New York Times: Increasing Rate of Foreclosures Upsets Atlanta
The New York Times has an article entitled Increasing Rate of Foreclosures Upsets Atlanta. Thanks to Steve Jakubowski for the tip.
A few excerpts from the article --
ATLANTA — Despite a vibrant local economy, Atlanta homeowners are falling behind on mortgage payments and losing their homes at one of the highest rates in the nation, offering a troubling glimpse of what experts fear may be in store for other parts of the country. ...
A big reason the fallout is occurring faster here is a Georgia law that permits lenders to foreclose on properties more quickly than in other states. The problems include not just people losing their homes, but also sharp declines in property values, particularly in lower-income and working-class neighborhoods.
For example, a three-bedroom house near Turner Field, where the Atlanta Braves baseball team plays, fetched a high bid late last month of $134,000 at an auction by the bank that took possession of it. Almost three years ago, the new home was bought for $330,000.
While the surge in foreclosures in other big cities like Cleveland, New Orleans and Detroit can be attributed to local economic challenges, Atlanta more closely reflects the nation. Its unemployment rate, 4.9 percent in May, is low and close to the national average of 4.5 percent. And businesses here are adding jobs, albeit at a slower pace than they were last year.
I am currently in the army in Iraq, I own a few properties, I had a broker watching and taking care of the property, one of my properties is forclosed on and the bank owns it. I did not find out about this until a week after the forelcosure, I have been calling and begging to have this reenstated but they are saying that there is nothing theyc an do. The broker said they never got any notices and they were waiting for eviction notice from the courts because there were tenants saying in the home and they were being evicted for non payment. AGain I didnt find out about this until it is too late. What can I do if anything. I was given a reenistatement quote but when I called to pay, they say its nothing they can do. the property did not sale at the sheriff sale, and the bank still has it, how can i get this back, I am a victim here i feel, and I worked so hard to get my credit good and to have it messed up over this is a shame, what advice can you give me if any.
Sgt in iraq