Home foreclosures continue to mount
Nearly 10 percent of Georgia mortgages were past due in the second quarter, according to the Mortgage Bankers Association.
That’s one of the highest delinquency rates in the country.
And the number of properties scheduled to be auctioned on the courthouse steps Tuesday hit 9,930 for a 13-county area of metro Atlanta, according to Alpharetta-based Equity Depot.
That’s the third highest total on record, according to Equity Depot.
Last year, scheduled foreclosures never broke 8,000. This year, the total has exceeded 8,000 in every month but one, according to Equity Depot data.
In August, Gwinnett County led the pack with 2,120 foreclosure notices. It was followed by Fulton (1,929); DeKalb (1,571); Cobb (1,107); and Clayton (785).
Meanwhile, the Rev. Jesse Jackson and about 50 members of his Rainbow PUSH Coalition held a prayer vigil Tuesday at the Federal Reserve Bank in Atlanta to protest the foreclosure sales. (AJC photos from foreclosure sales.)
How’s your neighborhood doing? Are there a lot of foreclosures? Has your home lost substantial value? Turned down for a refi because of that?
By the way, if you have a question about foreclosure, please submit it below. Experts from Consumer Credit Counseling Service will provide advice about how to avoid foreclosure or what to do if the process has already begun. The answers will start to appear in this blog after Labor Day.
For instant updates, follow me on Twitter.
Tell us what you think about the site
Customer Care »
Vacation stops, manage subscriptions and more
AJC Services
Sections
Other Editions
Guides
Visitor Agreement | Privacy Statement
© 2011 The Atlanta Journal-Constitution
105 comments Add your comment
FoShizzle
September 1st, 2009
11:13 am
Why doesn’t Mr. Jackson protest in front of the White House in Washington? That’s the real source of this fumbling and mismanagement.
Diann
September 1st, 2009
12:46 pm
I started having extreme financial problems at the end of last year … up until that time I had never been late on ANY payment … I just got in over my head. Anyway, I made an appointment with my lending representative at Wachovia the first part of this year .. explained my situation and expressed my desire to save my home as well as fulfill my obligations to them … BUT I needed help. Not only could she NOT answer straight forward questions but gave me the runaround. A couple of weeks later I was forced to file bankruptcy (due to overwhelming credit card debt) and at that time Wachovia completely ignored by calls and faxes (even though I still wanted to work out something with them to pay my note). The lending rep finally faxed me a phone number (no explanation – just the number) .. I called it and was told that they were the dept that would help me in a loan mod. once my bankruptcy was closed. The bankruptcy closed in May and for two months I was shifted from one person to another – no one had answers or solutions (I was told by some to continue my payments others actually told me to NOT make my payments because it would help in the modification process). Finally at the 1st of August I was told to return to my “hometown” lending rep. – I started trying to contact her Aug 7th (phone calls, voice mails, emails and faxes) she has yet to return a message. I received a dunning call from Wachovia (I believe in Phoenix) and was told that I immediately had to make a payment or the house was going into immediate foreclosure … I asked about the loan modification (and HAD to agree to a payment of close to $1000.00 before being transferred to someone who could POSSIBLY help me). More promises, more “solutions” and more dunning for money and I’m still a heartbeat away from foreclosure (I’m two months behind). The collection rep I spoke to last night told me that if I even qualified for a loan modification that it could take three months just to find out – that’s a big IF. He also advised me to seek out friends or relatives for loans (we are all hurting so there’s no way and wouldn’t I just be getting in deeper?) … he also astounded me with the suggestion that if my car was financed I go to them for funds to pay Wachovia (he was full of suggestions as to how to accomplish this). Sounds like a way for me to lose my home, my car and my friends all in one fell swoop. IF my lending rep had taken her job seriously at the onstart of this by now I could POSSIBLY be set up on a payment that I could handle – they would be receiving regular and timely payments and I could feel my home of 37 years was once again secure … we could both be happy and I wouldn’t be spending my nights wide awake and wondering when this elephant that’s sitting on my chest is going to give me some relief. I will admit I have never been a big fan of Mr. Jackson but if he can help open peoples’ eyes to the unbelievable practices of these lenders then more power to him. My lesson learned is that the American dream, mom’s apple pie and the premise that working HARD will get you ahead isn’t what it used to be. In closing … my heart goes out to everyone who has found themselves in this overwhelming and painful situation.
