Georgia Bankruptcy Blog

By: Scott B. Riddle, Esq.

From todays AJC -

A campaign to stem rising numbers of foreclosures locally and statewide was announced Wednesday by metro Atlanta civic leaders and elected officials.

Free counseling and a 24-hour hotline will be offered through the 1-888-995-HOPE campaign to help homeowners avert foreclosure.

In 2006, metro Atlanta ranked second among urban areas nationwide in its foreclosure rate, according to RealtyTrac, a national foreclosure database. Georgia consistently ranks among the top states for foreclosures per household in RealtyTrac's monthly reports.
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The 1-888-995-HOPE hotline will offer free, confidential advice in English or Spanish from counselors who can provide referrals and information about how to work out a plan that can avoid foreclosure.
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Suzanne Boas, president of Consumer Credit Counseling Service of Greater Atlanta, said the foreclosure hotline is the first partnership of its kind in the nation.

"We are looking at and other people are looking at how to replicate this across the country," Boas said.

Goodday,

I have a sub-prime loan by CHASE financial. My rate is to adjust in the month of March, 2008. I have a prepayment penalty that extends until 2009. I live in Hawaii where home values have gone down significantly. My credit is in stable repair and Ive never had a late mortgage payment. I cant seem to get refinanced, can you help me.

we bought our first home(condo)with the interest only/adjustable 1st and 2nd loans.our financial status has fallen behind.we have been in the house from october 2006 to current.we are two months behind in payment.our bills are kiloling the mood of the family.we live in the condo.what canb we do.our loan servicing is homEq servicing.help!

I would have to agree not to call HOPE. I actually work there. From the day I started I felt so guilty because there is no help. I feel HOPE was set in place for people to leave the banks alone. We are like an escape goat for the banks. I feel sorry for some people because they are loosing their homes through no fault of their own. Others I just want to tell them to get a life. Several times I have tried to schedule people for an appointment and they tell me they can not have that date because they are going on vacation. Now realize that they have not paid their mortgage and are going on vacation with the money.
But either way they is no help for anyone. None of the banks are doing the Bush or Obama plan that was set in place. Remember that it is not mandatory for the banks to participate. It is voluntary and none will acknoledge the plan. When mentioned to the bank they all say they will have the information in about two weeks. They have been saying two weeks since last year.
I hate my job because I have to give people false hope. I feel very low. But it is about the only job available in town right now and I also have a mortgage to pay.

Florida has implemented a mandatory mediation, upon request, in all foreclosure cases as a result of the nearly 500,000 cases pending in some stage of foreclosure currently. Is the hotline proving to be a worthwhile effort by GA?