YOU CAN STOP YOUR FORECLOSURE SALE
KNOW YOUR OPTIONS!!!!!
When a person borrows money to buy real estate, such as a house or condominium, the loan is called a mortgage and requires monthly payments. In Virginia and Georgia, if the property owner falls behind in making those payments, the lender can step in and sell the house at auction to settle the debt. Doing so is known as foreclosing on a property. The law allows lenders to conduct an auction without having to go before a judge on one condition: The lender must give the borrower - and the public - proper, legal notice of its plans to foreclose. Proper notification means advertising in the county's official legal newspaper. The process can be a scary and intimidating process, but it doesn't have to be. We are here to help and talk about your options.
Foreclosure begins with a default under the terms of the original promissory note or deed to secure debt. Usually the default is your failure to make the required payments on the loan. A default can also occur due to things such as failing to maintain property insurance or pay your property taxes.
If it has not already done so, the holder of your mortgage must file proof that it owns title to the security instrument related to the real property with the clerk of the superior court of the county in which the real property is located, prior to the start of the foreclosure sale. This proof is usually in the form of an assignment of the promissory note and deed to secure debt. Since mortgages are often sold or assigned, this requirement may assist the borrower with identifying the current holder of their mortgage.
A valid foreclosure wipes out the borrower’s right to live in the house. The new owner of the property may file a dispossessory action to evict the borrower from the home. Some lenders have a “cash for keys” program, in which they will pay homeowners a small amount to voluntarily leave the property
We can discuss all of your options, but a short sale, for a lot of borrowers, is the best option. Especially in this seller's market. By pursuing a short sale, you may be able to:
Avoid a foreclosure sale — once a written, signed offer is received and approved by your bank.
Stay in your home until the new owner closes, giving you time to make other living arrangements.
Pay no fees — all closing costs and real estate agent fees will be paid by your bank.
Begin your financial recovery more quickly.
You may also be eligible to receive a relocation incentive, to be paid at the time your short sale is completed.