Atlanta Homeowners Get Help on Foreclosures

True enough, a Georgian resident, Collins, shares how he managed to salvage his home from being an addition to Georgia foreclosures. Collins said that the timing of the foreclosure notice became the key to his problem. Had he been given the notice at an earlier time, he was sure that he won’t have any way out.

With the worsening situation of the housing industry, giant lenders such as Fannie Mae, Freddie Mac, Citibank and JPMorgan Chase & Co have taken steps to help quell the foreclosure crisis. The said companies are now offering programs that would help delinquent homeowners avoid foreclosures.

A lot of local experts in the said industry are positive about the programs. They believe that programs extending loan terms and reducing interest rates will not only have a positive impact on Georgia foreclosures but on the nationwide scene as well.

D&E counselor Amber Willis said that she observed that lenders are now more than willing to negotiate with delinquent homeowners. D&E is an agency that advises people nearing foreclosures.

Although the programs are viewed as a welcome change to borrowers, the said measures can only provide a temporary solution. Emory professor Frank Alexander, in particular, believes that the programs will only provide people with a short-term relief.

Alexander believes that homeowners must try to cut down the principal rates of their loans if they want to permanently avoid foreclosures. The professor fears that most of the mortgaged properties nowadays can be appraised for a lot less compared to the original value they had when delinquent borrowers first made the loans.

By Cassiano Travareli