Free Article: Foreclosures In Georgia

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Proceedings For Foreclosures In Georgia
By Myles Johnstone

Money Trouble

When homeowners come into financial trouble and miss a mortgage payment, in Georgia, foreclosure is sometimes possible with in three months; foreclosures in Georgia don't require judicial action to take effect. This means that foreclosures in Georgia do not have to be proven by the lender to a court before the proceedings can begin; this is true unless it is otherwise stated in the purchasing agreement.

Sometimes lenders attempting to foreclose in Georgia will allow the homeowners a way out of loosing their homes; one way is to pay off the total of the missed payments immediately.

A second way out some lenders will give the homeowner is to allow the homeowner to pay part of what they owe with each monthly payment until they are paid up in full; for example if one payment was missed the home owner may have to pay one and a half payments for two months to catch up.

Other times still a lender will allow homeowners to avoid foreclosure in Georgia, by refinancing their home with lower payments if they have insurance to guarantee repayment of a past due amount; sometimes if a homeowner takes advantage of this option, the insurance company will drop them as a customer.

When Foreclosure is Eminent

When a lender has tried to help the homeowner catch up on their mortgage payments but the homeowner is still unable to save their home foreclosure is the result; because this doesn't need to go through the court system the homeowner must be notified fifteen days prior to foreclosure in Georgia.

The lenders intent to sell the foreclosed home must be publicized in the local news paper each week for four weeks before the home may be sold according to the laws for foreclosure in Georgia.

The notice, according to the laws of foreclosure in Georgia, must include all pertinent information to the sale of the home; such as the date, time, location of sale, information about the property, the details of the mortgage, and the names of the now previous homeowner and their lending institution.

The sale of foreclosed property in Georgia is then made on the first Tuesday of each month between ten in the morning and four in the afternoon; unless this day happens to be either New Year's Day or Independence Day, in which case the sale will take place on the following Wednesday. The sale will take place at the court house; the winning bidder is required to pay the amount they bid in full to the owner of the property unless the winner was the lender.

About the Author
Myles Johnstone writes exclusively for business & finance related sites about such subjects as commercial mortgages and foreclosures

Source: Business Articles

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