foreclosure properties

Atlanta is a densely populated city in Georgia State – its urban centre being one of the fastest growing in USA. Atlanta is an important business and transport hub and a Beta world city and is the seat of Fulton County.

Today Atlantans are worried about the spike in foreclosed properties in Atlanta. In USA each state has separate foreclosure laws. In Georgia both judicial and non-judicial foreclosures are permitted. Generally it takes about 90 days to run its course. Right of Redemption and Deficiency Judgments are allowed in Georgia.

The sub-prime mortgage meltdown was initially and primarily responsible for the spike in foreclosed properties in Atlanta. But after that the unemployment and recession factor is also telling and there is a virtual deluge of foreclosed properties in Atlanta. Foreclosed properties in Atlanta in general refer to the properties resting in the various stages of foreclosure. Some units are sold during the pre-foreclosure stage when an understanding is reached between the lenders and borrowers. After completion of the process the foreclosed properties in Atlanta are sold at court or trustee auctions. If they remain unsold then these foreclosed properties in Atlanta are repossessed by the lenders or banks that again try to directly sell them.

The main target of all – the administration and communities is to reduce the number of foreclosed properties. Atlanta will soon join the group of big cities that are dragging the lenders to court. Many city heads believe that it was risky lending by financial bodies that is responsible for the increasing number of foreclosed properties in Atlanta. The city is planning to hire a legal firm to take action against the lenders. The plan has not been finalized and is in the exploratory stage.

While the property is in foreclosure, city taxes are not collected and this has a negative impact on the budget. Moreover these foreclosed houses bring down the real estate market and create law and order problems with vagrants moving into the empty units. The city administration has had to lay off hundreds of employees and cut down on many services because of monetary constraints.

From 2006 to 2008 there was 42% increase in foreclosures. It rose from 9,334 in 2006to 13,292 in 2008.

William Brennan is one of the many attorneys who hope that Atlanta will sue the banks – especially those who have taken bailout money and not bailing out borrowers.

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