Foreclosure and Bankruptcy
Foreclosure sales happen quickly, and sometimes, in certain jurisdictions, they can happen before you realize it. That's exactly why you need to act fast if you've fallen behind on your mortgage. In many cases, a bankruptcy proceeding can help you to save your home.
If you are past due on your mortgage, your mortgage company may file a foreclosure case, or in Georgia, conduct a nonjudicial foreclosure sale. While there is a requirement that the mortgage company try to notify you, even if it can't, the foreclosure can still occur. Because most mortgages require that you receive notice of default, however, you will generally receive a letter from your lender’s attorney that a foreclosure action has been filed or a notice of acceleration that the entire balance owed is now due and payable.
Under a federal law known as the Servicemembers Civil Relief Act, members of the military have additional rights regarding lawsuits brought against them, including foreclosures. If you, or a co-owner of a property in foreclosure, is a member of the military, you should ask an attorney what additional rights you may have as a result of this statute.
Once the foreclosure case has been completed, or in Georgia, the publication of the notice of sale, and any required advance notices have been given, a sale will be scheduled (In Georgia on the first Tuesday of the month). The notice must be published in the newspaper, and the lender's lawyer will send you a notice of the time, place and terms of the sale.
If you are behind on your mortgage or facing foreclosure, an experienced bankruptcy attorney with Zalkin Revell will be pleased to sit down with you and advise as to whether bankruptcy protection could benefit your situation. We guide you through every step of the bankruptcy process with care and understanding.
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