Georgia home owner, are you getting behind in your mortgage payments? Are you getting threatening letters from your lender? According to a well-known local real estate attorney, there are a few things you can do in these situations that will help to stave off the foreclosure process in Georgia, buying you time to pursue an alternative outcome.
One place to start -- always ask them to produce the original loan documents and the security instrument. In Georgia, these documents are required before a lender can foreclose. Three types of security instruments are used in Georgia home purchases:
(1) Deed in Trust - This is a deed used in some states in lieu of a mortgage. It is rare to find this one used in Georgia, but it could be used in certain circumstances. In a Deed in Trust, title is held by a trustee on behalf of a lender (beneficiary) until the borrower (trustor) repays the loan.
(2) Mortgage - This is an instrument which secures a promissory note by either giving the lender a lien against the property or conveying title to the property, depending on state law. In Georgia, it is actually a lien agianst property. A mortgage requires judicial foreclosure.
(3) Security Deed - This is actually an instrument to secure debt which conveys title to the lender until the debt is satisfied. When the debt is satisfied, the instrument is canceled. This is the most common security instrument used in Georgia property purchases, and does NOT require judicial foreclosure. That is why the Georgia foreclosure process is one of the fastest and most brutal in the nation. With a security deed, the policy is usually "you don't pay, you don't stay."
Don't know which security instrument is held against your property? Ask your lender. Find out what you've got. Make them track it down. Issues to foreclosure can delay the process, buying you time to effect a workout plan, loan modification, or get the debt settled "paid as agreed" through a short sale.
As we celebrate our fallen heroes, I send a shout out to all of our service men and women in the military and all of our courageous first responders here at home.
We know that freedom isn't free. Thanks for your sacrifice and service in protecting it for us.
Have a Blessed Memorial Day.
For those of us who live and work in Georgia, President Obama's Making Home Affordable website and the Homeowner Stabilization Plan didn't come a moment too soon. High foreclosure rates have hurt our communities. And we need to start seeing this intiative begin bearing fruit real soon, because as of today...
...Georgia Foreclosure Filings Are Still Rising!
According to the most recent numbers reported by realtytrac.com, Georgia foreclosure filings are still climbing, and reached an all-time high in the first three months of this year. The report says that between January and March 2009 there were 28,608 foreclosure filings in the state, an increase of 11% from the previous quarter.
That should begin changing soon, as the new federal program officially launched in mid-March. I devoted a whole web page to the program's ins and outs. Read my take on it at AvoidGeorgiaForeclosure.com
Now Georgia real estate pros are watching closely to see if the program will result in these numbers declining in the coming months, both locally and nationally. It's success will depend largely on lenders cooperation in helping homeowners refinance or modify thousands of underwater mortgages.
The early reports I'm hearing in the field from homeowners is not encouraging. It appears that the calvary has arrived too late and with too little for many Georgia families. Others are finding that while their modifications are bringing them current by placing missed payments on the back of the loan, their monthly mortgage payments are not being lowered to a more mangeable amount. One client of mine actually had her monthly payment increased as a result of modification!
I'm interested in the real-life experiences of real homeowners seeking Loan modification or refinance help. Have you or your clients experienced real relief as a result of a loan modification or refinacne?
Visit msnbc.com for Breaking News, World News, and News about the Economy
Real Estate Change Agent - Pt. 4
Change agents of the world, are we bracing ourselves for the next onslaught of distressed sellers?
One of my associates in the real estate business has been warning me and anyone else who would listen for the past two years concerning the pending option ARM resest issues that we are about to face in the U.S.
He and others have dramatically described the coming recast as the precursor to a veritable tsunami of new foreclosures.
Precursor? You mean this next wave is not THE wave?
As much as we all may hope that these harbingers of doom are being overly pessimistic, recent reports from industry analysts are confirming the realities behind these particular mortgages and the challenges they present.
A recent Housingwire.com article reported these predictions from Fitch Analysts:
I hope the Stimulus Package and other long-awaited loan modification programs will be enough to stem some of this tide. Because we're already feeling it in Georgia.
In fact, local papers report that option ARM defaults are already spreading into higher priced neighborhoods and homes in the 22-county Metro Atlanta real estate market. This metropolitan area is experiencing a more bleak foreclosure outlook than the state of Georgia as a whole.
Who do you know who is in trouble with their mortgage? These days, it seem that almost everyone knows someone.
Help me help somebody!
If you are a Georgia homeowner, your neighborhood could be the next to be plagued by REO-driven home prices. Arm yourself with knowledge to help your neighbors avoid foreclosure. For more information on what can be done to forestall the ultimate trauma of foreclosure in Georgia, visit http://www.AvoidGeorgiaForeclosure.com.
 |
|
|
Real Estate Professional, Internet Marketing Specialist, CDPE and Pre-Foreclosure Specialist serving the south metro Atlanta communities of Ellenwood, Stockbridge, Conley, Morrow, Rex, Decatur, Jones
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2013 ActiveRain Corp. All Rights Reserved
