Your Rights During a Foreclosure in Georgia
Staring down foreclosure can be an absolute nightmare, but it doesn’t mean you don’t have options. Many homeowners are unaware of the the various courses of action available to them and think that they need to vacate their home immediately, but this is not the case. These are your rights during a foreclosure in Georgia.
What is foreclosure?
Before we dive in, it’s best to understand what exactly foreclosure is. Foreclosure is simply the process that the lender or mortgage holder can set into motion when the borrower (you) has missed payment(s). However, the majority of Georgia Security Deeds require lenders to send a written notice of default before foreclosure is initiated. This is where options start to become available.
Curing the default
The default period is typically less than thirty days upon the receipt of the notice. This is essentially your last best chance to cure the default and pay all amounts due, including interest, penalties, attorney charges and any other fees allowed by the law or the mortgage. Georgia is strict in this regard, as they offer no redemption period in which the borrower can pay off their entire debt once the foreclosure is initiated.
How much time left?
Assuming the default was not cured, the foreclosure process begins and your time left in the home is limited. If you’ve come to this point it’s best for you to arrange a move out as soon as possible. However, if this is not within your power you do have some additional time left in the home. The lender is required to send you a 30 day notice of their intent to hold a foreclosure sale. The notice must include a copy of the notice of the for sale advertisement that will appear in the paper (including date and location), and the contact details of the loan servicer. If you still have not left the home following the completion of the foreclosure sale the new owner of the home will at best try to offer you a money deal in exchange for your vacating the property and at worst file a dispossessory action to have you removed from the home.
Avoid the trouble
As you can see, foreclosure rights are fairly limited in Georgia compared to other states. Don’t let it come to this. If you are struggling to or can no longer afford to make mortgage payments on your home contact We Buy Ugly Houses Atlanta. We buy homes regardless of condition, make cash offers, and help desperate home owners facing foreclosure all over the country. Get your free quote from America’s #1 home buyer today.