A home can go into foreclosure by not making the required payments to the bank. The mortgage lender is generally the party who initiates the foreclosure sale when payments are not made. No later than 15 days prior to the foreclosure sale, a notice of foreclosure must be sent by certified mail to the homeowner (borrower). The 15 day time period will start on the day that the letter has been postmarked. The homeowner (borrower) may be able to stop the foreclosure process by paying off the defaulted amount and any additional charges that may have occurred, in most states. However in Georgia, the foreclosure laws do not automatically give this right to the homeowner.
Who can buy a foreclosure property?
Just about anyone! Many people search for a foreclosure property when they want to make a good real estate investment. Any real estate agent can help you find a foreclosed property whether you looking to purchase a family home or an investment property. Our agents are familiar with the foreclosure process and the foreclosure laws in Georgia and are excited to help you find the best investment.