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STOP FORECLOSURE

Foreclosure is a legal process where the mortgage lender (typically a bank) takes back the mortgaged property to recover money that the borrower (whoever owns the property) owes the lender.

There are several options to stop the foreclosure process. In fact, lenders are required to make efforts aimed at allowing borrowers to remain in their property before they initiate foreclosure proceedings. We have provided many of the options below in our question-and-answer section.

We provide free consultations. If you have any questions that you would like to run by an attorney or think that our firm could be helpful to you in any way, please do not hesitate to call us at (770) 336-7623 or email us at [email protected].

FORECLOSURE TIMELINE

A Brief Overview Of The Process

Owner miss payments for more than 120 days.

The lender sends a demand letter requesting all delinquent payments in thirty days.

At the end of the thirty (30) days, the owner does not pay the delinquency.

Another letter is sent explaining the Lender's intent to foreclose, if the entire mortgage is not paid in thirty days.

Additionally, the foreclosure is registered with the county clerk’s office.

At the end of the thirty (30) days, the entire mortgage balance is not paid.

The foreclosure occurs on the second Tuesday of the following month on the courthouse's steps, where the property is sold at auction.

You Asked, We Answered

What is the Best way to prevent foreclosure?

The best way to prevent foreclosure is to proactively address the underlined problem, and not ignore it. Contact your lender and actively learn about foreclosure prevention options.

are there any foreclosure alternatives?

The two most common foreclosure alternatives in Georgia are mortgage loan modifications or filing a chapter 13 bankruptcy.

can a foreclosure process be stopped?

1. Apply for a loan modification
2. Apply for a forbearance
3. Work with your lender on a repayment plan
4. Refinance
5. File a chapter 13 bankruptcy
6. Short sale
7. Sign a deed in lieu of foreclosure

WHY DO PEOPLE FIND THEMSELVES IN FORECLOSURE?

1. Job loss or reduction in income
2. Medical emergency
3. Divorce
4. Death of a spouse, or family member
5. An unexpected expense
6. Natural disaster
7. Inability to sell the home

CAN I PAY OFF MY LOAN?

Yes. The lender will actually mail you a letter requesting that you pay off the entire loan, prior to the foreclosure date.

should i talk to an attorney?

If you’re facing imminent foreclosure, it is strongly recommended that you consult with a local foreclosure attorney or bankruptcy attorney, immediately. You can locate an attorney through the Atlanta Bar Association at (404) 521-0777 or submit an online request.