Atlanta Bankruptcy Attorney Blog

It's bad enough that countless people are losing their homes because they can't pay the bills. But imagine the frustration of finding out you're losing a home you've paid off.

As banks rush to push through millions of foreclosures in 2012, errors are increasingly leading to foreclosures, lawsuits, and credit damage for consumers who are current on their loan payments.

With an estimated 12.5 percent of U.S. homes either in foreclosure or delinquent by at least a month, the problem is only expected to get worse.

Regardless of the reason for foreclosure, Chapter 13 bankruptcy may be the best way to legally stop the foreclosure process and allow homeowners to begin rebuilding their credit.

According to a recent Reuters story, a growing number of homeowners are reporting that they are being harassed by banks for mortgages that should have been recorded as paid in full.

In some cases, borrowers refinance a home loan but the original mortgage is never written off. In other cases, homeowners are sued for foreclosure on a house they sold years ago. And in some rare but worrisome cases, consumers are being pinned down for delinquencies when they never even had a mortgage to begin with.

It all comes down to the disorderly state of the lending industry.

During the peak of the housing boom in the mid-2000s, Wall Street encouraged mortgage servicers to quickly process loans so they could be sold around the world to thousands of investors. In the ensuing chaos, important legal procedures were brushed off.

Many times, Atlanta bankruptcy lawyers have seen homeowners have difficulty qualifying for a loan modification because the bank can't locate the owner of the original loan. Now homeowners are being held accountable for home loans that aren't even theirs. Because data has never been collected on wrongful foreclosures, there is no way to estimate the extent of the problem.

In one case, a Utah woman's accountant learned that the woman was being sued for foreclosure because a bank error had showed she was delinquent by a single dollar. As a result, her credit was ruined. In another instance, a Vietnam vet paid off his mortgage in full, only to have his bank continue sending notices in error.

It's an important reminder of how necessary it is to keep an eye on credit so that mistakes can be quickly corrected before they spiral out of control.

In the meantime, Atlanta bankruptcy is a helpful tool to have handy.

Errant fees and legal troubles can add up to cause serious financial hardship, whether deserved or not. And of course, many times foreclosure stems from a true inability to make payments, whether due to job loss, credit card debt, or medical bills.

Continue reading "Atlanta Bankruptcy May Help Consumers Plagued by Wave of Mortgage Errors " »

In a strange, but uplifting turn of events, law enforcement and bank-hired movers ordered to evict in Atlanta recently walked away from a home after seeing that the owner was an elderly 103-year-old woman, The Atlanta Journal-Constitution reports.

Many Americans haven't seen the same type of kindness displayed to them when people come knocking on their door and threaten to take their house and kick them to the curb. Millions of Americans have endured a foreclosure and while many have simply walked away and found a place to live, others have met the problem head-on with people changing locks or threatening eviction with law enforcement in tow.

There are millions of houses nationwide that are under water, meaning the owners are paying more in monthly mortgage payments than the house is worth. And, yet, people are trying to stay in their homes.

What some people don't realize is that filing for Chapter 13 bankruptcy in Atlanta can help people stay in their homes and significantly improve their debt situation.

If consumers have fallen into debt and are having difficulty making house payments, they could be best served by talking with a skilled Atlanta bankruptcy lawyer, who can advise them on the best course of action.

As our lawyers have reported recently, the popularity of Chapter 13 bankruptcy has increased lately. The "wage earners bankruptcy," Chapter 13 allows people to keep major assets, such as a house, vehicles and other things and set up a payment plan over 3 to 5 years. If those payments are made, on time, throughout that time period, the remaining debt is cleared. And filing for bankruptcy immediately stops foreclosure.

This is different than Chapter 7 bankruptcy, which is the more popular version of the two. Most people relate to this version, where people, mainly who have no income and few assets, are able to lose the debt without losing any assets. In some cases, valuables may be liquidated to pay back debt, but there are exemptions.

