All About The Way Georgia Foreclosures Work

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.

Judicial and non-judicial are the two kinds of foreclosure proceedings that occur in Georgia. Banks typically go with the non-judicial as this allows them to avoid the court system and sell the house from underneath the homeowner. However, they may be required to do a judicial foreclosure if there is an issue with the house title or there is no non-judicial clause in the contract.

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.

Non-judicial foreclosure proceedings are started by the lender when they schedule a date for the house to be sold. Thirty days before the sale is to commence they will send the homeowner a notice. In addition, each week for 4 weeks prior they will publish notice of the sale. At any time, the homeowner can stop the sale by paying what is owed plus fees. If the account is still in arrears then the home is sold 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.

by: Paul Brennan

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