Foreclosure Made Easy

The news and other sources of media are constantly talking about foreclosure rates and increases. However, do you know exactly what foreclosure is? Here are some quick and easy information explaining more on what foreclosure is, and how it progresses to one losing their home.

Foreclosure is defined as the proceeding in which a lien holder has the right, based on the “power of sale clause”, to sell the property to pay the home loan balance. It occurs when a homeowner is unable to make principal and/or interest payments on their home.

In the state of Georgia after an average of 90 to 120 days, the lender orders a trustee to record a Notice of Default, or a statement saying that the homeowner is delinquent in payments. However, some states can be upwards of a year. If the default is not corrected, a sale date is arranged, the homeowner is notified of the sale and the house is put up for auction.

After 60 days of non-payment the property can be listed in the legal papers for four consecutive weeks, then the house is foreclosed on. In as little as 90 days a property can be taken back by the bank.

Being primarily a non-judicial state (does not have to go in front of a judge), Georgia has one of the quickest time frames to foreclosure. Also, Georgia does all of their foreclosures on the first Tuesday of each month for the entire state. This is often referred to as “Super Tuesday.”

According to CoreLogic, the Atlanta Metro Area’s foreclosure rates increased by 1.14 percent since March of 2009, and their 90 day plus delinquency rates have increased by 4.63 percent.

For more information on foreclosure, visit www.123SellHouseNow.com.