Elizabeth
September 1st, 2009
12:52 pm
FoShizzle, Mr. Jackson needs to march at the BofA headquarters in Charlotte, NC—not the White House or the Atlanta Federal Reserve. BofA has the lousiest track record of all the banks in assisting mortgage holders–yet took a huge chunk of taxpayers’ dollars to stay affloat.
The White House already has a program in place, but the banks–like BofA–are dragging their feet and making excuses.
Andy in Blairsville
September 1st, 2009
1:40 pm
We need to encourage these mortgage companies to foreclose their properties faster because the sooner we can flush the proverbial foreclosure toilet the faster the market will settle and prices will increase again.
Jesse Jackson disgusts me as usual.
Joe
September 1st, 2009
2:33 pm
Ditto, Andy. The idea that the government should bail out the irresponsible, greedy morons who got us all into this mess continues to defy logic. Those of us who bought what we could afford and lived within our means have been able to continue making our payments, despite the pain of a job loss or hit in our incomes. I have no doubt there are many who are losing their homes because of genuine misfortunes, such as catastrophic income losses or health problems, but I don’t believe they represent the vast majority of foreclosures. The housing market won’t begin to regain its footing until we manage to get all the foreclosed homes back on the market and into the hands of responsible owners.
Truth Seeker
September 1st, 2009
2:51 pm
Is this protest just for blacks. Is it ok that whites lose their homes???? How bout it slick…speak up let us know.
Bizhop
September 1st, 2009
2:57 pm
Not every one deserves a house Jessie. And ACORN is a FRAUD. People living above there means, look at the Real Housewives of Atlanta, 3 foreclosures. We gonna see a lot of people who drive 50k cars leaving apartments in the mornings in the coming years. Well, atleast they roll big, hahahahahah. Think I buy me some foreclosures and double the rent on them.
chc4
September 1st, 2009
3:35 pm
Saying the government has a plan in place is like Sharon Stone saying she’s really committed to her current marriage. The plan never goes right. That’s why expanding government is always, always, always a terrible idea.
Reader
September 1st, 2009
3:52 pm
So if I lost my job as an engineer and I am no longer able to afford my home. I was within my means, but unemployment can’t help me. I foreclose, so therefore I’m an irresponsible, greedy, moron? Good to know.
Jules
September 1st, 2009
3:54 pm
Mr. Jackson, try protesting in front of the homes of the big bank executives. Their greedy pursuit of huge bonuses got us into this mess.
K
September 1st, 2009
3:58 pm
Or instead of holding a prayer vigil, why not hold a class to teach people to make better decisions? Or get on the phone with the banks and help people facing foreclosure make payment arrangements. Such a perverse use of prayer UGH!!!
chc4
September 1st, 2009
4:00 pm
So can we all agree that Barney Frank’s characterizaton of subprime mortgage loans as “riskless investments” is slighlty off?
Tony
September 1st, 2009
4:01 pm
Bizhop, hope I never see you down and out but if I do , I will just walk on by You.
Bizhop
September 1st, 2009
4:02 pm
Reader, your to stupid to be an engineer. Maybe a waste management engineer (garbage man). Should have saved for a rainy day bro, cuz its pourin out. But I bet you got nice rimz on your leased car, huh? Got an umbrella?
Maybe soon
September 1st, 2009
4:02 pm
We need the government to encourage banks to do the right thing; not allow home owners to continue the process of getting foreclosed on. It’s a no win situation. We loose as a community, loose tax base, property values continue to decrease etc…
nick
September 1st, 2009
4:04 pm
If you do the research more whites have been foreclosed on than minorities. According to stats, the average minority could barely qualify for a home versus the average white family. Low income minorities that did get normal home loans were probably assisted by the brokers and agent in “fixing” the numbers and had no clue what they were doing. For those of you who hate government, stop drinking the koolaid. You live by government. you don’t hate it so much when you have to dial 911! For those that hate government you should create your own private Social Security, Medicare, police, and Fire departments! I can’t wait to hear your crys, you will never be able to afford it.
