Atlanta Foreclosures - New Hope for Foreclosure Victims
Posted Feb 17, 2008 @ 10:27 am, Viewed by 257 Visitors, Read 270 Times.Atlanta Foreclosures - New Hope for Foreclosure Victims
There seems to be a little light at the end of the tunnel for foreclosure / pre-foreclosure victims as the Feds announce the creation of “Project Lifeline”. Project Lifeline, formed by six of the nation’s largest financing institutions, allows homeowners who are severely delinquent on their mortgage payments to freeze the foreclosure process for 30 days to try and work something out with their bank. There are some mortgages that will not qualify – those on investment properties and vacation homes, nor will homes already in foreclosure or bankruptcy be eligible – but it seems like overall it seems like a good plan.
I have some clients who were recently able to take advantage of the Project Lifeline system. They were behind on payments and facing a dire situation, but were able to work with their mortgage company to work out a suitable payment option. Naturally, this was a huge relief to them. They now are able to move about life in a somewhat normal fashion, not fire-selling their home, uprooting their lives, and being left empty-handed and frustrated. Of course, selling your home in a down market can be a frustrating experience but that’s a whole other story…
Anyway, I hope people in these situations take advantage of what the government is offering to them – a second chance to get back on track. Hopefully Project Lifeline + the Economic Stimulus Package will mean in shift not only in the overall economy but in the Real Estate industry too.
Contact Louise Scoggins for all your Atlanta Real Estate needs!
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Hi, Ken! Yes, I have seen a pick up in the market since the beginning of the year. I have also (unfortunately) run into a multiple-offer situation...twice! One of the times we already had a verbal agreement and while I was waiting on the revised counter to come back from the sellers, the listing agent received and ACCEPTED another offer! The home was very competitively priced, so when I see that now I encourage my buyeres to make the move and not wait. The increase in buyers does not surprise me, though, with interest rates being as low as they are / have been. It's a great time to buy if you can!
No question this is the time to purchase a home if you are thinking about it. There is no reason to wait around any longer. Most markets have seen a nice market correction and many sellers have lowered their expectations so buyers have a huge edge. Just hope the rates stay where they are so the market can rebound a little.
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Louise Scoggins is a Realtor for Keller Williams Realty. Louise specializes in listing and selling Real Estate in the Metro Atlanta area. She has been actively selling Real Estate since 2000. Read More
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Have you seen a pick up in market activity? We have had an amazingly large increase in buyers starting around mid Jan and even started running into multiple offer situations again (twice in one week).