The Daily Tribune News recently published a list of 120 homes in foreclosure before the June auction at the court house in Cartersville, showing a small decrease from the previous months. Every foreclosure listing is required to be printed in the county newspaper for four consecutive weeks, according to a state law, providing a more accurate number for residential homes under foreclosure and listed for sale.
Typically, a number of reasons could force a family to allow their home to go into foreclosure. Inability to work due to medical conditions and job loss are among the top two causes of home loss. Excessive debt also can cause a homeowner to fall behind on payments. However, hope lies in communicating with the lender before missing a payment. Often times a lender will work with a homeowner to negotiate partial payments until the homeowner can become more financially stable.
In Georgia, depending on the timing of required notices, a property could officially go into foreclosure between 60 to 90 days after no action has been taken by the homeowner to either make a payment or to negotiate with the lender.
"The bank doesn't want to own a foreclosed home," said SunTrust loan officer Alan DeVeau, "Every state has a different [foreclosure] law on how properties go into foreclosure."
Considering this fact, it is important to note that lenders attempt to make contact with homeowners before beginning the foreclosure process. Multiple letters are sent to the location stating non-payment and where the bank stands in the process. The homeowner is responsible for, first, opening the letters and, secondly, responding to the notification.
Avoiding foreclosure may not be an easy road, but prioritizing spending can be key to staying current with all bills. Also, if there are assets such as jewelry and vehicles that could be sold for cash to use as a mortgage payment, the option may be necessary to stay in the home.
Nationally, foreclosed or bank-owned homes account for 28 percent of all residential sales, an increase from the 27 percent of all sales in the fourth quarter of 2010, according to the RealtyTrac U.S. Foreclosure Sales Report. Nevada, California and Arizona post the highest percentage of foreclosure sales with foreclosures being 53 percent of all residential sales in Nevada and 45 percent in both California and Arizona.
Consumer Advisor with WSB-TV, Clark Howard stated that he predicts the foreclosure percentage will continue to decline. "I do ultimately see it all meaning that the bleed is over and the recovery, slow as it will be, is under way."
For tips on avoiding foreclosure, and to learn more about how the process works, check out these websites:
* www.foreclosureprocesstoday.com
* www.hud.gov
* www.foreclosure.com