Atlanta Foreclosure Rates Drop Below National Average
The business blog of the Atlanta Journal-Constitution recently noted that both foreclosure rates and mortgage delinquencies in the Atlanta area have dropped in the past year. Atlanta’s foreclosure rate matched Georgia’s statewide, but the delinquency rate for the city was slightly lower than the state rate of 3.29 percent.
These statistics serve up good news – and bad news — for Atlanta Metro homeowners. For those looking to sell, the numbers indicate the market is returning to good health. Home prices should give sellers a good return on their investment.
On the other hand, homeowners who are struggling to make mortgage payments may find their lenders are less willing to consider loan workouts. When a bank’s inventory of foreclosed property is high, officers are open to negotiations that will prevent them from accumulating another foreclosure. When the bank is not burdened with a surplus of foreclosures, they can afford to be stricter.
So, paradoxically, it may be harder to escape foreclosure in a healthy housing market. This is why bankruptcy may be the best option for distressed borrowers. Chapter 13 bankruptcy often allows homeowners to keep their primary residence as they repay debts at a lower monthly rate. The repayment plan lasts from three to five years, and afterward, the court discharges your remaining eligible debt.
For more information about Chapter 13, schedule a free consultation and case evaluation with an experienced bankruptcy attorney. Call DebtStoppers today at 678-673-2142 or contact our office online.