106 Fayette homes face Nov. 6 sale on courthouse steps

Tue, 10/16/2007 - 4:42pm
By: John Thompson

Despite being one of the more affluent counties in the metropolitan Atlanta region, Fayette is not escaping the foreclosure crunch that is tightening its grip on the region.

Equity Depot tracks foreclosures in the region, and Chief Operating Officer Mark Sulimirski said Fayette has 106 properties that are advertised for foreclosure procedures at the Nov. 6 sales on the courthouse steps.

For October, the number was 67 and Sulimirski said the increase was more than 25 percent.

“It’s significant and reflects the trend in the metro area,” he said.

For the year, more than 711 homes have been advertised for foreclosure, compared with 684 in 2006. While the number still dwarfs many counties in the region, Sulimirski said the foreclosure crisis is hitting all income levels.

The November numbers are the highest this year. The previous high was January with 85 homes advertised for foreclosure. In the metro Atlanta area, more than 6,800 homes are listed for foreclosure at the Nov. 6 sale, Sulimirski said.

One of the main culprits in the increase in foreclosures is sub-prime loans.

According to mtgprofessor.com, a sub-prime lender is one who lends to borrowers who do not qualify for loans from mainstream lenders. Some are independent, but increasingly they are affiliates of mainstream lenders operating under different names.

Nearly 16 percent of Fayette’s foreclosures result from sub-prime lenders, which ranks the county 198th nationally. Since 2000, Fayette’s foreclosures have increased from 295 to 684 in 2006 for a 131.9 percent increase.

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Submitted by localyocal on Thu, 10/18/2007 - 7:43pm.

Who is to blame, of course the government for not regulating the private lending industry and the taxpayers for allowing this to happen..... Whatever, most of these homes will be subprime loans to people who should not have had them in the first place. Let's see 8 - 10 years ago a solid housing market with decent interest rates and almost everyone gets a home, then the banks have slow growth for a while. In a move to increase profit for shareholders and management they lower their lending standards so more loans can be offered. Now everyone has access to their dream home, doesn't matter if they can't afford it, the ARM will keep payments at record lows for years. Boom!! Housing market drops, interest rate move up, the payment doubles out on the street in 5 months. Banking industry is screaming for federal bailout money, think S&L scandal and mid 80's. Look for our taxes to increase and the fed to help out within 12 months. In the meantime the are some really good deals out there.....

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Submitted by bad_ptc on Fri, 10/19/2007 - 10:17am.

Remember, there are only two certainty's in this world. Death and taxes.

Who do you think has to pay the taxes on a for-closed home? The Bank.

The fact is people that are caught up in this mess didn't read their contracts or didn't understand them is in no way the governments fault unless you're blaming it on the public education system.

This is just like everyone complaining about a car lease when it comes due and they find that they owe hundreds if not thousands of $'s because they went over the mileage limits.

Like Norm says; READ, UNDERSTAND and FOLLOW the directions. If you can't get the first part done the other two won't help much.

Submitted by 30YearResident on Fri, 10/19/2007 - 9:56am.


You buy something you KNOW you can't afford.
You get foreclosed on because you can't make the payments ....
And it's the Governments fault ?????

Are you completely ignorant??

You go buy a car for $30,000, finance it for 7 years. Then two years later it's only worth $12,000 and you still owe $25,000... whose fault is that? The dealer? No, they made the offer and you accepted it. The auto manufacturer? Of course not. The finance company that gave you the loan? Not hardley, you had the option to walk out. Is it the Governments fault for "allowing" them to sell you the car? Get real!
Of course the decision to purchase was ultimately yours, therefore the fault is entirely YOURS!

Same with accepting a mortgage if someone knows right up front they couldn't afford to buy that house, then it was their stupid decision to go ahead anyway that got them foreclosed on.

Take responsibility for your own actions and your own stupid decisions.... good grief!

Submitted by 30YearResident on Thu, 10/18/2007 - 11:19am.

Ultimately, it's the buyers responsibility to understand what they're getting into.... once they sign on the dotted line, they're committed....

These are homes where real estate agents and mortgage brokers have worked numbers so that a buyer can get into a house "THEY CAN'T AFFORD" for either no money down or taking money out of the closing OR BOTH.

Buyers know they're doing something they can't keep up, but they take the short term deal, knowing they can live there for several months or even a year or so, take $15k or $20k out of the closing and live the good life for as long as they can get away with it.

You really want to see something, I'll bet most of these never had their T&I escrowed and probably owe big bucks on taxes to the county. It'd be interesting to see the area of the county where the bulk of these foreclosures are located as well. Compare the number of $600K plus homes built in North Fayette to the foreclosure rate since 2000. Then cross reference that to the area of the county where the most foreclosures are occurring.

Don't always just concentrate on the banks and agents, there's plenty of blame to spread around and in my opinion, the buyer is ultimately the most to blame.
(by the way, I'm neither in real estate nor finance/banking)

Submitted by Citizen_Steve on Wed, 10/17/2007 - 2:39pm.

Where are the 106 properties advertised?


Submitted by skyspy on Wed, 10/17/2007 - 7:21am.

When or how did it become fashionable to live above your means?

BPR's picture
Submitted by BPR on Wed, 10/17/2007 - 3:51pm.

I think alot of people do it. Look at how many houses are in foreclosure. When we bought our house I knew the price range We wanted, the realtor pushed and pushed for us to go higher, Thank God we didn't. God did give us a brain to use.

Submitted by skyspy on Wed, 10/17/2007 - 3:58pm.

They tried to scam me too. This time I actually followed my instincts, and my budget.

If a banker, or developer, or realtor's lips are moving, they are lying.

Have a good night, it's beautiful out.

Submitted by d.smith700 on Wed, 10/17/2007 - 8:02am.

When crooked banks and the government allows it. Poor people will take what is offered, just like you will!

Submitted by skyspy on Wed, 10/17/2007 - 2:59pm.

I think the bankers are part of the problem.

Sorry to disappoint you, but my parents taught me to be fiscally responsible. You know old fashioned things like "save for a rainy day", or "don't spend all of your money in one place", or "don't get into debt, even too much house debt is bad". Those kind of old sayings.
There is nothing classy about living in a home you can't afford. If you can't even afford the interest payments you are in way over your head. No matter how poor you are I can't imagine getting sucked into or talked into a sub-prime, or interest only mortgage.

Submitted by susieq on Wed, 10/17/2007 - 3:04pm.

You'd be surprised at the number of people who purchase a house because the mortgage company tells them they can afford it.

Submitted by d.smith700 on Wed, 10/17/2007 - 4:54pm.

No he wouldn't be surprised. He knows there are millions but he simply thinks they should be able to outsmart the bankers and realty people.
He makes it sound as if these poor people force the realtors and banks to sell to them! They don't. It is the reverse.
Helping to protect those less fortunate or intelligent is not a primary objective of conservatives! Buyer, beware!

Submitted by skyspy on Wed, 10/17/2007 - 3:20pm.

You are right. I was appalled at what my realtor was trying to get me into. Both the realtor and the broker working together tried to bait me into something bigger. The realtor was sneaky. At first she told me there were no homes in the price range I wanted. She showed me homes for 100,000 more. So I went out on my own looked at homes in my budget,(amazingly enough there were actually 20 homes available) and found a new realtor.

Anyway thanks for pointing that out, because both the realtor and the broker thought they could pull a fast one. I'll give them credit they tried every trick in the book.

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Submitted by shadowalker on Wed, 10/17/2007 - 12:36pm.

yep now think about this, we are so high on this list
but i proberty taxes just keep going up
to satisify the gov blood suckers an thats fay co. gov


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