In this woman's case, she and her 83-year-old daughter have lived at the home for decades. Court records show, the newspaper reports, that in 2002, the woman's grandson got a second mortgage on the house from Deutsche Bank National Trust. The loan is now being administered by Chase Bank.

Deutsche foreclosed on the house in 2009 and the women had remained in the home while he fought foreclosure. Chase recently ordered the eviction, despite pressure from local politicians and community activists.

When police and movers showed up to evict, they walked away after seeing the woman. The stress caused her daughter to be sent to the hospital. The bank said in a statement that they would work out an agreement to allow the women to stay in their home.

It would be naive to believe this situation happens often. While there have been occasional examples of people getting last-ditch agreements, most often the banks aren't generous and they take people's homes. The better strategy is to have a plan. Speak with an Atlanta bankruptcy lawyer and see how bankruptcy can help you avoid foreclosure.

Continue reading "Cops, Movers Walk Away, Leave 103-Year-Old Atlanta Woman's House Despite Foreclosure Eviction Notice" »

As the Atlanta Journal-Constitution reports, there is little good news to talk about in the housing market in the Atlanta metro area.

It reported that foreclosure notices in October were up from September. This is likely because banks are again ramping up foreclosure cases after taking nearly a year break when unethical and illegal banking procedures were discovered.

Atlanta's economy has faltered along with the rest of the nation. Many unemployed people are missing mortgage payments, sending scores of houses into foreclosure in Atlanta. But one guaranteed way to stop foreclosure is by considering bankruptcy in Atlanta.

Atlanta bankruptcy lawyers have seen how foreclosures have caused house values to plummet throughout the area. For people who are able to afford to stay in their houses and plan to stay forever, this isn't a problem because it's likely that years down the road the values will be restored to pre-recession levels.

But for people who want to move, they are stuck. For homeowners who have lost their jobs, they have no way of paying hundreds to thousands of dollars each month for a house that is worth less than the amount owed.

And when one payment is missed, the letters start arriving in the mailbox. Automated calls come once, twice or three times a day. Homeowners may get a call from a customer service representative asking if they want to make a payment.

After the second payment is missed, they tack on late fees, saying the homeowner owes them more money on top of the missed payments. Then, they start suggesting a loan modification program, which they rarely will agree to comply with.

In the Atlanta metro area, there were nearly 9,000 foreclosure notices in October, a jump from about 7,600 in September, the newspaper reports. While there have been month-to-month jumps, foreclosure notices appear to be on the rise.

After nearly a year of reviewing their practices, banks are again moving forward with foreclosure notices now that they believe they have cleared out their unethical robo-signing and fake document practices.

All of this can be avoided, however. By filing for bankruptcy, regardless of the stage of foreclosure, the foreclosure will stop. If you are one payment behind and don't believe you can make any further payments or if your house is close to being sold at auction, bankruptcy stops the process.

Once you enter bankruptcy, you likely will be able to stay in your home during the process and may be able to work out a way to stay in it even after the process is completed. For those who are struggling to make payments -- as many in the Atlanta area are -- bankruptcy may be a smart option.

If you are in this situation, set up a free consultation today to discuss your options. It may be the best choice you make and it could save your home.

Continue reading "Atlanta Forecloures on the Rise Again, But Bankruptcy Can Stop Them" »

In their infinite wisdom, Georgia lawmakers Sen. Johnny Isakson and Rep. Tom Graves have introduced legislation that would allow homeowners to dip into their retirement accounts penalty free in order to make mortgage payments, The Atlanta Journal-Constitution reports.

I don't know about you, but I don't hear of many people clamoring to ruin their entire future so they can make mortgage payments. What this law will do is ruin the lives of anyone who decides to give away their hard-earned retirement money -- especially with how weak Social Security is -- in lieu of foreclosure.

As everyone knows, Georgia has been hit especially hard by the sub-prime foreclosure crisis. The state ranks in the top five month after month in foreclosures. But this is a short-sighted law that isn't nearly as effective as bankruptcy in Atlanta.

