Home Foreclosure in Atlanta, Georgia
After falling behind on mortgage payments for too long – usually 90 days – a person may receive a notice of foreclosure informing them that their house will be repossessed unless they repay the defaulted amount. In today’s economy, it is very difficult for families to catch up on mortgage payments. There is also very little time to answer a notice of foreclosure, typically 30 days, which is why it is important to know what options you have to prevent the loss of your home.
Consulting with an experienced foreclosure lawyer can help you navigate the options and extension of foreclosure. At Cherney Law Firm, we have the best attorneys having extensive experience to help you with the foreclosure extension, provide the best possible legal advice on your case and maintain a brilliant attorney-client relationship.
So, to make the foreclosure process easier, consult with our lawyers to understand these legal issues. Book a FREE consultation today with our attorneys.
Understanding Foreclosure Sale in Atlanta, GA
Georgia, being a nonjudicial foreclosure state, is allowed to initiate and complete a foreclosure by a lender without interventions of court unless the loan documents allow it. Here is what you need for the foreclosure sale in Fulton County, Georgia.
1- Security Deeds
A security deed is basically a deed to secure debt. These are executed by the borrower and contains a clause of power of sale, allowing the borrower to accelerate the entire balance.
2- Default Foreclosure Sale Notice
According to Georgia Law, landers have to issue a default notice of foreclosure sale before 30 days of actual foreclosure. The written notice should be sent to the borrower as soon as possible, and the lenders have to prove its successful delivery.
Note: Some loan documents contain additional notice procedures that the lender must have follow. So, before proceeding, carefully check the details on your loan document.
3- Advertise in Official Newspaper
Legal notice of foreclosure sale should be published and advertised in the official newspapers. The advertising should contain a legal description of the property, the borrower’s name, and original deed to secure the debt and the name of the current party who holds it.
4- The Day of Foreclosure Sale
The foreclosure sale day is the first Tuesday of every month. The foreclosure process is held between 10 a.m. and four p.m.in the courthouse of the same county where the real estate property is located.
In the courthouse, the lender and the third party can bid. If the lender’s bid is the only or the highest bid, then the lender will take title to the property. For third-party bidders, they have to make sure that they must have cash in hand ready to pay for the property.
How Can Bankruptcy Help with Foreclosure?
If you are facing foreclosure and cannot afford to repay the default, you have options. One choice you have is to file for bankruptcy if you are eligible> according to the means test. United States law dictates in the law, 11 USC 11 USC §362 that creditors and lenders must stop any attempts to collect once an individual has filed for bankruptcy. This means that they cannot hassle you regarding your debts or threaten to take away your property.
The most common type of bankruptcy pursued due to foreclosure in Chapter 13, which lays out a repayment plan over three to five years, after which the rest of the individual’s debts are discharged. This option lets you file for bankruptcy and keep your house.
The other option is Chapter 7, which discharges all of the person’s debts due to an inability to afford repayment. Talk with a knowledgeable Marietta foreclosure defense lawyer immediately to further discuss which type of bankruptcy may be most beneficial for you and your family.
Obtaining Legal Protection
Have you received notice of foreclosures from the lender in the mail? Don’t wait another moment to review your situation with an attorney to determine what action you should take. Whether it is appealing for delay of foreclosures or pulling off a short sale, our attorneys are here to help. You may not have much time before you lose your property, so call Cherney Law Firm LLC today to schedule a free consultation with a Marietta bankruptcy attorney.
I have personally represented over 2,000 bankruptcy clients in Atlanta, Georgia, which means that you can trust my level of skill and experience. Get the counsel and representation you need today from a bankruptcy attorney in Marietta by completing the free online case evaluation form or by giving my office a call for a consultation.
Contact The Best Foreclosure Attorney, Atlanta
If you are facing foreclosure, hiring an expert foreclosure lawyer can help you determine your options, including foreclosure alternatives, such as loan modification, short sale, repayment plans and etc. At Cherney Law Firm, we help our clients with the best possible solution depending on their case. So, feel free to call us for consultation.