Facts on Foreclosures in GA, Good to Know for Homeowners

It is true that in the early 2012, Georgia is reported to be the number one state for foreclosure proceedings, Atlanta also being number one among the cities in the United States. According to an online foreclosure service, RealtyTrac, 1 out of 300 homes in the state had foreclosure filing, which is a 30% rise from 2011. This number shows that there are a lot of people losing their homes, which may be avoided if only they know how to avoid foreclosures in GA.

What You Should Know About Foreclosures in GA

Foreclosures in GA

Photo Courtesy of Marcia Todd Flickr

Most homeowners are not aware of foreclosure laws. These laws can help borrowers to have some time to figure things out, to help them find a way to raise money and get off the foreclosure proceeding. For example, one loophole that borrowers can use is the new ruling that lenders should indicate in the notices who the real lender or the note owner is. You will be surprised that most notices do not have the name of the real lender or the note owner, and if this is your case, then you gain the advantage of asking the bank to give you some time as this is allowed by law.

Another thing that you can do is to pay the default amount to stop the foreclosure proceeding. Although you won’t get reinstated immediately, it’s going to be enough to give you time. Because you are buying time, you should know the whole process as well.

The process is initiated when the lender files a request in court, then after 30 days of filing, the borrower will be sent a notice that they need to make a payment of the default amount to the court. The notice of sale on the other hand, should be published for four weeks before the sale is due. Then 15 days before the sale, the notice should be sent to the borrower. According to state law, you lose the right to redemption once the property is sold. Yes, it is just a small amount of time; therefore, you should start taking action as soon as you default on your loan.

As with anything, you can fix your foreclosure problems while you still have enough time in your hands. Maybe you can ask to borrow money from a relative, or maybe can modify the loan – whatever it is you’re thinking of, it’s surely great to know that the process takes time and it can help you avoid getting foreclosed.

The law of foreclosures in GA can be on your side too, you just have to know how to use it to your advantage.

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