Unfortunate for Joe he doesn’t understand what Jesus would do to his fellow bretheren that are born into poverty and misdeed. Some situations happen because they are meant to happen, Jesus gave his life for your sins so that you could LOVE and not Hate with envy and selfishness. Personal responsibility means taking care of each other according to God’s commandments.
I LOVE my ATL peeps!
September 1st, 2009
4:07 pm
Foreclosures = an increase in crime! Trust me I know cuz I got robbed!
Decatur
September 1st, 2009
4:07 pm
Amen Reader at 3:52 pm, Amen!!
Piso Mojado
September 1st, 2009
4:09 pm
Bizhop,
I don’t know what’s worse, your abysmal english grammar, or the fact that you watch Real Housewives of Atlanta. Oh, and I’m guessing you’re not a work right now.
Here’s a wonderful idea for brainiacs like you – get off your lazy behinds, turn off the idiot boxes, and read a book.
Tony
September 1st, 2009
4:09 pm
Its PEOPLE LIKE YOU BIZHOP THAT I WISH WOULD GET INTO A FINANCIAL HARDSHIP.
TailaMarie
September 1st, 2009
4:09 pm
We’ve been in our home for the last three years. Due to family circumstances (an unexpected baby and very ill in-laws) our two bedroom, one bath home is no longer the right size for our family. We put our home on the market in Feb and put it up for short sale in August after realizing that we could never get what we owed on it. We’ve already bought our larger home (we could not put it off any longer). We have no interest in keeping our older home, nor are we able to afford to with another mortgage payment. Renting is not an option as the rental market in our area is buldging with cheap homes. My question deals with Deed-in-Lieu. Our lender was Wachovia and will soon be Wells Fargo. What should be do to pursue a Deed-in-Lieu and how successful are they?
Elliot Garcia
September 1st, 2009
4:11 pm
If you cannot find a job as an engineer, then maybe there is no hope for you….
Huh?
September 1st, 2009
4:11 pm
to user Diann. How in the world could you be in such bad shape if you’ve lived in the same home for 37 years? Did you keep cashing out the equity? Did you not ever think that one day things might not be so good?
Jesus is a Libtard
September 1st, 2009
4:11 pm
Gop party of hate and fear.
Steve
September 1st, 2009
4:11 pm
Why dont these vultures “investors” “bankers” or whatever name you want to call them by buy a new construction home instead of stealing it out from under people that couldnt afford it and are now homeless.
RW
September 1st, 2009
4:16 pm
Diann – please go to http://www.naca.com they will be more then happy to help you:)
Huh?
September 1st, 2009
4:18 pm
funny thing is alot of home builders lost everything over the last few years. That pure greed and living like wannabe kings got them nowhere. It seems they never saved a penny and lived like the line from the movie Wall Street when Charlie Sheen told his dad “Things are good and they’re gonna stay good.” Now we’ve got undeveloped eye sores all over Metro Atlanta thanks to the American ultra greed. There should be no mercy for anyone involved in ruining this country.
CHARLES
September 1st, 2009
4:20 pm
BIZHOP IS ON HERE SIMPLY TO GET A REACTION FROM HIS IGNORANT COMMENTS, SURELY HE CAN’T BE THAT STUPID.
RRC
September 1st, 2009
4:26 pm
Unfortunately too many homeowners facing foreclosure are growing increasingly disenchanted as they struggle to communicate with their lenders and loan servicers. Banks are simply becoming too overwhelmed by borrowers’ requests for loan modifications, loan refinancing, and other inquiries regarding foreclosure prevention to provide an optimal level of customer support to struggling homebuyers. A stronger national effort must emphasis the integral role HUD-approved, nonprofit foreclosure mitigation counseling agencies fulfill in helping homeowners find viable workout solutions that prevent the loss of a family home. These counseling agencies have the resources and tools to facilitate more efficient communication to occur between borrowers and their banks. More importantly, these nonprofit counseling agencies provide the information and resources to homeowners that empower the individual to take charge of their personal finances. In doing so, homeowners feel empowered when entering into negotiations with their banks and loan servicers, and the homeowner knows what to ask of their banks. In total, nonprofit counseling agencies try to ameliorate the relations between homeowners and banks in order to prevent individuals from losing their homes. Anyone facing foreclosure should contact one of the many HUD-approved NONprofit housing counseling agencies in the Atlanta area such Resources for Residents and Communities or D & E Financial Education Training Institute. HUD also provides and extensive list of all such nonprofit organizations serving Georgia.
