Do you live in a Non Judicial Foreclosure state? If you’re in Georgia the answer is yes! In a normal foreclosure, the bank sells off a property to satisfy the balance of a loan. They are very straightforward and hard to stop.
Since you live in Georgia, a third party sells the property at auction and you have more chances to keep your home. The process is as follows:
- Everything starts when the lender tells the Trustee (The third party with power of sale) that you aren’t making payments on your mortgage.
- The trustee will post a notice of default in the local paper, on the property and record it in the County Recorder’s Office. This gives you time to either prove you have been keeping up on payments or pay the full amount.
- If you don’t do something to bring the loan current the Trustee will schedule a date and time for the auction to sell the property. This is called the Notice of Trustee sale.
- The next step is the actual auction and one of four things will happen:
- The property is sold to the bank
- The property is sold to a third party
- The auction is postponed
- The auction is cancelled. There are a lot of reasons for cancellation but the most common are that the property is sold before auction or the loan was repaid or refinanced.
- Once the property has been sold at auction, it has officially been foreclosed. Ownership will be passed onto the new owner with a Trustee’s Deed and all secondary liens are wiped away.
Living in Georgia actually means you have many more opportunities to retain ownership of your home, but this process moves much quicker than a regular foreclosure. This means that you need to act now! Call us today so that we can help you prevent foreclosure by getting started on your bankruptcy as soon as possible.