C Thompson, Loss Mitigation Account Exec

Georgia Foreclosure Process

Mailing

When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outlined the foreclose process for the state of Georgia.

Judicial Foreclosure Available: Yes

Non-judicial Foreclosure Available: Yes

Preferred Method

Non judicial foreclosure through the power of sale clause in a deed of trust, mortgage or Georgia security deed is preferred.

Judicial Foreclosure

Judicial foreclosure may be done by filing a petition in Superior Court describing the case, the amount of money owed and the property to be foreclosed. Upon the filing of the petition, the court will grant a "rule" directing that the unpaid principal, interest and costs be paid to the court. The rule must be published two times per month for two months. As an alternative to publication, the notice can be served on the borrower, the borrower’s agent, or the borrower’s attorney, at least 30 days before the money has to be paid in court.

Non-judicial Foreclosure

Although Georgia permits non-judicial foreclosure, such as sale are in derogation of common law, and therefore, the lender can only foreclose if the terms and conditions of the loan documents are strictly observed.

Preliminary Notices

No sale is value unless the sale is advertised and conducted at the usual time, place and manner in which sheriff’s sales are conducted in the county in which the real estate is located.


A foreclosure notice must be mailed certified mail, return receipt requested to the debtor no later than 15 days prior to the date of the foreclosure sale. The time period begins the day the letter is postmarked. The notice must be mailed to the address given to the lender by written notice from the borrower. No waiver or release of the rights to notice is valid if it was signed at the same time as the original loan papers; however, a quit claim deed conveying title voluntarily in lieu of foreclosure is valid.

Advertising

The notice must be published once a week for four weeks proceeding the foreclosure day. Notice must be published in the newspaper in the county where the sheriff’s sale are normally advertised.

Sale Procedures

The sale itself must be made by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse.

Deficiency

Under Georgia law, a non judicial foreclosure cannot, by itself, serve as the basis to pursue a borrower for a deficiency. In order to obtain a deficiency judgment, a lender must report the sale to the Superior Court of the county in which the property is located and seek confirmation and approval of the sale within 30 days after the sale.

Confirmation and Approval of Sale, A Prerequisite to a Deficiency

The court must hold a hearing before confirming or approving the sale. The borrower must be given notice at least five days before the hearing. The borrower must ordinarily be served personally with the notice, although service by mail can be recognized if the borrower failed to allege non-receipt of the notice. Before the court can issue an order confirming and approving the sale, the court will require evidence that the foreclosure sale price was at least equal to the market value of the property. If it was not, then the court may not confirm or approve the sale. Also, at the hearing, the court will pass judgment on the legality of the notice, advertisement and "regularity" of the foreclosure sale. The court may order a new sale of the property for good cause.

C Thompson
Case Manager

Cell: 407-219-8739
Fax: 775-997-0751
Email: cthompson@keepyourproperty.info
Web: www.keepyourproperty.info

For Information on Loan Modification Scams click here

For Information on Investor foreclosures click here

For FAQS click here

Pre-Approval Loan Modification Application

Foreclosure Process For Florida

When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outlined the foreclosure process for the state of Florida.

The Process

In Florida, mortgages must be foreclosed by filing a lawsuit in court. As in any lawsuit, the borrower must be served with notice of the lawsuit and must be given an opportunity to appear and defend his or her rights. The lender will try to show that the borrower is in default, and that foreclosure is therefore necessary under Florida equity law. Florida is unusual in that the legislature has passed very few statutes regulating foreclosures. Most of the law on the subject of foreclosures in Florida is found scattered in dozens of cases. The basic statute, chapter 702.01 reads as follows:

All mortgages shall be foreclosed in equity. In a mortgage foreclosure action, the court shall sever for separate trial all counterclaims against the foreclosing mortgage. The foreclosure claim shall, if tried, be tried by the court without a jury.

Counterclaims by a borrower may be tried by a jury, but they must be tried separately from the main foreclosure lawsuit.

