Foreclosure help in Georgia seems to be everywhere. From real estate attorneys to loan modification companies and more, everyone seems to be an "expert" on how to stop the foreclosure process and get a property back into recovery. With the dizzying nature of all of this information, it's important to gain a basic knowledge of the process so that you can be confident in the decisions you are making.

But if you're worried about all of the Georgia foreclosure laws, don't be. With just a little quick research you can be on top of the process of foreclosure in Georgia. Think of your tutorial as Georgia foreclosure recovery for beginners.

1. Learn the basics of foreclosure laws in Georgia so that you can understand how to recover a property.

2. Consult a Georgia foreclosure attorney for Georgia foreclosure information and how it might pertain to you and your business.

3. Learn about how loan modification can provide you with foreclosure help in Georgia and begin the recovery process.

Action Steps
The best contacts and resources to help you get it done

Get basic knowledge on Georgia foreclosure laws

When it comes to Georgia foreclosure recovery of a business or personal property, you need to know the laws associated with the recovery process. This will allow you to understand your rights as well as the rights of the bank or lender who has begun foreclosure proceedings on a property. Be sure to check reputable websites often as the law books are forever changing.

I recommend: Visit the website for Home First. They are a housing resource service located in Georgia that specialize in the laws regarding recovery and avoiding scams. Also visit the website for Housing and Urban Development. Their website keeps tracks of foreclosure laws and how one can gain recovery of personal or business property.

Find a Georgia foreclosure attorney to learn more about Georgia foreclosure help

When you need to determine how to proceed with the recovery process of a foreclosure, it's best to seek out Georgia foreclosure attorneys who have expertise in the field so that they can guide you through the process. Many firms will set-up free consultations because they want to see if you'd be a good client for them as well. In this way it is a win-win situation in that you may get your questions answered, and they may get a new account.

I recommend: Visit the website for McCurdy and Candler. They offer information on their website as well as consultations on the specifics of Georgia foreclosure recovery process. Also check out the website for Phillips and Associates. They too have an online resource and will set-up consultations for potential clients as well.

Determine how loan modification can provide relief from strict Georgia foreclosure laws

When it comes to finding foreclosure help in GA, one should look to loan modification specialists. These companies can negotiate with the bank so that either your principal is reduced or your interest rate is lowered. The result of this action is that your monthly payment becomes lower and more manageable. This will stop the foreclosure of your home and begin the recovery process. It is advisable that a foreclosure attorney in GA look over the final documents before signing.

I recommend: American Mitigation Group offers loan modifications that will stop your home from falling into foreclosure and begin the recovery process.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Georgia foreclosure help can be a saving lifeline when facing the possibility of losing your home. If you encounter foreclosure, you are not alone. Georgia ranks as the third highest foreclosure state in the nation with a rate of 1 out of 138 homes foreclosed.

It's important for default homeowners not to panic. Several options exist to help distressed homeowners overcome foreclosure, even halting the process before damaging their credit.

If you fear foreclosure looms near, consider the following Georgia foreclosure information:

1. Trouble can brew as soon as you miss a single payment. According to Georgia foreclosure law, lenders may not contact you until you've skipped a second payment, but most will report every delinquency to the credit bureaus. Even a single late payment can jeopardize your credit score.

2. Lenders themselves can offer a variety of options when it comes to foreclosure help in Georgia such as temporarily reducing payments or setting up a short-term repayment plan with different conditions to make up the default amount.

3. From working with a Georgia foreclosure attorney to engaging a loss mitigation specialist, there are options. Don't lose hope. There's still time to save your home up until foreclosure sale.

Action Steps
The best contacts and resources to help you get it done

Study foreclosure laws in Georgia

Typically, once a homeowner's mortgage is 90 days past due, a lender will issue a notice of default. Then they will begin the foreclosure process in the court system. The foreclosure must follow a strict procedure laid out by Georgia foreclosure laws.

I recommend: Research the Georgia foreclosure laws that affect you at Advantage Mitigation Services. Find additional information at Homestead Protection Services.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  It may be helpful if you try to negotiate directly with the lender yourself, especially if the bank has not yet hired an attorney to begin foreclosure proceedings. Successful negotiating before the process even begins can save a lot of money. But don't take too long. If a deal isn't worked out within two weeks, your lender most likely isn't serious about working with you directly.

When it comes to Georgia foreclosure recovery, the process is a bit different than purchasing a piece of real estate through the normal channels. Depending if the foreclosure is judicial or non-judicial, the defaulted borrower will need to take different steps to recover their home.

Take the time to learn about some of the key terms associated with the Georgia foreclosure recovery process. This will make understanding the steps much easier along the way. Here are some of those common terms along with some quality resources to help get you started.

Action Steps
The best contacts and resources to help you get it done

Deed to secure debt and promissory note in default

The 'deed to secure debt and promissory note in default' refers to a motion that a lender makes against the borrower stating that the borrower is now in default. This begins the foreclosure process. For the defaulted borrower, this starts the time line for recovery.

I recommend: Visit the website for Georgia real estate attorneys McCurdy and Chandler for further information on the how a deed to secure debt and promissory note is placed in default.

Foreclosure notice

In terms of Georgia real estate law, the foreclosure notice refers to a notice sent to the defaulted borrower from the lender with a return date no less than 15 days before any sale or auction. The time line begins when the letter is postmarked. In terms of recovery, this notice is another benchmark for the defaulted borrower in the non-judicial foreclosure process.

I recommend: Visit the website for Stop Foreclosure.com for additional information on how the foreclosure notice must be sent to the defaulted borrower.

Confirmation hearing

A confirmation hearing refers to a meeting that takes place following the foreclosure sale of a property in default. A confirmation hearing occurs only in judicial foreclosures. The court must affirm and approve the sale price. If the sale price was considerably less than what was owed, a new foreclosure sale may be ordered. In terms of recovery, the defaulted borrower may buy himself additional time by stating to the court that he may come up with more money than what the property sold for in the foreclosure sale.

I recommend: Visit the website for Realty Trac for additional information on how the confirmation hearing works within the state of Georgia.

Right to redemption

The right to redemption within the state of Georgia refers to the right of the defaulted borrower to reclaim the property within 60 days of the foreclosure sale by paying all monies to both the lender and any additional costs to the foreclosure sale winning bidder. In essence, the defaulted borrower must make each party 'whole,' meaning that they have not lost any money through the process.

I recommend: Visit the official website for the Georgia state legislature for more information on how the right to redemption works within the state of Georgia.

Chapter 13

Chapter 13 is a form of bankruptcy filing which allows the defaulted borrower to submit a payment plan to the court. This payment plan, usually drawn up over a three or five-year period, demonstrates to the court how you wish you pay your mortgage arrears. If approved by the court, you will be able to recover your property as long as you keep up with the payments.

I recommend: Visit the website for Phillips and Associates for further information on how filing a Chapter 13 bankruptcy may help recover your defaulted property.

Homestead exemption

The Homestead Exemption within the state of Georgia refers to the piece of equity that creditors cannot touch during bankruptcy proceedings. In terms of foreclosure recovery within the state of Georgia, the Homestead Exemption may be part of a bankruptcy proceeding that allows a defaulted borrower to keep their home.

I recommend: Visit the website for Law Info for further information on the Homestead Exemption and how it operates within the state of Georgia.