Foreclosure

Foreclosure can occur when get behind on your mortgage payments and do not take action. Once you get behind it’s important to action as soon as you can. Failure to do so can result in foreclosure. After 120 days, the lender (a bank or mortgage company) can begin the process of transferring ownership or selling your property if you have not caught up with the payments.

Here is a basic breakdown of the process.

How Foreclosure Works in Georgia

1. You miss payments. Your loan is in default.
2. You usually get about 120 days. Your servicer generally cannot start foreclosure until you are more than 120 days behind.
3. They call the whole loan due. You now owe the full balance, not just the missed months.
4. You get a 30-day mailed notice. At least 30 days before the sale, they must send you certified/registered/overnight notice that they intend to sell your house.
5. They advertise your house. The sale runs in the county legal paper once a week for 4 weeks.
6. You still have a last chance. Before sale day you may be able to catch up (if your contract allows), modify the loan, sell, pay it off, or file bankruptcy.
7. They auction your house. First Tuesday of the month, 10 a.m.–4 p.m., courthouse steps. Highest bidder wins.
8. You lose ownership. The winner records a Deed Under Power. After a normal mortgage sale, you cannot buy the house back.
9. You may still owe money. If the sale price is less than you owed, they can chase you for the leftover only if a court confirms the sale within 30 days.
10. They must evict you if you stay. The new owner has to file a court case to remove you. Do not ignore those papers.

The first step in legally warning you of impending foreclosure is a Notice of Default, or NOD. By definition, Notice of Default is declared by the lender when you default on the terms in the Promissory Note or Security Deed (fail to make payments as promised).

Foreclosure is a simple process for banks. In most cases, all they have to do is send you a notice of intent to foreclosure within a certain time frame. If you don’t bring the loan current and reinstate the loan, the bank can run a foreclosure ad for four weeks, then foreclose on the first Tuesday of the following month.

On receiving a NOD, contact us. We can help you:

1. Help evaluate your assets for options to save your home
2. Stop the process before publishing the foreclosure in local papers
3. Get you a plan to pay off the arrears in a manageable monthly payment

If you need bankruptcy protection to stop a foreclosure sale, a Chapter 13 can force the lender to let you catch up arrears in a plan.

Foreclosure law is very intimidating and complicated. We will ensure that your rights are protected to the full extent of the law and explore all opportunities and options to save your home, reputation, and credit. We will stop any dishonest company from taking advantage of you.

Stopping foreclosure at the start not only helps you retain back the mortgaged property but also saves you from disastrous consequences of downgrading your credit score. Our experienced professionals can guide you through the process, offer support and advice along the way to stopping your foreclosure and assisting you with a plan and way to get back on track and reset your debt. Contact us today to schedule an in-person or virtual consultation. Call (404) 913-6992.