If you file for bankruptcy, after consulting with an experienced Atlanta bankruptcy lawyer, the foreclosure process stops immediately. This means whether you have missed one mortgage payment or six, your house can't be taken away during foreclosure. Filing stops creditors from calling about bills, the banks from sending harassing letters and e-mails, and from the hassle of dealing with wage garnishments.

It is a better alternative than dealing a crushing blow to one's retirement. When people plan for the future, they don't expect to give up their retirement to pay for a home. With housing prices having plummeted during the recent crisis, they aren't nearly the investment many had hoped they would be.

Bankruptcy can rescue consumers from foreclosure and in many cases allow them to remain in their homes both during and after the process is complete. In Chapter 13 bankruptcy in Atlanta, consumers are able to set up a reasonable payment plan over three to five years to pay back a portion of what is owed.

Under the lawmakers' plan, people would be able to pull out 401(k) funds, retirement account money and other locked-in accounts without paying a 10 percent penalty to the IRS if they were using the money to make monthly mortgage payments.

Sadly, while their quotes in the news media show they are proud of their actions, they're missing the point. Would they really tell their friends, maybe people in their 60s who aren't going to find good work anymore, to cash in their retirement accounts to pay for a house that is underwater in its mortgage? Never. But they announce the legislation with quotes that make it seem as if they are doing the country a huge favor.

Isakson said that the nation's economy can bounce back only if the housing market recovers, adding that the legislation will "help strengthen the American housing market" by reducing foreclosures.

Yet, it will leave retirees penniless.

Graves, on the other hand, says the legislation actually does people a favor. For those who have been "responsible enough" to save for retirement and are out of work, the legislation allows them to pull their retirement money to pay for their homes.

I'm sure everyone who's out of work wants to sink all of their savings into a below-market house that may not even recover in value until after they have died.

In bankruptcy, retirement accounts are off-limits from creditors, allowing consumers to keep their retirement and manage payments. In some cases, they can walk away from bankruptcy with other debts cleared so they can use savings or other income to make payments to keep the house, rather than using precious retirement money.

Continue reading "New Law Would Allow Georgians to Use Retirement For Mortgage Payments to Avoid Foreclosure" »

It's another top ranking for Georgia that residents wish they didn't have -- most foreclosures. According to The Atlanta Journal-Constitution, the state ranked fourth nationally in foreclosure rates in August.

Stopping foreclosure in Atlanta can be a complex process for those who attempt to fight the banks in the court system. A less complex process is filing for bankruptcy in Atlanta, which automatically stops foreclosure.

An experienced Atlanta Bankruptcy Lawyer will advise you that bankruptcy can be alleviating upon completion, compared to the pre-bankruptcy stage where bills are piling up, payments are falling behind and stress is mounting.

According to the foreclosure tracking company RealtyTrac, there were 11,743 properties statewide in August that had foreclosure filings. That number includes scheduled auctions, bank repossessions and default notices. It's a 2 percent increase from July, but actually down 28 percent from August 2010. Yet, the rate ranks Georgia fourth in the nation.

In metro Atlanta, foreclosure notices rose 16 percent in August from July, but the count was partially based on a five-week period of notices compared to a normal four-week period. According to RealtyTrac, only Nevada, California and Arizona had more foreclosures. Idaho, Florida, Illinois, Colorado and Utah had slightly lower rates.

Experts have believed for some time that banks and lending institutions have been holding back on their foreclosure filings after attorneys pointed out all the problems banks were having with robo-signed documents, false paperwork and other issues.

Analysts now believe that the increase in the Atlanta area in foreclosure filings may be a result of banks beginning to file foreclosures on houses that have been behind in payments for months. Most banks held back on their filings beginning last fall after saying they would be reviewing policies and procedures.

It's possible that more filings will be coming as banks figure out how to file foreclosures without incorrect paperwork and violating homeowners' rights. While this is certainly possible, it's foolish to consider what may happen in the future. You know your situation and you know whether it's going to get better and improve with time or if acting now is the smart move.

