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In 2010, Georgia has been one of the unfortunate casualties of the housing crisis with some of the biggest rates of foreclosure in the nation. Even as you’ve seen over the last few years, the housing sector has taken quite a beating, but Georgia stands out along with California, Nevada and Arizona as one of the hardest states hit. Home sales are down, homeowners are losing their jobs, or have loans that go far above what they can afford. Georgia Foreclosure laws in 2010 have been written to help protect you, and the lender, get back to business as usual as quickly as possible. No one likes going through foreclosure, but understanding Georgia’s Foreclosure laws can go a long way in protecting you from making a costly mistake that might keep you in court for years to come and ruin your credit forever.
Georgia Foreclosure laws for 2010 include a few important details:
Banks only need to give a thirty day notice that they will be foreclosing on the property, and worse yet, homeowners do not necessarily have to receive that notice, only that the bank sent it at some point. Georgia foreclosure laws also allow banks to begin the foreclosure process if you are even a day late with your mortgage payment. It’s possible for you to mail in your mortgage payment, the payment gets there late (or not at all) and the bank begins foreclosure proceedings on your home without you even seeing the notice that they’re foreclosing. The obvious solution to this problem is to make sure you aren’t late with your payments, but in today’s economy, that isn’t always an option. Unfortunately, even loan modification programs in Georgia are all too rare as many homeowners do not qualify for the foreclosure modifications.
In 2010, several bills were put in front of the state legislature to help improve the foreclosure process. Here is a list of the laws enacted:
Relates to foreclosure in general, so as to change the time for the delivery of a notice of the initiation of foreclosure proceedings; provides for an opportunity, prior to foreclosure, for a debtor to cure a foreclosure and bring the debt current by making all past due payments along with any late fees and charges.
Relates to foreclosure in general, so as to change the time for the delivery of a notice of the initiation of foreclosure proceedings; provides, under certain circumstances, for an opportunity, prior to foreclosure, for a debtor to cure a foreclosure and bring the debt current by making all past due payments along with any late fees and charges.
Relates to foreclosure generally, so as to allow for the right of redemption of foreclosed mortgages under certain circumstances; provides for certain information to be included in the advertisements of certain foreclosure sales.
Prevents the conditioning of a sale of a foreclosed home upon the buyer’s purchase of title insurance from a particular insurer or upon the buyer’s purchase of escrow services from a particular buyer.
These bills and more have helped Georgians go through foreclosure in a much easier and more efficient manner that is both fair to the borrower and the lender. The housing crisis isn’t going to be fixed overnight, but with proper laws and education, the new Georgia Foreclosure laws will certainly help serve the public good.
If you are a homeowner who is struggling with your mortgage, we have several ways to prevent foreclosure. Call Mark Lackey at 404.886.8789 to discuss how we have helped hundreds of homeowners avoid foreclosure.