For those of us who live and work in Georgia, President Obama's Making Home Affordable website and the Homeowner Stabilization Plan didn't come a moment too soon. High foreclosure rates have hurt our communities. And we need to start seeing this intiative begin bearing fruit real soon, because as of today...
...Georgia Foreclosure Filings Are Still Rising!
According to the most recent numbers reported by realtytrac.com, Georgia foreclosure filings are still climbing, and reached an all-time high in the first three months of this year. The report says that between January and March 2009 there were 28,608 foreclosure filings in the state, an increase of 11% from the previous quarter.
That should begin changing soon, as the new federal program officially launched in mid-March. I devoted a whole web page to the program's ins and outs. Read my take on it at AvoidGeorgiaForeclosure.com
Now Georgia real estate pros are watching closely to see if the program will result in these numbers declining in the coming months, both locally and nationally. It's success will depend largely on lenders cooperation in helping homeowners refinance or modify thousands of underwater mortgages.
The early reports I'm hearing in the field from homeowners is not encouraging. It appears that the calvary has arrived too late and with too little for many Georgia families. Others are finding that while their modifications are bringing them current by placing missed payments on the back of the loan, their monthly mortgage payments are not being lowered to a more mangeable amount. One client of mine actually had her monthly payment increased as a result of modification!
I'm interested in the real-life experiences of real homeowners seeking Loan modification or refinance help. Have you or your clients experienced real relief as a result of a loan modification or refinacne?
Comments(0)