A big benefit of bankruptcy in Atlanta for homeowners whose houses are in foreclosure or on the brink of foreclosure is that filing immediately stops the foreclosure process. A homeowner could be one monthly mortgage payment behind or many months behind and filing for bankruptcy stops the bank from trying to take away a person's home.

Most homeowners can continue to stay in their homes while the bankruptcy process is ongoing and may be able to stay in their homes once the process is complete. The bankruptcy procedure can be complex and difficult to navigate, so consult with an experienced Atlanta Bankruptcy Lawyer who will be able to guide you through this decision in order to give you the financial freedom in the future that you don't have right now.

Continue reading "Georgia Among Top 5 in Nation For August Foreclosures" »

Two recent stories out of Atlanta show the frustration and discouragement people are feeling from America's foreclosure crisis.

Fox News reports that home values in DeKalb County continue to sink because of a high number of foreclosures. And The Atlanta Journal-Constitution reports that a recent walk-in workshop about foreclosure drew 1,500 nervous homeowners.

Atlanta bankruptcy lawyers understand and have seen the desperation people are dealing with in Atlanta and throughout Georgia because of plummeting home values, lost jobs and the Great Recession. Keep in mind that foreclosure sales in Georgia take place on the first Tuesday of each month, but if you are facing an upcoming foreclosure sale, filing for bankruptcy will immediately stop the sale. It is one of the few ways to stop a foreclosure sale in its tracks.

Fox reports that DeKalb is continuously in the top of the state in terms of foreclosure numbers and many houses are selling for a fraction of the asking price. This drags down property values for homeowners who are still holding on and the cycle repeats itself.

And even while paying less in taxes, many homeowners are worried about the long-term impact after a third consecutive year of plummeting property assessments. With 60 percent of the county's revenue coming from property taxes, it may cause tax hikes to existing homeowners to make up the lost money.

Meanwhile, in College Park, a recent Hope Now Foreclosure Workshop drew more than 1,500 homeowners in danger of foreclosure hoping to talk with lenders and counselors about the crisis.

The Atlanta Journal-Constitution reported that the workshop was designed to cut through the confusion of telephone negotiations, emails and letters, which often leave homeowners frustrating and feeling unproductive.

While people have tried to use scam artist loan modification programs or debt counselors, filing for bankruptcy is the only way to guarantee a foreclosure is stopped in Atlanta. Filing for bankruptcy immediately will stop a foreclosure immediately.

Creditors and debt collection agencies are immediately notified and you are protected from having to pay outstanding debts while the process is ongoing. You must qualify based on income and other factors and our firm is dedicated to helping you make the right decision.

There are different forms of bankruptcy, depending on your income level, number and value of assets, and other criteria. Chapter 7 bankruptcy is typically more helpful for people who don't own a home and have little income, but have mounting debt. Chapter 13, however, is usually best for a person or family who owns a house or other large assets and can set up a payment plan over three to five years.

Most lenders are unwilling to modify a loan and the foreclosure process can move fast in Georgia, so don't hesitate. Consult with an Atlanta bankruptcy lawyer immediately to discuss your case.

Continue reading "DeKalb County Home Values Continue Freefall, Leading to Rise in Foreclosures" »

IN EDITING:

ABC News reports that Atlanta music producer Jermaine Dupri's mansion was set to be auctioned on the courthouse steps recently, but the sale was abruptly halted.

Working your way out of debt and staring foreclosure in the face can be a scary proposition, but meeting with an experienced Atlanta foreclosure lawyer can make the difference between losing your house and owing a large sum of money and saving your house and putting together a manageable payment plans. Atlanta bankruptcy laws are designed to help the consumer in times of distress.

In Dupri's case, it's unclear why the foreclosure was abruptly stopped, ABC News reports. The mansion, on Mount Paran Road in the northwest part of Atlanta, is 15,000 square feet and he owes on the original $2.5 million loan.

