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
Homeowners who are at risk of foreclosure have many options to avoid foreclosure and ultimately protect their credit status. There are several avenues to explore before foreclosing on your home: you can work out an agreement with your lender, seek government assistance, or file for bankruptcy. One of the key steps in preventing foreclosure is […]Continue Reading... Comments Off on Avoiding Foreclosure: Options to Pursue With Your Lender
The right to redeem property can take place after a foreclosure sale. This is referred to as the statutory right of redemption (since redemption rights after foreclosure is prescribed by state law). During the redemption period that exists in some states, the borrower has an additional opportunity to raise funds to purchase the home from […]Continue Reading... Comments Off on Factors That Affect the Right of Redemption
A loan is generally secured by a mortgage on the property owned by the borrowers as a condition of the loan. A mortgage can be in the form of a deed of trust or a mortgage with a power of sale clause. Many states, including Georgia, have statutes that permit foreclosure through the power of […]Continue Reading... Comments Off on Understanding the Power of Sale Clause
When a homeowner is delinquent on mortgage payments and facing the possibility of foreclosure, there are several legal and strategic steps that can be taken to remediate the situation. In many cases, these procedures are directed at preventing foreclosure and allowing the homeowner to remain in possession of the property. Loss mitigation is the process […]Continue Reading... Comments Off on What is Loss Mitigation?