Have you or a family member fallen behind on your mortgage? Have you received threatening phone calls or letters? We can help!
What is 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 90 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. To understand the next steps of the process, here is a simple breakdown of what you can expect.
How Foreclosure Works in Georgia
- When you obtained the mortgage you signed a Promissory Note and Security Deed with loan details and default procedures.
- Property Title belongs to the lender until the loan is paid in full.
- You only have 90 days to bring any past due payments current or default procedures can begin. You have just 15 days after the 90 day period, then the lender can begin the foreclosure process with a Notice of Default
- The lender must advertise the foreclosure in local papers for four weeks prior to the sale
What is a Notice of Default?
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.
When to Get Help to Prevent Foreclosure
On receiving a NOD, contact us. We can help you:
- Find refinancing through our contacts
- Fight with the lender to readjust your payment schedule or a loan modification
- Help evaluate your assets for options to save your home
- Stop the process before publishing the foreclosure in local papers
What Can a Foreclosure Attorney Do for You?
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.
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