Companies have also filed liens against Dupri's house. One contractor says Dupri owes him $12,000 for interior design and renovations made to the house. The Georgia Department of Revenue told the TV station he owes nearly $500,000 in back taxes from 2007, too.

What this shows is that anyone can get into debt problems that can become overwhelming. While Dupri is a successful celebrity with a career in the music industry, it appears from news reports and public records that he has compiled debt from which he can't recover.

While the story doesn't say for sure, it is possible that Dupri filed Chapter 13 Bankruptcy in Atlanta. The reason it's possible is because as soon as someone files for Chapter 13 bankruptcy, their foreclosure process stops and an automatic stay goes into place.

And Chapter 13 doesn't just apply to foreclosures. It can immediately stop creditors from calling and sending nasty notices of non-payment. Notices will be sent out to debt collectors, who will then be banned from contacting you. This applies to large amounts of credit card debt, unexpected medical bills or job loss that cripples your family's finances.

The process is designed to give homeowners, or others with large assets they want to keep, a fresh financial start. The laws allow people to create a payment plan that takes into consideration their income, living expenses and how much they can afford to pay. That plan will be in effect for roughly three to five years.

The important thing here is to make sure you are consulting with knowledgeable and responsible bankruptcy attorneys in Atlanta. Millions of people have used bankruptcy laws to their advantage to get debt under control. Don't continue toiling in debt and fending off annoying collectors. Take action.

Continue reading "Music Producer Jermaine Durpri Saves His Atlanta Mansion From Foreclosure" »

A recent report by The New York Times states that the percentage of homeowners has reached 1998 levels and could continue declining to levels not seen for 30 years as people are trapped in upside down mortgages and dealing with foreclosures in Atlanta and elsewhere.

Atlanta Bankruptcy Attorneys have seen the frustration experienced by homeowners dealing with mounting debt or uncooperative banks. We know that there are always bills to pay and with unexpected medical bills, the loss of a job or increasing credit card debt, it's not always easy. That's why we are here to guide people into making the best decisions for their financial futures.

The New York Times article reports that given the Great Recession and the collapse of the nation's housing market, the percentage of homeowners has dropped to a low level of 66.4 percent. That's down from 69.2 percent in 2004. Analysts believe the levels could continue declining.

Many people believe the drop in home ownership is simply a matter of the economy -- lost jobs, more debt and an increased number of foreclosures. But because of the recession and the problems people are having with their homes, many Americans don't see owning a home as part of the American Dream anymore. Fears of having their house fall into foreclosure because of a market collapse has caused many people to become satisfied with renting.

Bloomberg reports that the S&P/Case-Shiller index of property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November 2009. The index is the lowest it has been since March 2003, which analysts believe means prices will continue to steadily drop.

Atlanta Bankruptcy Attorneys have seen the many people who are struggling to make payments and wished they had never bought a house in the first place. But there are also many others who are frustrated by the housing market collapse and who want to stay in their house, though it has become increasingly difficult to make payments. Still, they find banks are often unwilling to modify a loan in Atlanta.

So for many, the answer is to file Chapter 13 bankruptcy in Atlanta. Chapter 13 bankruptcy is different than Chapter 7 bankruptcy, which people may be more familiar with. Chapter 13 allows people to stay in their homes and propose a payment plan over a 3- to 5-year period to satisfy their debts. It may also pressure banks into making a modification.

While many people may think bankruptcy is embarrassing, they shouldn't. Millions of people have used these laws to protect them and to recover from debt caused by credit cards, large medical bills or unemployment.

According to March statistics by the United States Bankruptcy Court, nationwide Chapter 13 filings rose 5 percent to 438,788 from the 415,966 bankruptcies filed in the 12-month period ending March 31, 2010. The number of Chapter 13 filings came in second only to Chapter 7 filings.

Continue reading "Georgians' Dream of Owning a Home Dropping; Bankruptcy and Foreclosure Defense are Options" »

Atlanta Business Chronicle reports that foreclosures declined in April from March, though the Peach State still had the eighth-highest number of filings nationwide.

