Details About The Steps Involved In Georgia Foreclosures

Georgia foreclosures are continuing to negatively impact many homeowners in the state. An understanding of how Georgia courts handle foreclosures is necessary if you want to effectively defend against having your house taken from you by the bank. Here is how the process works and what you can do to help yourself.

In Georgia, there are two kinds of foreclosures, non-judicial and judicial. Non-judicial allows the bank to circumvent the courts and sell the home from underneath the homeowner. If there is no non-judicial clause in the loan contract or there is a problem with the title of the house then the foreclosure is taken through a judicial process involving the courts.

Non judicial is the most common kind of foreclosure in Georgia because it allows lenders to avoid court proceedings that might draw out the proceedings. Lenders are not required by law to let homeowners know they will be selling the house. However, the deed of trust or mortgage title company usually requires them to send a notice to the homeowner before anything can be done with the title.

When the bank must go through the court, they file a petition that lists the default amount owed, the status of the loan and a description of the property. The homeowner then has thirty days to pay what is owed. If at the end of that time period the house is still in arrears then it will be sold.

In the non-judicial foreclosure process the lender starts foreclosure proceedings by scheduling a sale of the house. They send the homeowner notice 30 days before the sale is to commence. They also publish a notice of the sale each week for four weeks leading up to the sale. The process can be stopped at any time by the homeowner bringing their account current as well as paying any accrued fees. If the amount continues to be owed then the house is sold on the first Tuesday of the month.

When fighting a foreclosure it is best to hire an attorney to help you in your defense. An attorney has a number of strategies he can use to stop the bank from taking your house. One way is to request documents from the bank proving they own the note. Only the actual note owner can foreclose on your home.

This is proving difficult for many banks today because a lot of the loans were bought and sold during the housing crisis and many documents were destroyed or lost. Forcing the bank to prove they own your loan note takes time which you can use to resolve your past due payments.

The most important thing to remember when defending against Georgia foreclosures is to remain in your house. Once you move out of your home getting the home back can be next to impossible. Generally banks do not want your house. This can be tough to believe if you’re receiving threatening phone calls from collection agents. Really though they just want the money. Work closely with your lawyer to find a solution that gets both you and the bank what you want. A positive resolution.

If a GA foreclosure is about to arise, you need to learn more about GA foreclosures. Information on these topics can be found all over the net and there are many experts that will help you out.