John E. Pytte
A Foreclosure Lawyer Looks at the Legal Aspects of Foreclosure
Foreclosure is a legal process through which the lender in a mortgage loan agreement seeks to obtain ownership and possession of real estate because the borrower has defaulted on the terms and conditions of the contract. The foreclosure process starts when a borrower fails to make agreed-to payments pursuant to the terms and conditions of a mortgage agreement. A person facing the prospect of a home mortgage foreclosure needs to familiarize himself or herself with the general aspects of the process, preferably with help from a foreclosure lawyer
Mortgage Laws from One State to Another
Mortgage laws are state statutes. As a result, they do differ from one jurisdiction to another. For example, in some states, the only way a residential foreclosure can occur is if the lender files a lawsuit in court. On the other hand, in other states non-judicial foreclosure is available. What that means is that a lender does not need to file a lawsuit to foreclose on real estate if the objective is to obtain full title and possession to the real estate. A lawsuit is necessary in those jurisdictions if the lender wants to try and recoup mortgage loan payments not made by the homeowner in advance of the foreclosure and other losses.
Mortgage Laws in Georgia
The primary method of foreclosure in Georgia is non-judicial. More often than not in Georgia, a deed utilized as part of a mortgage loan arrangement includes what is known as a power of sale clause. This clause permits the lender the ability to sell the real estate in question if the borrower defaults on the loan. The sale is intended to address the losses sustained by the lender from the payments not made by the borrower.
Georgia Foreclosure Procedures
When a borrower defaults on a home mortgage loan, the lender must send that individual a demand letter. The demand letter gives the borrower 10 days to pay all money due and owing to the lender. This includes the missed mortgage payment or payments as well as any late fees, penalties, and interest.
If the borrower is able to make this payment, the foreclosure process ceases. The borrower is not required to pay the lender's attorney fees if this payment is made within the 10-day time period.
If the borrower does not make the payment delineated in the demand letter, the foreclosure process continues. The lender publishes a notice of a scheduled foreclosure sale in a newspaper in the county were the real estate is located. The notice is published for four consecutive weeks prior to the date of the sale. In addition, the borrower must receive written notice of the sale at least 15 days before the date scheduled for the sale.
All foreclosure sales in Georgia must take place on the first Tuesday of each month. The sale must occur on that day between the hours of 10:00 a.m. and 4:00 p.m.
Retain an Attorney
A person facing a residential foreclosure can best protect his or her rights and interests by engaging the services of a skilled, experienced Georgia foreclosure lawyer. Through the assistance of counsel, a homeowner may be able to gain more time to try to find a reasonable way to negotiate the timeframe in which the past due payment or payments are made. In other words, a skilled, experience foreclosure attorney may be able to negotiate a settlement through which a homeowner ends up being able to keep his or her and avoid the formal foreclosure process.
A foreclosure lawyer will schedule an initial consultation to discuss a homeowner's option. Typically, a Georgia foreclosure attorney does not charge a fee for an initial consultation with a prospective client. Georgia Debt Relief strongly recommends talking to a law professional before taking any action if you know that foreclosure might be coming.