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If you think that you might be in danger of foreclosure because you’ve fallen behind on your mortgage payments, or you’ve already received a notice of intent to foreclosure, then please contact our firm right away for assistance. Dealing with real estate law is extremely complex and requires the attention of a skilled foreclosure defense attorney.

What is a foreclosure ?

Say a homeowner has a lien or gets a loan in lieu of mortgaging his physical asset, his house. However, after some months the going gets tough, and he becomes unable to service his loan. He may be unable to pay the EMI for his principal or the intesrest at a stretch. He then becomes a defaulter.

Once 90 days have passed since the first date of default (varies from state to state), and the client has not caught up with the premiums, the process of taking over the mortgaged property begins. This process, by the lender, owing to default by the borrower, through judicial/non-judicial route, is known as foreclosure.  

A foreclosure is also known as premature closure of the deal.

To understand the next steps of the process, here is a simple breakdown of what you can expect:

Foreclosure in Georgia

In Georgia, the title of the property belongs to the lender till the dues are met.

Lender don’t run to the judiciary for everything regarding foreclosure. Foreclosure is easier for lender here. Engage us to understand the “Promissory Notes” and “Security Deed” you have signed, to realize how quickly the foreclosure may be brought by lenders on default.

When you take a loan with your house or property as collateral, you sign on a “Promissory note “and a “Deed”. These contain all the details of the loan repayment and the procedures , once you default.

When the debtor actually misses the payment, whether it be of interest or principal, the lender waits patiently. But his patience wears thin after 90 days. If the borrower cannot make any alternate arrangement within the next say 15 days, the lenders starts off foreclosure formally with the Notice of Default.

What is a Notice of Default?

Short named as a NOD, it is the first step in legally warning you of impending foreclosure, if you do not cure your default. By definition, Notice of Default is declared by the lender when you default on what’s applicable in the “Promissory Note “ or “Deed”, which you are a signatory to. The property, which may be attached due to a breach of trust between the lender and debtor, is the one which had been decided as collateral in “Deed of Trust”.

If you are unable to make payments within 15 days, brace yourself for the NOD 30 days prior to actual foreclosure. On receiving a NOD, contact us. We will help in refinancing (we have the contacts) or play hardball with lenders for readjusting payment schedules favorably. We can also scour your assets for additional mortgages and save your home.

Foreclosure is a simple process for banks. In most cases, all they have to do is send you a notice of intent to foreclosure with a certain time frame. If the borrower doesn’t pay back the money that they owe and reinstate the loan, the bank can run a foreclosure ad for four weeks, then foreclose on the first Tuesday of the following month.

If the bank doesn’t follow proper procedure; however, then the sale is invalid. The key to avoiding a foreclosure is to stop the foreclosure sale before it is complete.

Note:

In Georgia, credit card debt is considered a contractual agreement. It can be pursued up to six years from the date of default.

Foreclosure process

  1. The lender sends a 30-day notice of intent to foreclosure. 30 days before the lender scheduled the foreclosure sale, the lender must inform the borrower through a notice of the initiation of proceedings to exercise a power of sale. The lender has specific guidelines in which they must provide this notice. The notice will turn invalid, if you dont follow the guidelines. Talk to our firm to find out these guidelines and if your notice was not delivered properly.
  2. The lender must publicize the sale. The lender needs to publicly advertise the foreclosure for at least four weeks in the official county newspaper where the property is located. Lender needs to do this only once a week in the month before the scheduled sale.
  3. The borrower has the option to reinstate the loan. Georgia residents don’t have the right to reinstate the loan before the scheduled sale, except under limited circumstances. However, they have the right to pay back the money owed and reinstate the loan. You can repay up to 5 days before the foreclosure sale.
  4. The lender can hold a foreclosure sale. If the borrower did not have the ability to pay back the outstanding debt and reinstate the loan within the 30 days since notice was given, then the lender can hold a foreclosure sale on the first Tuesday of the month.

Why you need to hire a foreclosure defense attorney ?

Foreclosure law is extremely complicated and many people feel like they just need more time to modify their loan, find mistakes, negotiate with the lender, or get help from family & friends. 

Normally, lenders hate loan modification. Who wants to offer a longer tenure rate with reduced interest? Therefore, lenders and mortgage firms purposefully delay loan modification. As a homeowner, engage us as loan modification lawyer.

We will stop any dishonest company from keeping you waiting for a loan modification while perusing wrongful foreclosure process against you. We will extract the minimum, fixed interest rate and the longer, optimum time of payment in the revised agreement, from the company.

You should try to avoid foreclosure at the inception. Stopping foreclosure at start not only helps you retain back the mortgaged property but also saves you from disastrous down- the downgrading of your credit profile.

Stop foreclosure when you sense the first chances of default. Try to catch up on the unpaid premiums in the period between first default and receipt of NOD. In case you were unable to do so, better rush to us. Let us be your guiding foreclosure lawyer.

Why Gallerlaw as your mortgage foreclosure defense attorney?

Coming down to individual foreclosure attorneys Atlanta, Georgia, you may also contact the dependable “David E Galler”. He focuses individually on each distressed client instead of a generic common approach. We at Gallerlaw are here to guide you. Whatever the case may be, you should call our foreclosure attorneys as soon as possible. We have 30 years of experience in handling foreclosure & bankruptcy cases.
The foreclosure process moves quickly and the earlier you contact us, the better chance we will have of stopping the foreclosure. Get your free consultation with our firm so we can discuss your specific situation and your options.

FAQ

  • Do you still owe money after a foreclosure?

Yes, if not explicitly written so in the Promissory notes or the Deeds, and if the money collected from a foreclosure does not cover the entire debt. But, this time it has to be done judicially and matter raised within 30 days of foreclosure, in court.

  • How long does it take a bank to foreclose on your house?

Normally, 90 days from the day of default and up to 4 weeks after a NOD, if default not cured.

  • Can you stop a foreclosure?

Yes, by Short sale, making up the missed principal and interest payment within the given time of NOD.

  • How many payments do you have to miss before foreclosure?

For normal loans maximum 4 missed payments, while for high-risk loans two missed payments may start the proceedings.

No lender firm wants foreclosure at the very first instance of default. However, irresponsible behavior from your side may push your lender to take that action. Make an honest effort to fulfill premium payments. Please note, a default would make you ineligible for further credits.

If the future looks bleak, contact the lender at the earliest to apprise him about your problem, the expected duration of your hardship, etc. and try to reach a non-judicial solution. We at

With us, understand the laws and timeframe given pertaining to foreclosure for your state.

In case, there is no recourse available, try to lease or sell your home with the entire lien by yourself, before foreclosure. 

Contact Us

Call 770-671-8830 to learn more about our foreclosure services in Atlanta.

 

David Galler is an experienced bankruptcy attorney based in Atlanta, Georgia. For the last 29 years he has filed over 10,000 bankruptcy cases. He has a FIVE STAR client rating on Avvo, Kudzu.com, RateABiz.com, and Google+, among other sites. Over 99% of all Chapter 7 cases he filed have been discharged.

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