What is Foreclosure in Statesboro, Georgia?

Find the right Foreclosure Bankruptcy attorney in Statesboro, 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 Statesboro, 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 Statesboro, 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 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. It is necessary to remember that the bank does not really want your Statesboro house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders generally treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. 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 Statesboro, Georgia Attorney Help?

If you are worried about foreclosure, a good Statesboro, Georgia real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Statesboro

Statesboro, Georgia is home to almost 70,000 residents. In addition to being one of the larger cities in the state of Georgia, Statesboro is also home to Georgia Southern University, a presence which gives the city a charming college town feel. The University also happens to be the city's largest employer. Many students that come to Statesboro for college or graduate school decide to stay in the southern city, which explains the young population of Statesboro. Statesboro is located on 12.6 square miles and has an economy heavily dependent on agriculture. Statesboro is also home to WalMart's largest distribution center in the world. Statesborohas also been featured in movies such as Now and Then and 1969. The Statesboro newspaper industry has received local and national recognition for its innovation in online technologies. The thriving college community makes for many great lawyers to liveand practice in Statesboro. Statesboro lawyers range in their specialties and are skilled in any legal issue a client may be dealing with.The local lawyers in Statesboro are just one more aspect of Statesboro that makes it a wonderful city to live in.

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