What is Foreclosure in Thomasville, Georgia?

Find the right Foreclosure Bankruptcy attorney in Thomasville, GA

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Thomasville, Georgia debtor has repeatedly failed to make their payments. Foreclosure normally results in the property being sold in an auction. Banks normally 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 Thomasville, 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 straightforward with them. Ignoring the issue will not make it go away. You should remember that banks in Thomasville 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 straightforward with them, lenders will normally try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You may also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Thomasville, Georgia Attorney Help?

If you are facing the possibility of foreclosure, a good Thomasville, Georgia real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Thomasville

Thomasville is located in Thomas County, Georgia, and is the county seat. With a population of 19,000, it is the second largest city in the Southwest Georgia region.

Thomasville is best known as "The City of Roses". The city maintains over 7,000 rose plants located in various spots throughout the city. Many residents also grow their own rose plants for display. A Rose Festival is held every year at the end of April, where rose cultivators from all over the world display their prize rose specimens. The festival includes street shows, dancing, vendor displays, and plentiful selections of food.

The city of Thomasville prides itself on preserving American history and culture. Popular historic sites include the Thomasville Cultural Center, Thomasville Landmarks, and the Thomas County Historical Society Museum of History. The historical sites attract numerous tourists every year.

Thomasville lawyers can usually assist you by filing your claim at the Municipal Court of Thomasville. The municipal court is the first avenue of relief for most types of legal claims. Many lawyers in Thomasville, Georgia are members of the Thomas County Bar Association in addition to the Georgia State Bar.

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