One of the most frightening things a homeowner can hear is that foreclosure is a possibility on the horizon. A home is a huge investment and source of stability. Losing that due to unpaid mortgage payments can be devastating. If you are facing foreclosure, there are two things you need to know.
Filing for bankruptcy protection stops foreclosure and protects your home from being lost to a bank’s reclamation efforts. But you have to take action before the bank finalizes its own foreclosure paperwork.
The foreclosure process in Georgia moves quickly and often leaves borrowers without many options except bankruptcy protection. Georgia is a “non-judicial” foreclosure state, which simply means that the lender is only required to give borrowers written notice of the foreclosure via certified mail and publication. A lender is not required to seek court permission in order to foreclose, which expedites the overall process significantly. Lenders are only required to send you two notices in the mail – an intent to accelerate and an intent to foreclose – and must publish or advertise the foreclosure sale in the newspaper for four (4) consecutive weeks. All foreclosure sales happen on the first Tuesday of the months at the Superior Court within the county you live.
It is imperative that borrowers act with just as much speed to schedule a meeting with a trusted foreclosure attorney, like those you can find at Bournakis and Mitchell, P.C. Ideally, you will be able to contact our Northwest Georgia bankruptcy law firm as soon as you receive notice of a foreclosure proceeding. Once a home is sold on the courthouse steps, it is too late to reverse the sale.
Once a bankruptcy case is filed, borrowers can propose to pay the arrears or delinquency as a part of their Chapter 13 plan. In a typical plan, a borrower plan payment will pay for all their debts including what they are behind on their mortgage, and the borrower will be responsible for making ongoing payments directly to the lender. Oftentimes, a lender will be more motivated to modify a loan once it has been placed under bankruptcy protection. The borrower can continue to pursue a modification while under bankruptcy protection, if he or she chooses.
However, your success really does depend on how quickly you react and how well you get your notes and documents in order. Prepare for everything, even the unexpected, with our Northwest Georgia foreclosure lawyers and rest assured that you have a good chance of keeping your home. Just contact us at any time to begin with a free consultation.