GA's foreclosure rate is double the national average

[james417]

Mark why cant mortgage companies offer a more long term solution then to allow a setup that can easily result in foreclosure?

[ready2move]

Originally Posted by NYLATINQT

but I will say that the GA foreclosure timeframe is much shorter than most states. IT is a non judicial state which means the lender can foreclose on you without taking you to court. In every state, once you miss 3 pymts, they can start foreclosure. In GA, it only takes about 2 mos after that and you are done. In other states, like NY for example, it can take over a year. It's not fair that every state has a different length of time. It really can make you or break you when you are trying to get out of foreclosure.

I just found out about this yesterday when talking with the realtor who found me my house. I said that it was interesting that GA had such a high foreclosure rate and you really don't see lots of for sale signs like I did in Florida.

[fil]

Originally Posted by NYLATINQT

CA is a BEAST of its own... almost everybody out there got into a $400K + mortgage with interest only or negative amortization loans. almost no one that calls from CA can afford their houses and now they can't refinance. And GA... the GA foreclosure timeframe is much shorter than most states. IT is a non judicial state which means the lender can foreclose on you without taking you to court. In every state, once you miss 3 pymts, they can start foreclosure. In GA, it only takes about 2 mos after that and you are done...So if you lose your job in GA, it may take more than 5 mos before you find another comparable job. By then you probably will have lost your house.

This is WHAT I'm talking about...Many people in CA and GA do not have money SAVED for a 6 month job loss, but they live in a beautiful and expensive dream home and drive around in a leased/unpaid for luxury car FOR SHOW.

I remember a few years ago when the bubble burst and there were a ton of $500k-$700k foreclosures in Alpharetta.

In Austin, many of the Cali folks are escaping CA and bring the same over extended, living-large with no support mentality into the buying market. It's amazing seeing these yahoos bidding +$50k on the asking price. We walked away from those deals. There's no beating someone with a credit line (I mean money) that's determined to get something.

[NYLATINQT]

Oh, and let me just add that those folks in CA buying those $400K piece of garbage homes are making $10-15p/hour. No i'm not kidding!! They are working like 2-3 jobs to try to make it and once the ARM adjusts--POP goes the bubble.

[JBnC]

Originally Posted by NYLATINQT

Oh, and let me just add that those folks in CA buying those $400K piece of garbage homes are making $10-15p/hour. No i'm not kidding!! They are working like 2-3 jobs to try to make it and once the ARM adjusts--POP goes the bubble.

Yes, I know a very young married couple that bought a house and paid well over $400K for it. Highschool education, early twenties, husband doing manual labor working for his uncle and wife working in a factory. How do they do it? They are lucky is they are making as much I am and that is with their combined income.

[1899]

Originally Posted by fil

This is one of the issues with Atlanta (ya'll know that I've defended ATL), but ATL is full of the "keeping up with the Jones' crowd."

You got that right..When I was looking for a home, I was preapproved and the agent was really on me to buy right now. I said NO WAY am i taking out a mortgage until I get off these credit cards. I want $0 CC payments.She said she respected me for that. I waited 5 months to get off the CC's. it was hard but worth it. I drive 10yr old cars and have no debt (other than my house) I think people simply bite off more than they can chew without anything to back it up (or just dont get educated) HINT..the internet is a cheap resource of info on how to buy a home!. Credit can only last so long.....

[fil]

One of my ex-employees that moved to Austin from Orange County (CA) bought, check this, a $1M home in December and was still strapped to his $800k home in the OC until it sold in March. I was floored since I know what he's earning and what his wife makes.

He was so broke that he couldn't join a martial arts studio with me because he was "house poor on the new house alone."

Those Cali dudes are sick when it comes to being mega-over-extended and trying to look like they're living the dream.

Too much MTV cribs and coveting going me thinks.