An in-depth look at the process of foreclosure in Georgia
The above explanation of foreclosure is only just the tip of the ice berg. There is a lot more involved. Here is a step by step look at how a typical Georgia foreclosure case unwinds.
- Step 1 – A 30 day notice of intent to foreclose – When a creditor decides to go ahead and initiate the process of foreclosure against a borrower, the creditor is legally required to serve the borrower with a minimum 30 day notice prior to scheduling a foreclosure sale. There are some more particular parameters which need to be satisfied during this period, and if not met, then the notice can be considered void or invalid.
- Step 2 – Publicized sale – The creditor is now legally required to post an advertisement publicly for the sale of the borrower’s home or property and this public advertisement should last for a minimum of 4 weeks. Furthermore, the creditor is legally obligated to ensure that this advertisement is posted in an official, county newspaper where the property is situated and the advert must be live for at least a once a week for four weeks prior to the sale of the property.
- Step 3 – Reinstating the loan – This is the phase where the borrower may reinstate the loan as he or she will have the legal right to do so. The legislation in Georgia allows for the borrower to pay back money owned and reinstate the loan up to 5 days prior to the scheduled foreclosure sale. As per legal experts, the reinstatement can be done even before the sale itself is scheduled.
- Step 4 – A foreclosure sale – If the borrower is unable to reinstate the loan by paying back the money owed then the creditor will now be legally allowed to sell the property by holding a foreclosure sale which has to be scheduled on the first Tuesday of every month.
Legal help is right around the digital corner
Often times, people who are faced with foreclosure do not know that they have certain legal options such as filing for bankruptcy which can help them retain their houses and stop the foreclosure process dead in its tracks. If you are in such a situation then you are in the right place.
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