What is Foreclosure in Savannah, Georgia?

Find the right Foreclosure Bankruptcy attorney in Savannah, 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 Savannah, 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 (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 Savannah, 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 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 Savannah 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 Savannah, Georgia Attorney Help?

If you are faced with the possibility of foreclosure in Savannah, 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 Savannah

Savannah, Georgia is the county seat for Chatham County. It is the largest city in the county and was Georgia's original state capital. Savannah is also an important industrial hub and a functional Atlantic seaport.

Savannah is internationally known for being a model of "Southern hospitality and charm". The city's culture, architecture, and history have earned it the nickname of "Hostess City of the South". The nickname is a reference to the warm and cordial atmosphere of the city and its residents. In particular, Savannah's cozy downtown area attracts many visitors and is one of the U.S.' largest National Historic Landmarks.

Music plays a major role in Savannah culture. Year-round, the city hosts several music festivals, such as the annual Savannah Jazz Festival and the Savannah Music Festival. Several rock bands had their start in Savannah. The Savannah Civic Center also hosts concerts and features over 900 different events every year. Savannah, Georgia is frequently mentioned in popular films, television shows, and in literature.

Lawyers in Savannah, Georgia practice in many areas of law in order to meet the diverse needs of the community. Many Savannah lawyers are part of the Savannah Bar Association and other local and voluntary bar organizations

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