What is Foreclosure in Peachtree City, Georgia?

Find the right Foreclosure Bankruptcy attorney in Peachtree City, GA

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Peachtree City, Georgia debtor has repeatedly failed to make their payments. Foreclosure typically results in the property being sold in an auction. Banks typically 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 (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Peachtree City, Georgia to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Georgia?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be forthright with, your creditor as much as possible. You should remember that banks in Peachtree City 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 forthright with them, lenders will typically 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 consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Peachtree City, Georgia Attorney Help?

If you think foreclosure is imminent, a good Peachtree City, 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 Peachtree City

Peachtree City plays host to 35,000 Fayette County residents. The population is expected in increase drastically with the formal annexation of an adjacent unincorporated area of Coweta County known as "the West Village." Annexation or not, Peachtree City is one of the best places to live in the United States. The city offers over ninety miles of road dedicated solely to golf cart traffic. Over 25% of Peachtree City residents own a golf cart making it a very popular method of transportation. The city allows unaccompanied 15-year olds to operate the carts alone as long as they have a learner's permit. Peachtree City is known widely as the location of a National Weather Service radar station from which the Weather Forecast Office broadcasts. Most recently, Peach tree city ranked 8th on Money Magazine's 100 best places to live. It's the second time. Peachtree City additionally won the Tree City USA title from the Arbor Day Foundation.

Peachtree City is also a bustling center of commerce with Panasonic Automotive Systems Company of America which is a major supplier of automotive electronics, the long time local company named Cooper Lighting, and Avery Dennison which manufacturers paper products and adhesives. As such a standout city, you shouldn't be surprised to find out there are a number of local Peachtree City lawyers. Lawyers in Peachtree City are acquainted with local Fayette County and Georgia State court procedures.

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