Cobb foreclosures down 24% YTD
by Marcus E Howard
September 07, 2012 01:04 AM | 2342 views | 0 0 comments | 7 7 recommendations | email to a friend | print
MARIETTA — Cobb County’s real estate market continues to amass a sizeable number of foreclosures, with 890 properties set for the October auction, compared to 912 this time a year ago.

However, 8,831 properties have been advertised for the auction block this year, a 24 percent decrease from the 11,622 properties advertised during the same time period in 2011.

Legal notices must be published for four consecutive Fridays before a property can be sold at auction. Not all properties advertised end up at auction.

The auction begins at 10 a.m. on the first Tuesday of each month on the steps of the Cobb Superior Courthouse in Marietta. The next auction is scheduled for Oct. 2.

According to the Office of Mortgage Settlement Oversight, about $10.6 billion in mortgage relief has been paid to homeowners as part of a $25 billion settlement reached in February in light of alleged past foreclosure processing abuses, including “robosigning.”

The nation’s five largest loan servicers — Bank of America, Wells Fargo, JP Morgan Chase, Ally/GMAC and Citibank — agreed to provide the $10.6 billion under the settlement struck with 49 states and the federal government.

As part of the deal, banks agreed to reduce the principal on loans and refinance mortgages to lower interest rates. It was reported that $8.7 billon of the $10.6 billion paid went toward short sales, in which lenders agree to accept less than what is owed by sellers on mortgages.

Joseph Smith Jr., a National Mortgage Settlement monitor, recently released a report that outlined details about the settlement.

“The banks have granted $10.56 billion in consumer relief to borrowers between March 1 and June 30, 2012. Additionally, first lien principal reduction trials were offered and begun for about 28,000 homeowners, totaling approximately $3 billion of potential relief,” Smith said.

If you believe you are eligible for relief under this settlement but are concerned you will be difficult to locate, contact the Georgia Attorney General’s Office at (404) 656-3300.

For borrowers not eligible for assistance under the settlement, assistance is available by calling a U.S. Housing and Urban Development-approved housing counselor at 1-800-569-4287 or going online to www.makinghomeaffordable.gov or www.independentforeclosurereview.com.

More information about the mortgage settlement is available at www.nationalmortgagesettlement.com.
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