NA
September 1st, 2009
4:28 pm
Who got us in this mess? Barney Frank, Nancy Pelosi, Harry Reid and Barrack Obama ( the leading receivers of money from Fanny Mae and the ones who let the banking industry run wild) They also were the most helpful ones in making sure unemployment was so high. So in order to fix their mess they have to be voted out of office and replaced with responsible, intelligent people who realize they report to the citizens of the USA and not to special interest groups. The people who lost their jobs due to the economy need help. The ones who got in over their heads from the start, they need to start over.
Jeff
September 1st, 2009
4:29 pm
Jesse protests in Atlanta because this is where CNN is located. Try finding Jesse doing ANY good deed without a camera around.
Russell
September 1st, 2009
4:33 pm
Steve: If you actually go to the courthouse and find out the types of homes & properties that are being foreclosed on, you will see that the vast majority of them are construction loans, land loans, or homes that have been sitting vacant that can’t sell. Only about a small percentage of the properties being foreclosed on are actually homes that people live in!
This article makes it sound like all 9,930 pieces of property being foreclosed on are people’s homes! 9,930 people are not being put out on the street today!
CHARLES
September 1st, 2009
4:34 pm
NA, WTF?????
Michelle
September 1st, 2009
4:34 pm
@ Joe
You are a uninformed and very ignorant. The first thing that comes out of your red neck mouth is that people brought mortgages that they could not afford. I assume you are referring to blacks. How about placing the blame where blame is due. Blame it on those greedy ass brokers that were lynching the american people by promising to give them the american dream in exchange for their healthy commissions to finance their lifestyle. Blame it on the banks that created a product that they knew would fail because there were no restraints in place to control how the mortgage contracts were written. Blame it on the appraisers that overstated property values by 300%. Its easy to place the blame on the little guy, unfortunately my friend the deception and greed starts at the top.
Jeff
September 1st, 2009
4:38 pm
Actually Russell, i dont think it is the “vast majority”. We had 150 foreclosure notices here in Coweta. Most lot/construction loans were grouped as 1 notice, because the loan was for all the lots. In reality, many more properties were actually foreclosed on. I guess my question would be if they count the # of foreclosure notices (150 in my area), or how many individual properties were foreclosed upon (probably over 250 here if i counted each one). My estimate is that of the 150 notices, at least 100 were private homes with mortgages.
Phillip
September 1st, 2009
4:42 pm
Enter your comments here
Jeff
September 1st, 2009
4:43 pm
While I dont want to sound bigoted or racist, many of the problem loans were made to people that should not have qualified. Minorities were given, by act of politicians (bill passed in 1999), preferential treatment in the qualification process. BUT…there were many people of all races/colors/creeds that were given these loans. Yes, banks, appraisers, etc, all combined to make it worse, but the blame needs to be spread around equally. If you are offered a credit card with a limit you cant afford, you should be wise not to take because eventually it will bite you. It ultimately falls on the consumer to make the right choices…nobody forced them to buy the houses either.
Phillip
September 1st, 2009
4:46 pm
In a free country, it is not my responsibility to keep you in your house, nor sustain your failing business. We have a reasonable safety net for people in trouble, and there are a variety of charities to help people in need. I’d prefer to keep more of my hard earned money to sustain my family, friends, and people I choose to help.
To all you supposed Americans who think someone owes you a bailout, is it really incomprehensible to you that I’d prefer for you to take the hits and learn from the mistakes. You’ll come out of it stronger and maybe wiser, even if you spend a few years in a “cramped” apartment that doesn’t have the amenities you’d like to have.
Rev Jackson is nothing more than a multi-million dollar businessman. He should go back to Chicago.
Hef
September 1st, 2009
4:51 pm
In my home for less than a year.Lost 40k in value,could’nt refi for lower rate without 25k out of pocket.
