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Beware the Lure of Home Buying
Here is an article on people looking to buy foreclosed homes. This is a ever increasing issue as the nations foreclosure rates climb. Others making a profit on your problems.
Web Editor: Josh Roseman 11Alive News
Last Modified: 4/15/2007 9:28:00 AM
On the first Tuesday of each month, people gather outside the DeKalb County Courthouse, many looking to bid on foreclosed homes and then flip them for a quick profit. In Georgia, a lot of houses end up in foreclosure because, while low interest rates make it tempting to buy a home, without the proper preparation, homeowners sometimes become homeless.
In 2006, Georgia had one of the nation's highest foreclosure rates, with one out of every 41 homes in foreclosure. That was a total of 80,000 foreclosures statewide, up almost 70 percent from 2005. Experts predict more than 2 million foreclosures across the country this year. Texas, Tennessee, and Georgia have the country's fastest foreclosures.
"You get foreclosed on the first Tuesday, and you can be out by the end of the month," said Bill Brennan with Atlanta Legal Aid.
"That happens routinely."
Public auctions like the one in DeKalb County are opportunities for savvy buyers to make money, but with each home opportunity, it means that someone just lost a home."www.11alive.com
Please contact us or leave a comment if you would like some more information on this topic.
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