What is Foreclosure in Brunswick, Georgia?

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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 Brunswick, 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 every state, including Georgia, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be overseen by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the entire balance will be covered, as well as the odds that there will be some money leftover for the borrower). In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an Attorney in Brunswick, Georgia to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Georgia?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be honest with them. You should remember that banks in Brunswick don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are honest with them, lenders will usually try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

How Can A Brunswick, Georgia Attorney Help?

If you are faced with the possibility of foreclosure in Brunswick, Georgia, an Attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in Brunswick

Many Georgians know Brunswick because it is the seat of Glynn County, the Federal Law Enforcement Training Center, and the United States Department of Homeland Security. Those three major institutions in Brunswick provide the bulk portion of jobs. The city is the twelfth largest municipality in the State of Georgia with an estimated 104,000 residents. The city is known as the "Shrimp Capital of the World" as a result of the budding shrimp and crab industry but also plays host to a number of experienced lawyers. Brunswick lawyers are familiar with local court procedures and use their knowledge to help advise you.  

Historically, Brunswick played a major role in building and launching war material transport ships, namely the Liberty Ships, that were built by the J.A. Jones Construction Company. Liberty Ships were used to transport material to the European and Pacific Theatres. Brunswick was also the location of President George Bush's G8 Summit and has a thriving aeronautical industry. Brunswick is well known in the professional golf world because it hosts the Seaside Resort, a Professional Golf Association course named #1 resort in North America by Golf Digest.