A stormy day in Roswell last week – Canton Street, Founders Hall – Historic Roswell GA
Blessed Trinity Catholic High School was recently awarded The National Blue Ribbon of Distinction, which identifies high achieving schools in the U.S. Private schools are held to a higher standard than public to achieve this award, making this quite an honor for the school. Criteria to achieve the Blue Ribbon for a private school include that ACT/SAT school average be in the top 15% nationwide on both Math/Verbal sections with a 90% minimum participation rate. Graduation rate must also be 95% or higher.
The Blessed Trinity campus is located in Roswell GA and is a college preparatory institution that provides a Catholic se education for grades 9-12. The school balances spiritual life, academics, fine arts, and athletics in a nurturing environment.
Looking for a community that is walking distance to Blessed Trinity?
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Like zombies, it appears that deficiency judgments keep coming back. In layman’s terms, banks that lost money on foreclosures or short sales are using debt collectors to collect the money owed by former owners. The difference between the original debt and the final liquidation amount is the deficiency and collectors are chasing this by freezing their bank accounts, garnishing wages and seizing assets of former owners.
Using a legal tool known as a “deficiency judgment,” lenders can ensure that borrowers are haunted by these zombie-like debts for years, and sometimes decades, to come. Before the housing bubble, banks often refrained from seeking deficiency judgments, which were seen as costly and an invitation for bad publicity. Some of the biggest banks still feel that way.
But the housing crisis saddled lenders with more than $1 trillion of foreclosed loans, leading to unprecedented losses. Now, at least some large lenders want their money back, and they figure it’s the perfect time to pursue borrowers: many of those who went through foreclosure have gotten new jobs, paid off old debts and even, in some cases, bought new homes.
It’s incredibly hard to feel any compassion for these lenders, but it’s just as equally hard to feel anything for most owners. While a small number were genuinely hurt, the majority were owners that played fast and loose with their homes and credit. The actions of the back to those legitimate hardship cases was nothing short of reprehensible, and nothing has changed. They were bailed out by taxpayers, continue to enjoy record profits and continue to operate with little regard for true hardship cases.
And what about “strategic defaulters”, those that could pay their mortgage but simply elected not to? Using the “businesses routinely walk away from non performing assets, why can’t I?” logic, these moves are justified in heir minds.
Andrew Wilson, a spokesman for Fannie Mae, said the finance giant is focusing on “strategic defaulters:” those who could have paid their mortgages but did not. Fannie Mae analyzes borrowers’ ability to repay based on their open credit lines, assets, income, expenses, credit history, mortgages and properties, according to the 2013 IG report. “Fannie Mae and the taxpayers suffered a loss. We’re focusing on people who had the ability to make a payment but decided not to do so,” said Wilson. Freddie Mac spokesman Brad German said the decision to pursue deficiency judgments for any particular loan is made on a “case-by-case basis.” But homeowner-defense lawyers point out that separating strategic defaulters from those who were in real distress can be tricky. If a distressed borrower suddenly manages to improve their financial position – by, for example, getting a better-paying job – they can be classified as a strategic defaulter.
Dyck O’Neal works with most national lenders and servicing companies to collect on charged-off residential real estate. It purchases foreclosure debts outright, often for pennies on the dollar, and also performs collections on a contingency basis on behalf of entities like Fannie Mae. “The debt collectors tend to be much more aggressive than the lenders had been,” the National Consumer Law Center’s Walsh said. A big reason for the new surge in deficiency claims, attorneys say, is that states like Florida have recently enacted laws limiting the time financial institutions have to sue for the debt after a foreclosure. In Florida, for example, financial institutions now only have a year after a foreclosure sale to sue — down from five.
In Georgia, lenders considering chasing deficiency judgments have to be fast. In a recent opinion, the Georgia Court of Appeals reaffirmed that creditors who wish to seek deficiency judgments following a non-judicial foreclosure must seek to have the sale confirmed within 30 days of the sale. Many creditors elect not to pursue deficiency judgments in Georgia because collecting sufficient admissible evidence to prove that the property sold at true market value within this short time period often is challenging. While infrequent, some lenders do what is required and judgments are recorded.
While many call the lenders “unfair” for pursing judgments, many also wonder about the morality of many that cut and run on their obligations. The small portion of legitimate hardship owners are paying that price as are tax payers and even home buyers – in the form of increased red tape and higher fees. The ones least impacted, the banks of course. Read the full Reuters article here.
This charming Smyrna home located at 1525 Gaylor Drive was recently sold by the Hank Miller Team. Sitting on a beautiful level lot in the Estates at Ellis Wade, this 4 bedroom 4 bath was built by Traton Homes and sold for $470,000
Featuring a bedroom and bath on the first level, 2 fireplaces, upstairs loft area and spacious bedrooms. The chef’s kitchen featured double ovens, gas cooktop, granite and under cabinet lighting
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New homes and townhomes are currently under construction in Roswell, GA. Located conveniently within walking distance to Historic Roswell shops and restaurants, Monte Hewett is offering livable and unique architectural designs. Classic features will include detailed millwork, site finished hardwoods, well thought out design features and a generous lighting and landscape package. Gourmet kitchens will include butlers’ pantries, wet bars, and stainless steel appliances – including a 48″ 6 burner range. Both townhomes and homes will include three levels of living space with the option of finishing the ground/terrace level. Sidewalks, alley entries, and common areas that include a community pavilion, fireplace and garden will give this community a hometown neighborhood atmosphere.
Prices will begin in the high 500’s for townhomes and the high 600’s for single family detached homes. HOA fees include landscaping and lawn maintenance for common areas and individual homes, and maintenance of all community lighting, driveways, sidewalks etc.
Additional photos will follow in upcoming posts, but from what was seen this past week – floor plans are well thought out with open rooms, large kitchens and beautiful design details – that will be unique and magazine worthy!
Along with new and existing homes, the Canton Street area of Roswell has maintained its’ historic characteristics. Established and new restaurants and shops make this area of Roswell a pleasant place to eat, live and shop.
This lovely Marietta home is new to the market and listed exclusively by the Hank Miller Team. Located in the Pope School District and in the new swim/tennis community of Mabry Manor, this 6 Bedroom 5 Bathroom home is priced at $860,000 and combines both traditional and modern features. Hardwoods, large open rooms, loft area, luxury master suite, 2nd level laundry, and premium lot on a cul de sac street, make this home a top pick for the East Cobb home buyer. Beautifully appointed for the modern lifestyle.
Chef’s kitchen boasting Kitchen Aid Architectural Series appliances, 36″ range and hood, warming drawer and double ovens. Silestone countertops, under cabinet puck lighting, walk in pantry, butler’s pantry, glass cabinetry, keeping room and separate breakfast room.
The family room with coffered ceilings features and one of 3 uniquely designed fireplaces. Separate living and dining rooms provide great space for entertaining.
The finished terrace level includes a fully equipped bar with ice maker and microwave. Also located on the terrace level are a workout room, future wine room, family/entertainment area with floor to ceiling stacked stone fireplace and bedroom/office. Hardwoods are throughout this level of the home.
IF YOU HAVE QUESTIONS REGARDING THIS EAST COBB HOME OR ANY OTHER PROPERTY IN THE EAST COBB/MARIETTA AREA, PLEASE DO NOT HESITATE TO CONTACT US