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Whether you experience a sudden job loss, incur unexpected medical bills, go through a divorce, or become overextended with credit, there are numerous reasons you could find yourself struggling with debt. This is a stressful situation to be in, especially if you’ve received notice of foreclosure on your home. In this case, it’s best to seek counsel from a lawyer who can explore your foreclosure defense options and provide you with an opportunity to save your residence while regaining financial security. The following is an overview of what it means to foreclose on a property.

A Homeowner’s Guide to Foreclosures

How Foreclosures Work

When a homeowner falls behind on their mortgage payments, the lender has a legal right to assume ownership. A foreclosure is a process in which this occurs. Once your loan goes into default, the lender must provide a public notice letting you know you’re at risk of being evicted and losing all the equity you’ve established in the home. Then, the house will go into pre-foreclosure, giving you a chance to become current on your loan or negotiate another arrangement.

This is a good time to speak with a lawyer and determine if you could benefit from a foreclosure defense that prevents the lender from moving any further with the process. If a resolution doesn’t occur before the deadline, the home will go up for sale at auction.

How Finances Are Impacted

foreclosure defenseA foreclosure can significantly affect your credit, making it difficult to purchase a new home and open new lines of credit. Additionally, Georgia law allows deficiency judgments, which means the lender can file a lawsuit against you to recoup the difference between what’s still owed on the property and the price it sold for at auction. This can increase your financial troubles if you’re already in debt. It’s generally better to have a foreclosure defense lawyer help you avoid the foreclosure process and safeguard your finances.

 

If you’re facing foreclosure, trust the legal team at Hurtt & Johnson, LLC, to help you decide the best course of action. They offer effective foreclosure defense strategies and will passionately advocate on behalf of your rights as a homeowner. Regardless of how complicated your financial situation may be, these lawyers are qualified to handle your case with diligence and the personalized attention it deserves. Call (706) 226-5425 to schedule a free consultation at their Dalton, or Calhoun, GA, locations. You can also visit them online to learn more about their services.

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