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Foreclosure Notices fall in December

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By : Scott Zahid    99 or more times read
Atlanta has faced quite high number of foreclosure properties in the past two years. The unemployment rate of the city has also been on the higher side compared to other cities in the state. The property rates in Atlanta are very low. According to Equity Depot, Atlanta recorded a 30 percent dip in foreclosures compared to last month November. The numbers are higher than 8.6 percent in comparison to last year. This year Atlanta issued 127,140 foreclosure notices. In November, there were at least 13,834 notices that were issued, which fell down to 9,703 notices in December 2010. That is a difference of 4131 houses.

Although the difference seems a good number, the total number of notices issued in December is still high. If we measure up against total figure of year 2008, still there is an increase of 60 percent in the number of notices issued. A peak at this quarter reveals that there has been a rise of 18 percent compared to the fourth quarter of 2009. In Atlanta, the area that tops the chart is Gwinnett with 26,502 foreclosure notices issued followed by Fulton with 24,446, DeKalb with 19,307, Cobb with 15,000 and Clayton with 10,451 notices.

Even if the statistics show some optimistic signs, they need to be maintained and monitored as new processes are imperative for continuous improvement. A report recently mentioned that bankruptcy attorneys in Atlanta are trying to help borrowers by helping them file chapter 13 bankruptcy to protect them from lenders “Double Tracking” system.

The “Double Tracking” system is where the lender proceeds with a modification and foreclosure process for a delinquent home at the same time. That is even if a borrower is undergoing a modification process, the bank would simultaneously move the borrower file for foreclosure as well.

According to lenders, this helps save time, money, and effort. However, the bankruptcy attorneys and many others condemn it. The bankruptcy attorneys at the Sandberg Law Firm have come up with this strategy to help distressed homeowners. Filing Chapter 13 bankruptcy on behalf of the homeowner will empower the law firm legitimately to stop any procedures that would lead to foreclosure while a borrower is considered for modification.

The process will not only help stop seizure process, but also aid in reducing second mortgage installments. To spread awareness and assist borrowers with the filing procedure to stop foreclosure proceedings by lenders, several centers are set up across Atlanta.

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