Foreclosure Guidelines In Georgia

Foreclosure Guidelines In Georgia

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Foreclosure can be a scary thought. This is why it is best to understand what this is and the time frame for it. Here are a few things you will want to know so you can be prepared if this ever happens to you.

How Long Does it Take?

The truth is that the foreclosure guidelines in Georgia make it easy for a foreclosure to go through in just a few months. This can be much faster than other states. This is why you need to be prepared for the process so you will know how to handle it.

Missing Payments

When you miss one payment you will begin to accrue late fees. You can usually expect the lender to send you a letter and call reminding you that you are behind on your payments. This is the first step in the process and if you can this is the best time to make a payment arrangement with them to help avoid going further into the foreclosure process.

Pre-Foreclosure Loss Mitigation Review Process

This is considered the first 120 days you are behind on your payments. The law in Georgia is designed to give you this long before any judicial proceeding can start to ensure you have plenty of time to get things in order and hopefully get back on track. Usually, the lender will send you information about your loss mitigation options so you can keep your home from going into foreclosure.

Receiving the Breach Letter

This will happen within 30 days of the default process starting. You will receive a letter and it will give you all the information. This is when the foreclosure process starts, or at least when it is impending.

30 Day Intent Notice for Foreclosure

Next, you will receive a letter from the bank giving you at least 30 days notice that the bank will foreclose on the home. This will tell you when the foreclosure sale is set for as well as give you a fee schedule. Most residential properties in Georgia are not subject to judicial hearings so once the breach letter has gone through the foreclosure process can happen quickly. Also, the lender does not have the legal obligation to reinstate the loan, though some will because the foreclosure sale can be tricky.

During this time, the bank will also publicize the sale as it must be made public in at least one publication method. When the home is sold, the default judgment is placed on the loan holder for the debt owed. This means the total amount of the loan minus the amount the home sold for. This is not the same thing as the value or sale price of the home.

If you are facing foreclosure, the best thing you can do is to act fast and have legal representation. You will want to know what Alternatives are available.  Talk with a legal expert who can help you find the best solution to your mortgage issues. Getting on this as fast as possible is the best way to save your home.

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