For immediate release: Oct. 10, 2007
This press release was originally issued on Wednesday, Oct. 10. That version contained an error in the first sentence that has been corrected in this version.
If you live in Georgia and fall behind on mortgage payments, lenders can foreclose on your home in as little as 37 days. In today's climate of rising foreclosures and low consumer awareness about the foreclosure process, the Federal Reserve Bank of Atlanta and several contributing partners developed Foreclosure Prevention: Hope for Georgia's Homeowners, a video that sheds light on Georgia's judicial process concerning foreclosures.
The video identifies asset preservation options for homeowners, provides an overview of the national HOPE foreclosure prevention campaign (sponsored by the Homeownership Preservation Foundation) and includes testimonials from consumers who faced foreclosure and offer advice for others in similar situations.
"One of the main messages of the video is that homeowners should contact their lenders before the foreclosure process begins," said Juan Sanchez, assistant vice president and community affairs officer of the Atlanta Fed. "We hope the video not only serves as a resource to intermediaries in educating the public about the foreclosure process but also encourages dialogue on intervention strategies."
The Atlanta Fed, along with contributing partners—the Georgia Department of Community Affairs, the Consumer Credit Counseling Service of Greater Atlanta Inc. and NeighborWorks America—developed the video to address foreclosure issues in Georgia, which has one of the highest rates of foreclosures nationally. Copies of the DVD may be requested online at www.frbatlanta.org.
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee. As part of the nation's central banking system, the Atlanta Fed participates in setting national monetary policy, supervises numerous commercial banks and provides a variety of financial services to depository institutions and the U.S. government. The Atlanta Fed offers economic and financial education outreach to teachers, students and others through a variety of programs and activities.