And the deluge is still to come. That's the word on the "street" from the industry professionals. The main reason is because interest rates on adjustable rate mortgages (ARMs) are about to reset in coming months - to double, triple or quadruple from those low teaser rates. Throw in a credit crunch that will close off most opportunities to refinance to falling housing prices, and it's likely that hundreds of thousands more will face foreclosure. Most will not be able to find help, and the foreclosure rate could climb even higher than the projected for closing 2007.

Reaction from state and federal officials continues to give lenders and loan services the benefit of the doubt in the form of voluntary compacts and agreements to pick up the pace and increase the volume of loan modifications. But it's unclear what those things will accomplish.

In Georgia, on average, foreclosure rates in the metro Atlanta area is significantly higher than rates in neighboring areas." Last year, Fulton County, home of the city of Atlanta, had the most foreclosures with a total of 11,437. DeKalb County was close behind with 9,327 foreclosures. In total, there have been 41,312 foreclosures in the metro Atlanta area for 2007.

To almost every housing counseling hotline in the region, the phone calls are incessant. The average foreclosure prevention counseling agency, is answering 150 calls a week from borrowers, far more than it can actually help. Nationwide, the wait time to see a counselor used to be one day, now the homeowner in need can expect to wait one week.

"Interestingly enough, foreclosures in Georgia are considered to be non-judicial foreclosures, which do not involve a judge. It's important to remember that pre-foreclosure sales are quite possible due to full public disclosure of the homeowner's information including the date, amount of debt, property address, name of borrower, deed book and page of security deed, lender name and attorney information. The key to succeeding is to be persistent and understand that the pre-foreclosure business requires a great deal of work and patience.

Seminar training from professionals is the best method to find pre-foreclosures. "You need quality real estate training and education from a real-world hands on professional to work with you. The real estate market is in the midst of a major correction and opportunities must be recognized first.

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