Details About The Way Georgia Foreclosures Are Processed

Georgia foreclosures are continuing to negatively impact many homeowners in the state. An understanding of how Georgia courts handle foreclosures is necessary if you want to effectively defend against having your house taken from you by the bank. Here is how the process works and what you can do to help yourself.

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.

Non-judicial is when the lender simply places the home up for sale. This is the most common type of foreclosure proceeding in Georgia. Banks are not required to go through the courts to do this and they are not required by law to notify the homeowner that they are putting it up for sale. However, most mortgage or deed of trust companies will require the bank to warn homeowners of the impending sale of their home.

With judicial proceedings the bank files a suit with the court that describes the past due status of the property, the amount owed as well as a description of the property. The homeowner is given 30 days to resolve the default. If the amount is not paid the home will then be put up for sale.

In the non-judicial foreclosure process the lender starts foreclosure proceedings by scheduling a sale of the house. They send the homeowner notice 30 days before the sale is to commence. They also publish a notice of the sale each week for four weeks leading up to the sale. The process can be stopped at any time by the homeowner bringing their account current as well as paying any accrued fees. If the amount continues to be owed then the house is sold on 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.

However, because loans were bought and sold many times during the housing crisis a lot of the records were lost or destroyed in the exchanges. Making the bank prove they are the owners of the note may take time which you can use to get caught up on the amount owed.

The smartest thing you can do while fighting a Georgia foreclosures is to stay in your house. Your legal options diminish the moment you move out of the home and getting your home back may prove to be impossible. In all honesty, the bank does not want your home. They would rather have the money. Therefore work with your attorney to find a solution that can give the both of you what you really want. A resolution that satisfies you both.

If a GA foreclosure is about to happen to you, 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 out.

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