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
Purchasing a foreclosed property can be a risky and uncertain venture. Investors who consider buying these properties should be prepared to handle the challenges of the foreclosure process. This includes conducting thorough due diligence, ensuring you have adequate resources such as financing and legal assistance, and developing a strategy to deal with competitors. Choosing investment […]Continue Reading... Comments Off on Considerations for Investors Buying Property in Foreclosure
In 2016, statistics indicated that 16.2 percent of single family homes and condo sales were sold as distressed properties either through bank-owned sales, short sales or foreclosures. Short sales accounted for 5.5 percent of these home sales in 2016. For homeowners who are delinquent in their mortgage payments, a short sale is still a viable […]Continue Reading... Comments Off on Minimizing Harm to Your Credit After a Short Sale
Lenders in Georgia are permitted to pursue borrowers for “deficiency amounts” following foreclosure sales. The deficiency covers the difference between the outstanding amount on the mortgage and the sale price of the home in foreclosure. But in order to recover a personal judgment against the debtor for this deficiency amount, the lender must comply with […]Continue Reading... Comments Off on Requirements for Creditors Seeking Deficiency Judgments
When a borrower has defaulted on his mortgage payments, the lender may agree to approve a short sale. In a short sale, a homeowner sells his house for less than the amount still owed on the mortgage. The biggest advantage of selling a home through a short sale is that the homeowner avoids foreclosure. Both […]Continue Reading... Comments Off on What Are the Advantages of a Short Sale?
Once a foreclosure has taken place, the homeowner has relinquished the opportunity to salvage his home. The owner no longer has ownership of the property and may be forced to vacate via a dispossessory warrant if he fails to do so voluntarily. But before the house has been foreclosed upon, you may be able to […]Continue Reading... Comments Off on Stopping a Foreclosure Once It Has Been Scheduled
Some homeowners who have defaulted on their mortgage payments may be able to negotiate with their lenders to qualify for a loan modification. For the majority of defaulting homeowners, however, lenders will not offer alternatives and will proceed to foreclose on the home. Before the lender initiates foreclosure to satisfy the debt, the homeowner may […]Continue Reading... Comments Off on Should You Consider Bankruptcy in your Foreclosure?
When a property owner defaults on his mortgage, renters face the prospect of losing their homes in foreclosure. In some cases, the lending institution may hire a management company to oversee the property and collect rent from the tenants. Alternatively, the lender may sell the property to recoup the amount of the loan. In the […]Continue Reading... Comments Off on The Rights of Tenants in Foreclosed Properties
Investors who have been using “superliens” to seize properties from debt-ridden homeowners will soon be stripped of their ability to acquire homes and excess proceeds according to a recent decision by the Georgia Supreme Court. Those who fought against superliens claim that the investors took advantage of extremely vulnerable homeowners who were blindsided by complex […]Continue Reading... Comments Off on Georgia Supreme Court Puts an End to “Super-liens”
When a homeowner is delinquent in his mortgage payments, he may explore several options to avoid foreclosure. Foreclosure can negatively affect one’s ability to obtain a mortgage, personal loan, car or credit card in the future. In order to avoid foreclosure, homeowners have several options, which includes paying the loan or reinstating the loan. Most […]Continue Reading... Comments Off on The Process of Reinstatement to Avoid Foreclosure