Not many people like paying their attorney, but nobody like paying taxes. Yet here in Georgia, our local government runs on property taxes. That is the main reason why Georgia law imposes severe penalties for failing to pay them. In fact, not paying your property taxes could lead you to lose your home in foreclosure. […]Continue Reading... Comments Off on And…Sold! For Unpaid Taxes. Can You Get Your House Back?
Foreclosures in Georgia move pretty quickly. Because Georgia is a “nonjudicial” foreclosure state, the vast majority of foreclosures are processed, you guessed it, non-judicially. In other words, the entire process is handled without the need to go to court. Essentially, when a mortgage is in default, all the lender has to do is follow the […]Continue Reading... Comments Off on Two Things That May Help You Avoid Foreclosure
A lender who intends to foreclose on a property must abide by statutory procedures for advertising the foreclosure and notifying the debtor of the foreclosure. If the lender fails to follow these requirements, then the court can declare that the foreclosure sale is not valid or bring an action for wrongful foreclosure. Each state establishes […]Continue Reading... Comments Off on Lender’s Advertisement and Notice Obligations in a Foreclosure Sale
A homeowner’s association (HOA) is authorized to take certain actions if a property owner is delinquent in paying his fees and assessments. Some states authorize homeowner’s associations to impose “super liens,” which are given the highest priority among lien holders. In other states, an HOA is not entitled to a super lien and instead, is […]Continue Reading... Comments Off on Homeowner’s Associations and Super Liens
A loan for the purchase of property is secured by a mortgage or deed of trust on the real estate that the borrower has agreed to purchase. The loan contract is typically a mortgage that contains a “power of sale” provision. A power of sale clause in a deed of trust or mortgage is a […]Continue Reading... Comments Off on The Significance of Power of Sale Language in a Foreclosure
Filing for bankruptcy has a significant impact on all aspects of your finances- including your home ownership. But if you can commit to a reorganization plan, there is a good chance you can keep your home and avoid foreclosure. In a Chapter 7 bankruptcy, your outstanding unsecured debts are all wiped out. Chapter 7 debtors […]Continue Reading... Comments Off on The Effects of Bankruptcy on Mortgages and Foreclosures
The foreclosure of a home must be handled in accordance with clearly defined rules and procedures, but sometimes the process is not executed properly. The foreclosing lender may act negligently or intentionally in a way that constitutes wrongful foreclosure and violates your rights as a homeowner. If your foreclosure is tainted by fraud or mistakes, […]Continue Reading... Comments Off on Have You Been the Victim of a Wrongful Foreclosure?
Issuing title insurance in most transactions is a fairly standard process. The title company looks at the title history of the property to determine if there are any claims of ownership that could cloud title to the property. If a problem is found, it is handled prior to the sale. The company then issues a […]Continue Reading... Comments Off on Title Insurance and Foreclosures: What You Need to Know
A business owner that defaults on mortgage payments for his commercial or retail property faces the prospect of foreclosure by the lender. Commercial foreclosures are similar to residential foreclosures in many respects. For both types of properties, the laws of the state in which the property is located determine whether the process will be a […]Continue Reading... Comments Off on The Commercial Foreclosure Process
When a borrower defaults on his mortgage, he faces the possibility of the lender foreclosing on his home. A default happens when the borrower no longer abides by the terms set forth in the promissory note or security deed with the lending institution. Failing to conform to the promises set forth in these instruments triggers […]Continue Reading... Comments Off on What Happens Upon Default in a Loan Agreement