Owning a home in Georgia is the realization of a dream for most adults; but what happens when that dream turns into a nightmare? If you are unable to keep up with payments on a mortgage, the lender may foreclose on the property. As Georgia is a non-judicial foreclosure state, in most cases, there is no need for the lender to go through court in order to initiate the procedure.
A power of sale clause is used when securing a deed, which allows foreclosure as an option if agreed payments are not made on time. Once the foreclosure process begins, you will have limited options for saving your home.
The lender has an obligation to issue a demand letter for any outstanding mortgage payments before they foreclose on a property. This allows you ten days to bring payments up-to-date before any further action can be taken. A notice of the foreclosure is then advertised in the county newspaper where the property is located. As the debtor, you have a right to receive a prior notification of the proposed sale date of at least fifteen days via certified mail.
Protecting your Home
For many debtors facing the prospect of foreclosure, it may feel like it is a foregone conclusion. However, there are options for avoiding foreclosure in the state of Georgia. The first thing you should do is respond to the demand letter right away, regardless of whether you are able to bring payments up-to-date at that time or not. This may include asking the mortgage provider to renegotiate the terms of your loan for a lower amount over a longer term.
A foreclosure investor may be prepared to purchase your home, giving you access to more of the equity from the sale than you would have otherwise received. Alternatively, you can seek to delay foreclosure in a number of ways, such as objecting to the default or disputing whether you received adequate notice of the foreclosure. These options may require you to file a court action against the lender and request that a judge order the foreclosure to be stopped.
Filing for Chapter 7 or Chapter 13 bankruptcy will stay the foreclosure process and may allow you to retain ownership of your home. It is important to consult with an experienced bankruptcy lawyer in Georgia if you wish to address foreclosure in this way. Bankruptcy is not suitable for everyone, so it helps to discuss your specific financial circumstances with a professional who understands debt management.
H. Lehman Franklin
If you would like advice on financial reorganization to help save your home from foreclosure, H. Lehman Franklin has over 30 years of experience in bankruptcy and debt management. Our priority is providing clients with the most effective and long-term options for addressing property foreclosure in Georgia. We understand the value of a home means more than just bricks and mortar. Reach out to the offices of H. Lehman Franklin today at 912-764-9616 or at firstname.lastname@example.org if your home is under threat of foreclosure. We will do whatever we can to help you find the most appropriate financial option for saving your home in Georgia.