Facing foreclosure? What you need to know
There are millions of people in the U.S. who are trying to deal with overwhelming stress stemming from debt, unemployment and unpaid bills. A seemingly constant stream of calls from creditors combined with the penalties of falling behind on payments only make matters worse.
In the midst of all these financial concerns, the threat of losing a home in foreclosure proceedings can be too much for a person to handle. Foreclosure is a serious action that can turn a person’s world upside down, and it is often a top priority for people in economic distress to protect that one asset. In order to prepare for or try to avoid foreclosure, it can be crucial to understand how the process works and what options may be available for keeping a home.
Georgia laws are quite specific when it comes to foreclosure. A number of steps must be completed properly in order for the process to be legitimate. For example, there are strict rules regarding foreclosure notification to borrowers, establishing default, as well as when and where foreclosure sales must take place.
If and when the appropriate stipulations are met, a foreclosure sale can proceed.
What this means is that homeowners have a little bit of time to take action. They may pursue a short sale or deed in lieu of foreclosure if they are prepared to give up the property. If this is not an acceptable option, it may be wise to consider filing for bankruptcy.
Filing for bankruptcy will stop foreclosure proceedings against a homeowner. It is crucial to understand that bankruptcy filing will only suspend a foreclosure; it will not erase it. But it can be possible to keep a home and/or develop a repayment plan that is more feasible, depending on the type of bankruptcy that is filed.
Understanding your options when it comes to foreclosure can be crucial, as is time. Acting quickly to assess your situation with the help of an attorney can be a good way to avoid unnecessary delays and seek an appropriate and satisfactory resolution to protect a home.