Georgia Ranks 7th In April Foreclosures

With Fulton County leading the way in the Atlanta Metro area, Georgia ranked 7th nationwide in the number of home foreclosures in April.

Numbers released by Realty Trac, a California based real estate company, show that 1,846 homes in Fulton County were in some stage of the foreclosure process in April. Statewide there were 11,521 homes that received foreclosure notices.

That brings the total number of foreclosures for 2009 in Georgia to 44,979. Luckily not all of the homeowners who received those notices will  lose their home. Some who act quickly can save their home by filing a Chapter 13 bankruptcy. 

If you are facing foreclosure on your home, talk to an Atlanta bankruptcy attorney about your options.

Changes Coming For Bankruptcy Laws

If you are having trouble paying your mortgage and are considering bankruptcy in Atlanta, you may want to hold out a little longer.

Congressional leaders are pushing for a change in bankruptcy law in an attempt to slow foreclosures, which many blame for a glut of houses on the market. The change would allow a bankruptcy judge to modify the amount owed, interest rate and term of mortgages for persons seeking bankruptcy protections.

Democrats in Congress say that the bill will force the hand of banks who have been slow to negotiate loan modifications with homeowners who have fallen on hard times financially. They have been pushing for banks to modify mortgages in an attempt to halt the rise of foreclosures in the United States since September of last year.

In a dramatic about-face Citibank’s chief executive voiced support Thursday for a Senate bill that would allow bankruptcy judges to modify mortgages for persons seeking Chapter 13 bankruptcy.

In letters to congressional leaders, Vikram Pandit praised the measure, saying that “given today’s exceptional economic environment, we support its swift passage.”

Under terms negotiated with Citibank and other banking interests, a bill under consideration in the United State Senate will apply only to mortgage loans made before the bill is enacted.

Congressional leaders hope to make the law part of an economic stimulus plan touted by President-elect Barack Obama, who has said he supports the allowing bankruptcy judges to modify mortgages.

Critics point to a report issued by the Comptroller of the Currency shows that 37% of homeowners whose mortgages were modified in the first quarter of 2008 were in default again in six months to argue against the plan.

They also say that it will undermine contract law and drive up the cost of borrowing for everyone.

If you can hold on until the bill is passed and signed into law, you could negotiate with your lender for more favorable terms on your mortgage. If you are already behind on your mortgage and your lender is threatening foreclosure, you should speak to an Atlanta bankruptcy attorney today to find out what your options are in the meantime.

Welcome To Atlanta Bankruptcy Attorney Blog

Welcome to the Atlanta Bankruptcy Attorney Blog. We here at Berry and Associates have created this site to provide Atlanta residents with information and news about the bankruptcy process. Center to this will be information on Chapter 7 bankruptcy’s “fresh start” and how Chapter 13 Bankruptcy can stop home foreclosure.

Chances are that everyone will have a financial crisis of some sort in their lives. Whether it is caused by the loss of a job, divorce or some sort of medical issue, financial trouble can lead to disastrous results, including wage garnishments and loss of your home.

Bankruptcy is an option that can help you begin to recover from the crippling debt that has resulted from your experience with one of life’s stumbling blocks. Once you have decided that bankruptcy might be an option, consulting a qualified bankruptcy attorney is the next step.

Information is power. We hope to empower you to take control of your financial crisis and help reduce the stress caused by debt collectors.

An attorney can guide you through the process and is there to protect your interests.

Berry and Associates offers a free initial consultation to new clients at one of our 9 Georgia offices. So make an appointment to talk to one of our dedicated bankruptcy attorneys today.