record high in July of this year. Of the 13 counties, the biggest numbers came from Fulton with 1,804, DeKalb with 1,414, Gwinnett with 1,295, Cobb with 773 and Clayton with 710. Those are staggering numbers to say the least. The total for the 13 counties came to 7,659, of which beat the previous high by almost 300. With these numbers, I believe it is safe to say that the housing market is no where close to turning around.
In Georgia, foreclosures occur at the county court house on the first Tuesday of every month. The July foreclosures will be sold on the court house steps on August 5th, 2008. Typically, a debtor will know if he or she is facing foreclosure. They will receive a certified letter from the mortgage company's attorneys that states a date that their home will be foreclosed.
There are many methods that an individual can stop a foreclosure. One method would be to pay off the late payments, along with interest, late fees and attorney fees. Another option would be to work out a payment plan with the mortgage company that would allow them to catch up the payment over time or to put the late payments at the end of the mortgage. This option is typically done before the file is sent to the mortgage company's attorneys. Finally, the last resort is for the individual to file a Chapter 13 bankruptcy. This type of bankruptcy will stop the foreclosure immediately and allow the debtor to catch up the mortgage payment and consolidate the remainder of their debts through one monthly payment. The regular monthly mortgage payment is typically the only debt payment that will remain outside of the bankruptcy payment.
If an individual wants to file for Chapter 13 to save his or her home, they should consult with an attorney as soon as they receive the foreclosure letter. There are many reasons for this, but the number one reason is to get their case filed BEFORE the foreclosure goes through. There is a lot of paperwork involved in getting a Chapter 13 filed, as well as a credit counseling course that must be taken. I have seen too many instances where an individual calls the Monday before the foreclosure and wants to save their home. Though it can be accomplished, and I have done so on numerous occasions, and individual will not be able to find many attorneys that will take on the case that late in the game. And if they do, they are probably going to charge more money up front then they would have if they would have been given at least two weeks notice of the foreclosure.
Brian Limbocker
Limbocker Law Firm, LLC
2470 Windy Hill Road SE Suite 300
Marietta, GA 30067
Phone: 770-933-5355
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