Foreclosure is a legal process where a lender takes control of a property when the borrower fails to make their mortgage payments. In Cartersville, GA, foreclosures are governed by Georgia state law. This guide will help you understand the key aspects of foreclosure laws and process in Cartersville, GA.
Types of Foreclosures in Georgia
There are two primary types of foreclosures in Georgia:
- Judicial foreclosure: Involves a court process where the lender files a lawsuit to foreclose on the property. Judicial foreclosures are less common in Georgia.
- Non-judicial foreclosure: A more common type of foreclosure in Georgia, which doesn’t require court intervention. The process is governed by the power of sale clause in the mortgage or deed of trust.
In Georgia, lenders must provide two notices to borrowers before initiating a non-judicial foreclosure:
- Notice of Default: The lender sends a notice to the borrower informing them of their default on the mortgage payments. The borrower typically has 30 days to cure the default by paying the past-due amount.
- Notice of Sale: If the borrower doesn’t cure the default, the lender must send a notice of sale, including the time, date, and location of the foreclosure auction. This notice must be sent at least 30 days before the sale date and published in a local newspaper once a week for four consecutive weeks.
After providing the required notices, the lender can proceed with the foreclosure auction. The auction is typically held at the county courthouse, and the property is sold to the highest bidder. If no one bids, the lender becomes the new owner of the property.
Right of Redemption
In Georgia, there is no post-sale right of redemption for borrowers. Once the foreclosure sale occurs, the borrower cannot regain ownership of the property.
If the foreclosure sale doesn’t cover the total outstanding mortgage balance, the lender can seek a deficiency judgment against the borrower. The lender must file a lawsuit within 30 days of the foreclosure sale to obtain a deficiency judgment.
Tips for Homeowners Facing Foreclosure
If you’re a homeowner in Cartersville, GA, facing foreclosure, consider the following options:
- Communicate with your lender: Reach out to your lender to discuss potential alternatives to foreclosure, such as loan modification or forbearance.
- Seek legal advice: Consult with a real estate attorney or HUD-approved housing counselor to understand your rights and options.
- Explore government programs: Look into federal programs, such as HAMP or HARP, that may help you avoid foreclosure.
We Are Home Buyers vs. Traditional Sales
Selling your home through a traditional real estate transaction can be a time-consuming and stressful process. You’ll have to deal with repairs, inspections, and staging, and you may have to wait months or even years for your property to sell. In contrast, home-buying companies like us offer a fast and hassle-free way to sell your home for cash. We purchase homes in any condition and can close the deal within weeks, providing a stress-free solution to selling your property.
- Contact us: Fill out our online form or give us a call to request a cash offer.
- Get an offer: We’ll review your property and make you a fair cash offer.
- Accept the offer: If you accept our offer, we’ll move forward with the sale.
- Close the deal: We can close on your property in as little as seven days.
For more information on foreclosure laws in Georgia, visit Georgia Foreclosure Law or the Georgia Department of Law Consumer Protection Division.
Note: This guide provides general information on foreclosure laws and processes in Cartersville, GA. It is not intended as legal advice. Please consult a qualified attorney for guidance on your specific situation.
At We Are Home Buyers, we take the hassle out of selling your house! We’ll purchase it quickly and won’t ask for any extra fees or hidden charges. Additionally, you won’t have to worry about any repairs or renovations; meaning the money you receive at closing can immediately be used to pay off all your debts!
To get a fair cash offer today, get an online quote or contact us at 888-573-3810 to learn more about selling your house when behind on payments.
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