Georgia, like most other states underwent its own share of turmoil during the recession. One of the worst effects of the economic downturn was foreclosures and the state in fact featured among the top 10 most affected states in a 2010 Year End Foreclosure Market Report by RealtyTrac. The foreclosure procedure has been receiving a lot of flak in Atlanta GA and the rest of the country. It is thus advisable to use the services of an established attorney to stop foreclosure in case you are going through this rigorous process. To stop foreclosure Atlanta GA, there are some pertinent factors to understand.
Basics of a Foreclosure
Georgia foreclosure laws indicate that when a debtor defaults on their mortgage, then the lender can institute a process to recover their money by repossessing the property. Judicial and non-judicial foreclosure options are available and typically, the process takes 90 days. However, the complexity of the laws involved warrants hiring a local attorney. These law experts understand all the statutes regarding the process in Atlanta. In essence, they set you in a better position in fighting and eventually stopping the loss of your beloved home.
Hiring an expert to stop foreclosure Atlanta GA also helps because the court action is expedited and in essence, you are able to beat the lender at their own game. If you get a default letter and delay in getting professional advice, the effects will be devastating. To underscore why you need an expert stop foreclosure, consider that 71% of those affected by foreclosures in 2011 had lived in their homes for over 5 years. This highlights that anyone is vulnerable unless an attorney steps in.
Options Used to stop foreclosure Atlanta GA
When you get your foreclosure letter, this should not herald the end of your choices. An attorney specializing in the process can easily get an injunction before exploring other options. Available options include filing for Chapter 7 and 13 Bankruptcy, Home Affordable Foreclosure Alternatives (HAFA), and elimination or restructuring of your debt. The lawyers also have many tricks up their sleeves including verification of the bank’s documentation to ascertain that the lender owns the mortgage, and adherence to sales agreement. These regulations are compendious in volume and a stop foreclosure expert can pick a clause that will fault the lender’s process of instituting the foreclosure. This effectively stops them in their tracks and buys you some breathing space.
From this assessment, it is clear that a lawyer to stop foreclosure is essential especially before the suit reaches summary hearing. All documentation needs to be scrutinized keenly because any weak links provide an underpinning for your case. Only a licensed and experienced local lawyer can understand the way things run in the Georgia court circuit hence the need to invest in their services.
