Like most of the other states, Georgia foreclosures continue to force people out of their homes. If you want to fight a foreclosure and keep your house, it is important to know how foreclosure laws work in your state. Below is a description of the process in Georgia and what you can do to stop foreclosure proceedings on your home.
There are two types of Georgia foreclosures, judicial and non-judicial. Judicial is when the lender takes the homeowner to court to repossess the house. This is usually happens when there is no non-judicial clause on the loan contract or there are problems with the title of the house.
The most common type of foreclosure in Georgia is non-judicial. This is because it allows the banks to avoid court proceedings that might draw out the process. Georgia law does not require banks to let the homeowner know that the house is being put up for sale. However, the mortgage or deed of trust company usually will require them to do that before they do anything with the title of the house.
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.
Non-judicial foreclosure proceedings are started by the lender when they schedule a date for the house to be sold. Thirty days before the sale is to commence they will send the homeowner a notice. In addition, each week for 4 weeks prior they will publish notice of the sale. At any time, the homeowner can stop the sale by paying what is owed plus fees. If the account is still in arrears then the home is sold the first Tuesday of the month.
When defending against a foreclosure it is best to hire a lawyer who can help. A knowledgeable lawyer will have a number of techniques he can use to prevent the bank from taking your home. An effective tactic is to request that the bank prove their ownership of your bank loan.
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.
There are two types of Georgia foreclosures, judicial and non-judicial. Judicial is when the lender takes the homeowner to court to repossess the house. This is usually happens when there is no non-judicial clause on the loan contract or there are problems with the title of the house.
The most common type of foreclosure in Georgia is non-judicial. This is because it allows the banks to avoid court proceedings that might draw out the process. Georgia law does not require banks to let the homeowner know that the house is being put up for sale. However, the mortgage or deed of trust company usually will require them to do that before they do anything with the title of the house.
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.
Non-judicial foreclosure proceedings are started by the lender when they schedule a date for the house to be sold. Thirty days before the sale is to commence they will send the homeowner a notice. In addition, each week for 4 weeks prior they will publish notice of the sale. At any time, the homeowner can stop the sale by paying what is owed plus fees. If the account is still in arrears then the home is sold the first Tuesday of the month.
When defending against a foreclosure it is best to hire a lawyer who can help. A knowledgeable lawyer will have a number of techniques he can use to prevent the bank from taking your home. An effective tactic is to request that the bank prove their ownership of your bank loan.
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.
About the Author:
If a GA foreclosure is about to arise, you should learn more about GA foreclosures. Information on this topic can be found all over the net and there are many professionals that will help you.
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