Georgia Real Estate Foreclosure Dealing With Georgia Foreclosures
The Georgia real estate foreclosure process is not a matter for judicial review. This means that the lending institutions which hold mortgages do not have to present their cases for foreclosure in court; unless the defaulting property owners' purchasing agreements state differently, proceedings for a Georgia real estate foreclosure can begin at the lender's discretion.
However, some lenders, before starting the Georgia real estate foreclosure process, will offer the homeowners the opportunity to make good on their missed payments. Other lenders will simply add a portion of the owe amounts to the homeowners' monthly payments until they are caught up; but the homeowners will have to be able to manage larger monthly payments. In view of the fact that they are already in trouble with their lower ones, this solution may not prove to be very effective for all of them.
One other option which lenders offer to enable their borrowers to avoid the Georgia real estate foreclosure process is to refinance their homes with smaller monthly payments, provided the homeowners have insurance which will cover any delinquent amounts. However there are some insurance companies which will cancel a homeowner's policy as soon as this coverage is invoked.
If, no matter what help the lenders have extended, the homeowners still cannot meet their monthly payments, the Georgia real estate foreclosure process is inevitable; the homeowners will be given notice of the foreclosures fifteen days before the process actually begins.
The lenders, under the laws for Georgia real estate foreclosure procedure, are obligated to publish their intent to sell the properties for four consecutive weeks in the newspapers where the properties are located. The notices have to detail the physical information and mortgage of the properties, and the location and times of their sales. They will also contain the names of the former homeowners as well as the mortgage holders.