Prosperous Georgia County Sees Double Digit Rise in Foreclosures

For many years, Gwinnett County, Georgia, an upscale suburb of Atlanta held the distinction of being one of the nation’s fastest growing counties.  For years, new subdivisions sprouted in Gwinnett in land that used to be cow pastures.

Maybe the cows will be staging a comeback.  Today’s Atlanta Journal-Constitution reports that in 2008, Gwinnett has recorded 11,051 foreclosures, which represents a 26% increase from the same time period (January – October) in 2007.

In my Atlanta area bankruptcy practice I have represented many Gwinnett County residents over the years.  Far too many were living in houses purchased for little or nothing down, paying interest only mortgages, and struggling to pay two or even three mortgages.

Georgia law provides for non-judicial foreclosure, which means that once a homeower becomes delinquent, the foreclosure process can start immediately and does not require any court hearings.  Foreclosure in Georgia can occur within 40 days of the initial notice of intent to foreclose.

Related posts:

1. Georgia County Loses Public School Accreditation – Home Values Slide
2. Metro Atlanta Foreclosures Up 29% in 2007 and Trend Does Not Look Good
3. Evander Holyfield Temporarily Avoids Foreclosure, But Still On the Ropes Financially