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Commissioners of DeKalb County initiated a step to try to convince lawmakers to allow more time for foreclosure homes to be sold by tripling the minimum time implemented at present. By doing so, homeowners are given more time to prepare and even save themselves from losing their homes.
One of the fastest foreclosure proceedings in the nation is that of Georgia, placing sixth among the highest in the rates in October based on RealtyTrac’s website. Their notice period is as little as fifteen days giving homeowners very little time to do anything about it. However, certain amendments have been done to this law by Governor Sonny Perdue in May.
At this point, commissioners are trying to get the state legislators to extend further the time period to about 90 to 120 days. This extension would allow homeowners to strategize their financial resources or make necessary transactions for modifications that may be made to avoid losing their battle.
A commissioner who chaired a foreclosure task force in the county said many things may be done to negotiate necessary needs for the matter, however in some cases; 120 days may still be insufficient.
Another link Stoke made in the foreclosure crisis experienced in the county is the large minority population. Urban Institute and HUD conducted a study in May 7 of 500 mortgages and affirmed that lenders have been targeting blacks and Latinos for unimportant subprime loans and products of risky loans. This renders areas with higher population of blacks and Latinos of higher risks to foreclosures.
To avoid these messy situations, a recommendation was laid out by the board forming Office of Consumer Affairs for counseling, educating and recommending ways for homeowners to fully grasp the situations and possible measures they can take to keep themselves from an unlikely situation.
Federal funds for rehabilitation of abandoned homes have also been approved by the commission as part of a preliminary plan. Even the Housing and Urban Development’s Neighborhood Stabilization Program is willing to allot over $153 million in selected Georgia counties and even the city of Atlanta which are at very high risk of local abandonment.
Hence, with these measures, homeowner borrowers are prepared and even be saved from losing their homes to foreclosures.
HUD Fair Housing Equal Opportunity