But don't think this means America's foreclosure mess is over. Most experts believe the recent drop in foreclosure filings simply reflects the problems banks and their law firms have had over filing bad paperwork. Don't let your guard down. If your home is on the brink of foreclosure, don't hope the bank forgets about you because it won't. Consult with Atlanta Foreclosure Attorneys to protect your home and you future.

According to the news report, Georgia had 8,479 foreclosures in April, which was a 35 percent drop from March. It's also down 39 percent from last April. Nationwide, there were 219,258 foreclosures, which was down 9 percent from March and 34 percent from April 2010.

Experts, though think foreclosures will tick up this year. RealtyTrac predicted in January the number of foreclosures will peak in 2011. More than 2.8 million properties got notices of default, auction or repossession in 2010. That number climbed despite a plunge in filings in late 2010 when lenders came under fire for their practices, Bloomberg reported.

Attorneys general in all 50 states are investigating whether banks and loan servicers used faulty documents and bogus signatures on documents, which has been called "robo-signing." Many lenders halted foreclosures as they did their own investigations.

Many of us are underwater on our mortgage payments. It's also possible that you were able to make your payments until a recent unemployment or family medical emergency that left you stuck with thousands of dollars in medical bills that don't allow you to function as you previously were able.

Consider Chapter 13 bankruptcy in Georgia:

• Do you have regular income in your household?
• Are you at risk of foreclosure and want to save your house or protect your finances?
• Has job loss, divorce or other hardships caused unavoidable financial problems?

If you fall into one of these categories, you may qualify for Chapter 13 bankruptcy. What this form of bankruptcy does is allows people to set up an affordable payment plan to pay off debt. But if you are able to make payments over a 3 to 5 year period, you can eliminate debts and still keep your home and other assets.

Atlanta Debt Lawyers are here to answer your tough questions about Chapter 13 bankruptcy, saving your home and other matters in your financial life. Fill out our free personal debt analysis and set up a free consultation immediately.

Continue reading "Georgia Foreclosures Drop, But More Are Likely Coming" »

The Atlanta Journal-Constitution recently reported that foreclosure notices in the Atlanta area rose 22 percent in May from April.

If you are upside down on your mortgage like many Georgians, consult with an Atlanta foreclosure lawyer so you can fight for your home. In the near future as many as 7 million American homes will fall into foreclosure, so you're not alone. In Georgia, there is both judicial and power of sale foreclosure, meaning the lender can schedule the sale of your house without even telling you after you're in default. Don't let this happen to you if you're going to fall behind your payments and slip into foreclosure in Georgia.

According to the news article, 9,350 notices were filed in the 13-county Atlanta metro area in May. But it's possible that lenders are still lagging in how many foreclosures they file with the courts because of well-documented problems with law firms filing "robo-signed" false documents or banks being unable to come up with the proper paperwork for a person's home loan.

Many experts are expecting a large wave of foreclosure filings once banks figure out which paperwork is correct and which has been falsely filed against homeowners. In Gwinnett County, nearly 2,000 foreclosures were filed in May, followed by Fulton (1,804), DeKalb (1,472), Cobb (1,152) and Clayton (791).

Statewide, there were nearly 8,500 foreclosures filed in April, the Rome News-Tribune reported. That was down 35 percent from March.

This is all depressing news. But don't let the banks take away your home without a fight. There are ways to stop the process and the first step is contacting an Atlanta foreclosure attorney who can help you.

First, here are some tips of what not to do if you're facing foreclosure. You shouldn't trust a third-party mortgage modification company, foreclosure rescue specialist or debt settlement company. These simply won't work.

What you should do if you're facing foreclosure is attempt to modify your loan or meet with DebtStoppers to see if there are other avenues to save you home. It's possible that Chapter 13 bankruptcy in Georgia could be best for you. You can set up an affordable payment plan to satisfy debt without losing your home.

Continue reading "Consult an Atlanta Bankruptcy Attorney to Stop Foreclosure" »

The Atlanta Journal-Constitution is reporting that 3 Atlanta banks need to overhaul their foreclosure practices.

