Rome Foreclosure Lawyers

Find the right Foreclosure attorney in Rome, GA

Foreclosure Law in Georgia

In Rome, Georgia, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the individual who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

When individuals are facing foreclosure, it typically involves a house. The bank will acquire the house with the intent of selling it at an auction, hoping to cover whatever's left on the mortgage, giving them at least a chance to break even on the loan.

Like every other state in the U.S., Georgia permits homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a procedure through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Essentially, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Rome, Georgia

It's quite important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your case, they have to know about it.

You must keep in mind that banks are in the business of lending funds, not flipping property: the bank doesn't really want your house. To that end, they'll occasionally go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.

Because banks don't specifically enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. Nonetheless, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the funds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Georgia, the remaining debt is excused.

Can a Rome, Georgia real estate attorney help?

If you feel that your home is close to being foreclosed in Rome, Georgia, and want to try to prevent this, the advice and assistance of an efficient real estate lawyer can mean the difference between keeping or losing your home.

Talk to a Real Estate Law Attorney now!

Life in Rome

Rome is a city in Floyd County, Georgia. It is the largest city in, and county seat of, Floyd County. As of the 2000 United States Census, Rome, Georgia has a population of about 34,000 people.

Rome was inhabited by humans for thousands of years before the arrival of European colonists. Europeans first explored the area in the mid-1500s, when Spanish explorers first charted the Southeastern U.S.

The modern city of Rome, Georgia was founded in 1834. The founders of the new city determined its name by drawing lots from names submitted by the other founders. In 1835, the Georgia legislature incorporated Rome as a city. During the Civil War, Rome's industrial capacity made it strategically important, and both sides fought fiercely to control it.

Modernly, Rome is a thriving small city, owing to its diverse economy. It is supported by the manufacturing, high technology, tourism, and healthcare. Rome is also home to Shorter University, a private liberal arts college which consistently brings in new, young residents with disposable income, further boosting the economy.

If you live in Rome, Georgia, and need a competent, experienced attorney to handle any legal issues you might be facing, you're in luck. There are many Rome, Georgia lawyers to choose from, and you should be able to find one who's right for you.

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