In Florida because the lawsuit to foreclose on a borrower is a suit in equity, it is impossible to obtain an injunction to stop what is, in essence, a court ordered sale. In addition, the court can order the sale at a low price. A sale can be set aside if there is an error in the procedure to foreclose; however, it cannot be set aside due to the low sale price. The court order commanding foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms.

After the sale takes place, the sale terms must be confirmed by the court that ordered the sale. If the terms of the sale order are met, title in the buyer’s name can become complete by filing a certificate of title. At the discretion of the court, junior lien holders can redeem the property, up to the time of the confirmation of the sale. The equity of redemption is cut off when the sale is confirmed, but it exists prior to that time, which means the borrower can save the property from foreclosure by coming up with the money before confirmation.

Deficiency

A separate action for a deficiency must be filed within four years after the foreclosure sale.

Loan Modification FAQs

Avoid Loan Modification Scams

www.keepyourproperty.info

C Thompson

Case MGR

407-219-8739

Pre-Approval Loan Modification Application

Why Won't My Lender Work With Me?

See this disturbing video about a congress woman who tried to help 3 homeowners modify their loan. http://abcnews.go.com/video/playerIndex?id=6704983

What the lenders fail to realize is this is now the time to communicate with the homeowner. 'Hardship Conditions' have a tendency to be temporary in nature. Many families or individuals have now rectified that hardship condition and can now resume making monthly mortgage payments. Although mortgage companies do have Loss Mitigation departments, the reality here is mortgage companies are in the "NOTE" business.

Why won't my lender work with me? They are not in the business of collections, telemarketing, debt resolution or Loss Mitigation. Most companies have not allocated the resources to adequately staff and operate a Loss Mitigation Division. Some of these mortgage companies have hundreds or thousands of delinquencies monthly. From month to month, this caseload becomes so tremendous that it simply isn't feasible to continually contact these people who are delinquent to see if they are now in a situation to resume their mortgage on a monthly basis. This is why most mortgage lenders are unwilling to help, usually demanding full payment of everything in arrears. Although some people facing foreclosure are willing to walk away from their properties, most people don't want to lose their most valuable asset - their home.

HOMEOWNERS AREN'T FAMILIAR WITH THEIR RIGHTS OR OPTIONS

Most homeowners have no one to provide them with assistance in rectifying their delinquency situations - they simply aren't familiar with the rights or options they have available to stop the foreclosure process. As a result, they are inundated with dozens of calls from real estate investors, who naturally want their property, or attorneys, who advise them to file bankruptcy - not knowing that Loss Mitigation will earn the same fee, take less time, and produce a much more favorable result. The lenders do not have the homeowner's interest at heart, trying to take advantage of the homeowner's misfortune. Without some intervention from an outside source, foreclosure is right around the corner.

Need a foreclosure expert? I can help you. www.keepyourproperty.info

I have complied a handful of Attorneys and Law Firms who:

1. Are in good standing with the Bar Association
2. Are actual licensed attorneys who will be representing you and negotiating for you.
3. Have proof of success
4. Have passed my legitimacy test (scam free, and researched thoroughly through reliable resources.)
5. Have reasonable fees
6. Have the clients best interest in mind
7. Are structured and organized
8. Are in compliance with federal regulations and guidelines
9. Are helping homeowners in the State you reside in

As you can see this takes a lot of footwork and many hours to develop. Each Attorney or Law Firm is unique in their own way and offer different services and have variable fees.

What I will do is discuss with you one on one about your unique situation. I will then determine your eligibility, and will decide which one of these legit Attorney's will suit your specific needs. Once you are on board with a specific law firm, (which I will help you with) you and I will stay in contact throughout the process if you wish. I do not charge a fee to provide this information to you. I am so fed up with all of the scams, I feel it is my personal duty to stand up for the public and provide this service.

Important Links:

How to Avoid Loan Modification / Loss Mitigation Scams

Loan Mitigation Services FAQ's

Investors Facing Foreclosure

www.KeepYourProperty.info

If you feel this information was useful, please comment

C Thompson

Loss Mitigation Case Manager

407-219-8739

Toll Free: 1-(877)-646-4331

www.keepyourproperty.info