More specifically, it’s a legal process by which the owner forfeits all rights to the property. Foreclosure is a legal action that a moneylender can take if a person who borrowed money using a mortgage stops paying back the mortgage. We get it, real estate can be complicated and foreclosures even more so. That’s why we are here! You have up until 5 days before the foreclosure sale to cure the default and stop the process.
The procedures for foreclosure are spelled out in the Official Code of Georgia, Sections 44-14-162 through 44-14-162.4. The first 2 steps in buying a foreclosure should happen almost simultaneously: Find a real estate broker who works directly with banks that own foreclosed homes and get a preapproval from a lender.
If you aren’t paying your bills you may be brought under a foreclosure and lose the property that you thought was yours. The listing owner may redeem the property from either attorney’s office by paying the delinquent taxes plus costs and attorney fees at anytime up to and including the day of sale.
This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. Such a petition will suspend the foreclosure proceedings if it is properly filed with the Clerk of the U. S. Bankruptcy Court before the property is sold on the courthouse steps.
Foreclosure properties attract a lot of interest because of the incredible value they can provide. If you want to protect yourself and take part in the court proceedings, you must file a Response to Petition (with supporting affidavits) within 21 days of getting a petition for foreclosure.