It is unfortunate but true, that there are many scam artists and unscrupulous people out there who prey on homeowners facing foreclosure. Many of these criminals will make false promises to homeowners facing foreclosure, promising to stop the foreclosure or save your house or get you a loan modification—all for a price, of course. Ultimately, it’s all lies. Very often, homeowners facing foreclosure end up losing a lot of money to scam artists and still losing their homes.
That’s why you should know a little about Georgia’s foreclosure laws. Many foreclosure laws are meant to protect consumers facing foreclosure. In today’s post, we’ll give you a basic idea of what Georgia’s foreclosure laws are and what they do.
Georgia Foreclosure Laws
Mortgage Fraud. The Georgia Residential Mortgage Fraud Act prohibits mortgage fraud. This applies to anyone who “knowingly misleads” another in the “mortgage lending process.” The law broadly defines “mortgage lending process.” Essentially, every aspect of the process of obtaining a residential mortgage loan is covered by this law.
The law prohibits anyone from knowingly making or helping another to make a misrepresentation or omission during the loan and closing process. It also makes it illegal for anyone to receive funds from a closing if they knew that there was a misrepresentation or omission made during the loan process.
Credit Repair Agencies. Georgia law also makes it a misdemeanor to operate a credit repair services organization. If an organization extends credit, it cannot legally represent that it can improve a credit record or history, or rating, or obtain an extension, or provide advice or assistance regarding credit repair.
The law defines a “credit repair services organization” as any person who, “with respect to the extension of credit to a buyer by others, sells, provides, or performs, or represents that he or she can or will sell, provide, or perform, in return for the payment of money or other valuable consideration” services that include (among other things) improving the buyer’s credit rating or getting an extension of credit for a buyer.
Foreclosure Notices and Information
Georgia’s laws regulating foreclosures extend certain protections to consumers including notice provisions and information regarding their loan. This information can be used to find out who actually owns your loan.
We Are Here To Help.
If you have questions regarding foreclosure or other real estate issues, we have the answers. We handle all aspects of real estate, and civil litigation. We have helped other folks and we can help you, too. To schedule your free phone consultation, call us at: 770-888-7707. Call us today.