Smyrna Foreclosure Lawyers

Find the right Foreclosure attorney in Smyrna, GA

Foreclosure Law in Georgia

In Smyrna, 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 person 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 take 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.

In every U.S. state, including Georgia, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is simply an auction overseen by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In some states, original mortgages are considered "non-recourse" loans. This means that once the house or other property that secured the mortgage is sold, and if it sells for less than the balance of the mortgage, the lender has to absorb the loss, and cannot sue the borrower for the remainder. This typically does not apply to second mortgages or refinanced loans.

How to Possibly Avoid Foreclosure in Smyrna, Georgia

Communication between you and your lender is perhaps the most important way to avoid foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender immediately. You might find that they are willing to accept lower payments, if this will prevent you from defaulting.

Finally, there is the "short sale." Typically considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good option. In Georgia, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Smyrna, Georgia real estate attorney help?

In Smyrna, Georgia, dealing with a possible foreclosure is never easy. However, the assistance of a knowledgeable real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

Talk to a Real Estate Law Attorney now!

Life in Smyrna

Located just 10 miles from the state capital of Atlanta, Smyrna Georgia is a city with lots of Southern charm. Smyrna was incorporated in 1872 and is appropriately nicknamed, "Jonquil City" for the many jonquils that bloom naturally in the city's parks and streets during the spring blossom.

Smyrna has a population of 47,000 residents. Smyrna has over 304 acres of parks and open spaces within the city's 15 square miles-- a fact that promotes its residents outdoor activity. The Village Green is the hub of the city and is the "common area" of Smyrna housing the library, civic center, and community center.

The Market Village is an expansive downtown development in the city that has retail, restaurants, and housing for many of Smyrna residents to enjoy. Smyrna is also a popular sport for Atlanta workers to live in and enjoy the perks and space of a suburb. Smyrna is just a fifteen minute drive to downtown Atlanta.

Smyrna has many lawyers that help contribute to the growth and development of the city. Lawyers with a range of specialties to help their fellow citizens with any issue they may find themselves dealing with. Smyrna lawyers are in good company with local doctors, accountants, and other professionals creating a great professional community.

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