What is Foreclosure in Alpharetta, Georgia?

Find the right Foreclosure Bankruptcy attorney in Alpharetta, GA

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (usually a house) that secured the loan. This is done when the Alpharetta, Georgia debtor has repeatedly failed to make their payments. Foreclosure usually results in the property being sold in an auction. Banks usually want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the easiest way to do this.

In all states in the United States, including Georgia, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with an Alpharetta, Georgia attorney to see if this state is one of them.

How Can I Avoid Foreclosure in Georgia?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be honest with them. Ignoring the issue will not make it go away. One should remember that banks generally don't want to take your house in Alpharetta. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A Alpharetta, Georgia Attorney Help?

If you are facing foreclosure, a good Alpharetta, Georgia real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Alpharetta

Alpharetta, Georgia is a medium-sized city in Fulton County. It has a population of approximately 65,000 residents, and is known for being one of the most affluent cities in Georgia. It is also home to a huge number of businesses, for a city its size. During the workweek, employees of these businesses commute to the city, and its population balloons to over 120,000 people.

The huge number of employers Alpharetta, Georgia means that Alpharetta, Georgia lawyers are kept busy. Because of this large number of employers, the economy of Alpharetta, Georgia is quite vibrant, and while not untouched by the recent recession, endured it better than many other places in the U.S.

For this reason, Forbes Magazine, in 2009, named Alpharetta, Georgia as the #1 "reloville" in the U.S. By this, they mean it is one of the best places for professionals to relocate to in order to improve their economic situation. Perhaps testifying to this fact, about 70% of this city's residents were born someplace else.

Of course, where there are many businesses, there are going to be a lot of lawyers.

Alpharetta, Georgia lawyers are experienced in a wide variety of legal areas. In a thriving community such as Alpharetta, they have to be if they wish to state competitive.

Accordingly, if you need to hire an Alpharetta, Georgia lawyer, you probably won't have much trouble finding one who can handle your legal issue, at an agreeable price.

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