Atlanta Georgia Foreclosure Help, Defense, Laws and Process

 


There is no greater accomplishment than owning your home and with a mortgage help this has become a reality for many people in Atlanta, Georgia. Sometimes, hard economic times can hit real hard and you may suddenly find yourself unable to meet your financial responsibilities. When this happens and your home loan repayments become overdue then being a homeowner can end up becoming a living nightmare. The bank foreclosing on the property is the likely result. It’s easier to foreclose properties in Georgia than in many other states. The span of foreclosure in Atlanta takes just 3 months.

It is important to note that time plays an important factor. The longer you hold out paying your loan the harder the situation gets and the harder for you to reinstate that loan. You can find it near impossible to get back on track in paying your monthly installments on a loan you may easily serviced before simply because the lender now charges penalties, legal fees and interest on the defaulted loan. Through the government and your lawyer’s assistance, you can have your mortgage problem sorted out. You need not be flung from financial stability to financial ruin.

Stop foreclosure in Atlanta, Georgia

You can avoid foreclosure. This can be done through various arms of government, via assistance from not for profit agencies or through your lawyer. The following are just some of the guidelines that can help you stop foreclosure on your Atlanta, Georgia property.

  • Don’t ignore the financial crisis your undergoing
  • Talk to your loan provider as soon as you realize you have a problem in paying the loan
  • Acknowledge the receipt of mail from your lender and respond to it
  • Be aware of your mortgage rights by contacting the state government housing office
  • Prioritize your spending
  • Liquidate your assets in order to meet the payment terms
  • Avoid foreclosure prevention companies because HUD is available to you
  • File for bankruptcy, it can delay foreclosure of your properties and give you ample time to liquidate your assets to pay your loan

Atlanta, Georgia Foreclosure Process

In Atlanta Georgia the law on foreclosures states that one month before setting a sale on the property the lender must issue a mail of “Notice of Default” to the borrower. Loans that are foreclosed non-judicially may be returned anytime up to 11 days before the sale of the property and this is inclusive of attorney fees. The creditor has the choice to accept or decline payment of the loan after that date.

The non-judicial foreclosure follows the following process:

  • A notice of sale is issued to the borrower no less than 30days before the date of sale on the property via registered and certified mail to the borrower and his attorney.
  • The notice of sale is published once a week for 4 consecutive weeks and must be posted for 4 weeks before its sale in 2 public places.
  • The borrower has 11 days to come up with the defaulted amount in order to stop the foreclosure.
  • The property must be auctioned between the hours of 9.00AM and 4.00 PM on a Tuesday The sale of the property may be postponed for not more than a week and the notice must be posted beneath the original posted notice.

Repairing your credit after a foreclosure is highly advisable since Foreclosing lowers your credit scores. And therefore it is important to do this in order to help you secure a loan for your future projects and also earn trust from your creditors.