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.
Similar Posts:
- Your Georgia Bankruptcy and Foreclosure Options
- When Should You Consider Filing Georgia Personal Bankruptcy?
- Before Your File Georgia Chapter 7 Bankruptcy, Read These Tips
- Importance of Bankruptcy Protection
- How Bankruptcy Helps Georgia Families
