Expert Foreclosure Attorneys Serving Atlanta
Helping homeowners save their homes in Atlanta and vicinity
While the worst of the housing crisis seems to be over, millions of Americans may still face foreclosure in the next couple of years. It can be very difficult to separate truth from fiction, and many media reports do more to fan hysteria than to clarify the current housing situation. The Atlanta office of DebtStoppers wants our clients to make the best-educated decisions possible about their financial future. We provide free consultations during which we explain what every distressed homeowner needs to know about foreclosure.
Many of our Atlanta-area clients tried to obtain a mortgage modification and/or a debt settlement for their credit cards in hopes of reducing their monthly payments. After they were denied modification, their mortgage went into default, and they received notice their lender was starting the foreclosure process. They came to us for help stopping a foreclosure and we immediately took action.
Understanding the Georgia foreclosure process
Georgia allows for non-judicial foreclosure on properties. Under this process, the mortgage contract gives the lender the "power of sale" when a borrower defaults. Foreclosure in Georgia moves very quickly; the lender is only required to give the borrower 30 days' notice of a public sale. At that point, the borrower's only option under the contract is to pay off the entire loan. Of course, if the borrower had the resources to do this, he wouldn't have defaulted on the loan in the first place. Still, there's a danger to letting the foreclosure sale go through: if there's a deficit due to the difference in the amount owed on the loan and the sale price, this creates a deficiency, for which the mortgage holder is responsible. So, it's possible to go even deeper into debt when you allow a foreclosure to happen.
Your best legal safeguard against foreclosure: Chapter 13 bankruptcy
Once you've defaulted on your mortgage and your lender takes action to foreclose on you, there's not a lot you can do about it. You don't have the cash to pay off your loan, but you can't risk the financial hit that a deficiency would bring. The best way to limit your losses and retain your home is to use Chapter 13 to stop foreclosure. Our foreclosure lawyers can guide you through each step of the Chapter 13 filing process.
Ask DebtStoppers how Chapter 13 bankruptcy can stop foreclosure on your home
Don't wait until you're behind on your mortgage payments or have received notice of foreclosure. Speak to an experienced DebtStoppers bankruptcy attorney about your Chapter 13 options. Call us at 404-796-7161 or contact our Atlanta office online.