What is Foreclosure in Cartersville, Georgia?

Find the right Foreclosure Bankruptcy attorney in Cartersville, 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 Cartersville, 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 Cartersville, 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, you should never ignore the matter. As unpleasant as it seems, it is essential to stay on top of the issue. Ignoring the problem will never make it go away. It is crucial to remember that banks don't really want to own homes in Cartersville. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you can't work anything out with your lender, or have become completely unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt might be forgiven. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Cartersville, Georgia Attorney Help?

If you think foreclosure is imminent, a good Cartersville, Georgia attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Cartersville

Cartersville, Georgia is a community located in Bartow County. After the 2000 census, its population was just under 30,000 people. A 2005 Census Bureau estimate placed its population at over 41,000, indicating very rapid growth.

Located about an hour's drive north of Atlanta, Cartersville is a popular place to live for families who want a quiet, safe place to raise children, but have at least one family member who works in the much larger city of Atlanta.

With an attractive historic downtown area, a community theater which performs in an historic venue, several art museums, and a fairly high median income,Cartersville, Georgia is considered a very good place to raise a family.

Cartersville is steeped in history, and one of the major points of historical interest is the Etowah Indian Mounds, a major archeological site. The mounds were built over 1,000 years ago, and artifacts from several different tribes are still being found in the area.

Given the rapid growth that the city of Cartersville has seen, and its various points of interest, it's no surprise that Cartersville, Georgia lawyers tend to be equipped to handle a wide variety of legal problems. Whatever legal issue an individual is likely to face, chances are good that a Cartersville, Georgia lawyer can help.

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