Knowing how the foreclosure process in Georgia works is an important part of working through your own home foreclosure. We can help you get through your home foreclosure. Whether it’s explaining how the foreclosure works, or buying your Metro Atlanta house with cash, we’re here to help.
What is a home foreclosure?
Lenders use foreclosures in order to take back property. It’s a legal process that occurs when the borrower stops making payments.
Understanding how the foreclosure works will help you be able to handle the foreclosure more effectively. We have a lot of experience helping people like you through a foreclosure, and we’ll tell you everything you need to know.
The Stages of A Foreclosure.
A foreclosure has several stages that it has to go through.
In different states foreclosure will work in different ways.
Judicial sale and power of sale are the two ways that states foreclose upon properties.
Calling us directly at insert phone number or using our contact page will allow us to walk you through the specific type of foreclosure that you are going through. Foreclosures in metro Atlanta may work differently than they do in other places.
Regardless of which way that the state is foreclosing upon your house, you typically won’t have a foreclosure occur until three to six months after payments have stopped. Foreclosures occur when the owner of the house does not pay for multiple months, and shows no signs that they are going to begin payment.
Under Judicial Foreclosure:
- Your mortgage lender will file this in the judicial court system.
- A letter will be sent to you regarding your late or non existent payments.
- After the court recognizes the lender as the legitimate lender, you will have 30 days to provide payment to the lender.
- If you do not provide the payments within these 30 days, your house will then go to auction.
- After your house is sold at the auction, you will be forced to leave through an eviction.
Under Power of Sale (or Non-Judicial Foreclosure):
- The mortgage lender will serve you with papers requiring the payment, and courts are not required. The process may still go under judicial review, however.
- After the waiting. has elapsed, a deed of trust is created and control of your property is given to a trustee.
- The trustee can then sell your property at a public action, and you will be informed when this occurs.
Any one living on the property or with an interest in it must be informed of this auction before it occurs.
Any one that is owed money for the house, including those providing liens or banks will have access to the money that is gained from the selling of the house.
What Happens Next?
After the foreclosure is finished, the bank or owner of the house will be paid back by the money gained from the auction.
However, if the sale of the property isn’t enough to pay off the loan, a deficiency judgment can be issued against you, the borrower.
Deficiency judgments are where the bank gets a judgment against you for the remote. For the remaining funds owed to the bank on the loan amount. This means anything not covered by the auction can be put onto you.
Some states prevent you from having to pay the full amount in a deficiency judgment, while other states will force you to pay the full loan amount. Checking what the laws are in your Metro Atlanta area could be very important to the foreclosure of your house.
By now, it’s obvious that you want to avoid a foreclosure at any cost. Contacting your bank about possible payment methods, or working with a real estate companies such as ourselves can help prevent this from happening. In some cases, we can even negotiate with your bank to lower the amount owed.
Experienced homebuyers like ourselves can even eliminate the debt if you owe more than your house is actually worth.
Selling your house for cash is one of the fastest ways to get out of this predicament. And home buyers like us are willing to buy your house as is.
We paid directly with cash and are even capable of closing the sale within seven days.