Jeff
September 1st, 2009
4:53 pm
Hef, i feel for you…thats the worst part of all this…falling values. Be sure and appeal your taxes though!
Hef
September 1st, 2009
4:55 pm
Michelle-There’s enough blame to go around,from the sharks who made the loans to the people who did’nt research properly.
Hef
September 1st, 2009
4:56 pm
Jeff-will do thanx
GG
September 1st, 2009
4:57 pm
@ Jeff,
There were situations where “minorities” as you stated were given these loans when whites with the same credit scores were given more favorable terms. So there were tons of disparities in how these loan sharks dished out the money
Danny
September 1st, 2009
4:58 pm
As far as I am concenred I hope all these banks lose as much money as possible and go out of business. I personally DO NOT understand this country period!! and I think misfortune is the only way these people start to modify their shady business practices. First of all ALL banks make money of other peoples money. Do you have a checking, savings account??? Well the bank uses it to make more money.
So now I see so many houses on the market almost half their value $400K houses for “immediate sale” for $200K. So you are telling me that you can’t give a family some kind of deferrement until their finances are back in order even on a mortage of $2000 per month and you would defer their payments for 1 year, you would be out of $24K that year and that money is NOT lost it is just added on to the end.
No, you rather put a house in foreclosure, pay court costs, then needing to put the house for auction or resale who knows how long that takes then take half of the value. Instead working with a family that is NOT wanting to lose the house.
Stupid banks, hopefully a whole lot of banks go under and we can go back to keeping cash
Banker
September 1st, 2009
5:02 pm
I work at a bank in North Ga, our bank has foreclosed on about $60million worth of real estate in the past year. Out of that $60million, not a single home was foreclosed on that was being lived in. They were all constrcution loans, land loans, lot loans, commercial loans, investment property loans, etc. No one lost their home because the big, bad, bank came and kicked them out.
Everyone wants to blame the banks for their problems. No one forced anybody to buy a home that they didn’t want to.
Banker
September 1st, 2009
5:04 pm
Danny: Do you actually think that banks WANT to foreclose on homes? NO!!! It is a last resort and EXTREMELY costly for the bank. The problem is that the FDIC forces certain guidlines on banks, and won’t let them “defer” the interest for a year. The bank can only do what the FDIC and the government regualtors will let them do.
Just a thought
September 1st, 2009
5:06 pm
A lot of foreclosures are due to the fact that some people have more than 1 home and are not afraid of walking away from a mortgage they really don’t need. So, I don’t think there are as many folks left on the street as you may imagine.
Soon to be homeless
September 1st, 2009
5:09 pm
I feel for all those losing their homes to foreclosure, however, I’ve been paying rent on a house that will be foreclosed on next month and then where will I be? It’s a bad situation all over.
Brenda
September 1st, 2009
5:10 pm
I contacted CitiMortgage about getting a loan modification. I have never been late or missed a payment, I lost my job, and they had the nerve to tell me that I don’t have enough income qualify for a loan modificatibon. Well, if I had the income, I wouldn’t need a loan modification. By the way, CitiMortgage got 9 Billion Dollars in federal stimulus money to help with the mortgage crisis. They are sitting on that money and are not helping homeowners who need help.
Danny
September 1st, 2009
5:13 pm
I just read some of these comments. So lets be clear the entire United States is living above their means! otherwise we would not be owing China $500 Billion, Norway, Germany and whoever else. As far as the government how many old people do you know rely on Medicare, VA benefits, or expecting FDIC insurance so their little fortunes won’t poof go in the air in case these bank play disappearing acts with your money.
So I don’t want to hear ANYBODY say how well they prepared or didn’t. Things happen and can happen to anybody. People lost their jobs because of greedy corporations such as GMC, Ford, etc. They were in bed with the oil companies to keep building gas guzzlers so we have to buy lots and lots of gas. So the oil companies can make lots and lots of money and could give car makers lots of kick backs. So people no longer buy big trucks and gas guzzlers now they have to shut down.
Also the U.S. is no longer an innovator countries like Japan, Germany, etc are far more advanced than we are. T-Mobile is a german owned company and I don’t know how many people have that service because it offers cheaper plans. Japanese car makers are still putting profits up. It is just us that can’t get their ish right.