In a previous post to our Atlanta Bankruptcy Attorney Blog we suggest those dealing with bad mortgage debt seek the advice of an experienced bankruptcy attorney in Georgia to discuss their rights.

Federal regulators have ordered the 14 biggest U.S. mortgage servicers, including the Big Three of metro Atlanta, to revamp foreclosure practices, after an investigation found unacceptable documentation and a lack of assistance for struggling borrowers. A review of foreclosures from 2009 and 2010 will be done by consultants. If after review the foreclosure was deemed mishandled the consumer will be reimbursed.

The Big Three in Atlanta are SunTrust Mortgage, Charlotte-based Bank of America and San Francisco-based Wells Fargo. SunTrust happens to be the nation's 8th biggest residential mortgage servicer and recently reported document issues in 4,000 foreclosure cases. They are currently in the process of fixing these documentation errors which critics say were caused by "robo-signing".

This term in the foreclosure industry refers to the practice of banks signing thousands of documents without ever verifying the information contained in them. This practice calls into question the legitimacy of many mortgage foreclosures. There have been reports of a bank official who signed off on nearly 10,000 documents in one month. The worst allegations accuse banks of making up documents and forging signatures and notaries.

"The enforcement orders issued today are important, but they are only a first step in setting out a framework for these large institutions to remedy these deficiencies and to identify homeowners harmed as a result of servicer errors," the FDIC said in a written statement.

Continue reading "Foreclosure practices need overhauling in Atlanta" »

It looks like Uncle Sam might be learning from his mistakes when it comes to helping struggling homeowners, say Atlanta bankruptcy attorneys.

With the Home Affordable Modification Plan enacted during the recession a seemingly multi-billion dollar flop, the federal government may be turning to a method that's actually been proven to work - bankruptcy. In a bill proposed by Sen. Sheldon Whitehouse, bankruptcy is being explored as an alternative for homeowners in need of modified mortgage terms. And with U.S. foreclosures expected to surpass 12 million next year, it couldn't come too soon.

Continue reading "Senator Suggests Bankruptcy As A Better Alternative To Mortgage Modification" »

Why should homeowners in Atlanta care about a foreclosure in Massachusetts?

Because a recent court ruling there could have a drastic impact on foreclosures in the future, affecting the entire U.S. banking industry - and millions of Americans currently at risk of losing their homes, say Atlanta bankruptcy attorneys. Last week the highest court in Massachusetts reversed foreclosures on two residences because the banks could not prove they held the mortgages at the time they seized the homes. Experts say the decision could set a precedence for increased consumer protection.

But that doesn't necessarily spell good news for homeowners facing foreclosure.

Continue reading "Court Ruling Could Affect Foreclosure Process for Atlanta Homeowners" »

A little mystery can be a good thing, at least when it comes to relationships, birthday presents and detective novels. But when it comes to your finances? Not so much.

For many folks, bankruptcy represents the unknown. We have a hunch that it could drastically lower our debt, but we continue to avoid it for fear of those nagging bankruptcy myths: Won't it leave a black mark on our credit report for the next decade? What will our family and friends or - worse - our employer think? Will the repo man come take away all our stuff? Unfortunately, most Americans do more damage to our finances by avoiding bankruptcy than by filing for it, say Atlanta bankruptcy attorneys.

Continue reading "Bankruptcy Myths Help Keep Consumers in Debt" »

Freddie Mac is feeling more Santa than Scrooge this season - if for only a brief period of time.

For the third year in a row, the government-backed mortgage giant plans to stop foreclosure evictions between Dec. 20 and Jan. 4. It's good news for seriously delinquent homeowners who might have otherwise lost the roof over their head during the holiday. Unfortunately, say Atlanta bankruptcy attorneys, it won't do anything to stop folks from losing their homes after the start of the New Year.

Continue reading "Foreclosures Stop Temporarily for Atlanta Homeowners " »