A new program to help families dealing with foreclosure is ramping up. It's the second part of the landmark deal called the National Mortgage Settlement, and it makes $710 million available to Georgians for foreclosure relief.
Experts say getting that relief may not be easy.
Big banks are doing this because of their role in the real estate market collapse. There is money out there for some of you, but you have to go back to the bank that you believe got you into this jam in the first place in order to get it.
John Bartholomew, an attorney with the Atlanta Legal Aid Society, tries to be optimistic about this latest program to help families fighting foreclosure, or living now in practically worthless real estate.
"This one, we hope, has a little more teeth to it because it's being backed and was negotiated by the attorney generals of around 49 states. But, we'll have to see," said Bartholomew.
Annettee Willingham, 70, is working with Legal Aid. Her husband suddenly died. That single, catastrophic event set off a chain of bad luck. She remembers her first foreclosure notice.
"I called my daughter and started crying. Because I didn't know what to do," said Willingham.
Busy raising two great-grandchildren, she has been trying to get her loan modified ever since. But the bank, she says, can't seem to keep track of her paperwork. This new agreement is supposed to remedy that.
"They have to provide a single person, a single point of contact, to homeowners that will talk to them about their case, that will shepherd them through the application process," said Bartholomew.
Willingham has twice fought off foreclosure with the help of Legal Aid. She's hopeful she can stay in her home rather than let it be just one more abandoned house.
Many people haven't gotten help yet. In fact, many houses continue to be sold on the courthouse steps. Before you get to this point, Legal Aid says there are three calls you need to make.
First, call your bank. Don't wait for them to notify you that you qualify. After you make the first move, call a HUD-certified counselor. Let them help you wade through process. Finally, if there is any problem, even the slightest glitch, report it to the attorney general's office.
According to legal aid, the last word in this case is denied. Willingham has been told by the bank that they won't do a loan modification for her. This puts her in a really bad place as she can't rent an apartment for what she pays for that home. The good news is that her latest foreclosure date – September – has been postponed.
Friday, May 17 2013 6:31 PM EDT2013-05-17 22:31:42 GMT
For decades, Atlantans have woken up to Tom Sullivan on their radios. But you might not know that he's also somewhat of an expert eBay seller, and he's got quite a story to tell.
For decades, Atlantans have woken up to Tom Sullivan on their radios. But you might not know that he's also somewhat of an expert eBay seller, and he's got quite a story to tell.
The FOX 5 I-Team found a pattern of payments and perks to one family by the local district attorney's office, and it's a pattern that has critics crying favoritism.
The FOX 5 I-Team found a pattern of payments and perks to one family by the local district attorney's office, and it's a pattern that has critics crying favoritism.
Wednesday, May 15 2013 10:32 PM EDT2013-05-16 02:32:39 GMT
A local man says Atlanta Mayor Kasim Reed and Reed's ex-girlfriend got him fired from his city job. The man told the FOX 5 I-Team about the federal whistleblower lawsuit he's filed and why he wants the city to pay up.
A local man says Atlanta Mayor Kasim Reed and Reed's ex-girlfriend got him fired from his city job. The man told the FOX 5 I-Team about the federal whistleblower lawsuit he's filed and why he wants the city to pay up.
Wednesday, May 15 2013 6:39 AM EDT2013-05-15 10:39:34 GMT
Summer is a break for kids, but you still need to keep them busy. So you sign them up for camp, hoping to keep the kids entertained at a safe camp and all at an affordable price.
Summer is a break for kids, but you still need to keep them busy. So you sign them up for camp, hoping to keep the kids entertained at a safe camp and all at an affordable price.
Wednesday, May 15 2013 5:04 AM EDT2013-05-15 09:04:58 GMT
The amount of money many of us pay in taxes in a given year is often times larger than any purchase we'd make. Where does that really money go? Well, there is a way to find out.
The amount of money many of us pay in taxes in a given year is often times larger than any purchase we'd make. Where does that really money go? Well, there is a way to find out.
Monday, May 13 2013 10:41 PM EDT2013-05-14 02:41:06 GMT
Some $5 billion in Medicare money each year goes to pay for ambulance rides to a doctor. An industry insider claims a lot of those rides are a waste of your tax dollars.
Some $5 billion in Medicare money each year goes to pay for ambulance rides to a doctor. An industry insider claims a lot of those rides are a waste of your tax dollars.
Monday, May 13 2013 6:56 AM EDT2013-05-13 10:56:00 GMT
It's pretty normal these days when you're apartment hunting to be asked to pay an application fee. Those fees can be pretty steep, and can be at least $50 for every application.
It's pretty normal these days when you're apartment hunting to be asked to pay an application fee. Those fees can be pretty steep, and can be at least $50 for every application.
Monday, May 13 2013 6:48 AM EDT2013-05-13 10:48:33 GMT
We're always talking about the benefits of good credit when you make a big purchase. But, what if you don't have good credit and still need to buy a car?
We're always talking about the benefits of good credit when you make a big purchase. But, what if you don't have good credit and still need to buy a car?
Friday, May 10 2013 8:24 AM EDT2013-05-10 12:24:28 GMT
There is a businessman in metro Atlanta making quite a name for himself for computer repairs. But not for his great work, but rather for work that never gets done.
There is a businessman in metro Atlanta making quite a name for himself for computer repairs. But not for his great work, but rather for work that never gets done.
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