Georgia Foreclosures – What You Need To Know
When it comes to foreclosures – you would be surprised at how much confusing information there is out there, and how difficult it is to really understand what’s going on. At GWG Properties we understand how bewildering the process can be, and how tough it can be to understand the details.
This is because the rules governing foreclosures are complicated, and it doesn’t help that every state has different requirements, laws, and ways of handling a foreclosure. In addition, different banks and lenders vary – often wildly – on exactly how they handle their foreclosures. Some institutions are very strict, some are more lenient. Some are willing to work with a homeowner, some are not. It all depends.
What this means is that – not only do you need to know Georgia’s foreclosure process, you need to learn how your particular lending institution handles foreclosures. We believe that knowledge is power; and that you need to educate yourself in order to protect your home, your assets – and your family!
This is why – when we talk to a homeowner about the process of foreclosure, we feel it’s important to break it down into concise, clear, easy steps – without the complicated “legalese” that can cloud the process. Here is the basic information you need to know as a homeowner, laid it out in the simplest way possible:
- First missed payment:
From 10 to 14 days after you miss your first payment the first late fee will be charged. You will be contacted about your payment, usually by letter, sometimes by phone, and occasionally – both.
- Second missed payment:
The bank or lender will begin calling to discuss your mortgage payment with you. In addition, you will continue to receive late notices in the mail; late fees will continue to accrue.
- Third missed payment:
Now the lender sends the warning letter that you are delinquent, and that you now have 30 days to pay the missed payments in order to bring your account current. This warning letter is called a “Notice to Accelerate” or perhaps a “Demand Letter.” This letter will give you a certain amount of time to make this necessary payment, usually 30 days.
- Fourth missed payment:
If you fail to bring your mortgage account current after the Demand Letter has given you the due date (which means you must pay all back payments and late fees,) and/or you have not made other arrangements with your lender about your mortgage loan, your lender will begin what many consider is the “real” foreclosure process. This is when you will get a letter giving you notice that your home will be sold at auction to satisfy the debt on a certain date. This letter is called the Notice of Trustee Sale, and it’s generally “the” letter that homeowners dread the most. Once the Notice of Trustee Sale has been sent (not received!), you have 90 days – and then your home will be sold at auction.
Trustee Sale is held and the home is sold at auction:
On the date and time specified in the Notice of Trustee Sale, your home will be sold at auction. Once it is sold, it belongs to the person who bought it – or the lender if it wasn’t sold. You are required to vacate the home.
