What happens if I fail to make payments during a foreclosure process?

If you fail to make payments during a foreclosure process in Georgia, you may face serious consequences. Georgia foreclosure defense law states that a mortgage servicer must prove that the homeowner failed to make payments and that the homeowner is in default or delinquent on their mortgage. If the mortgage servicer can prove that the homeowner has failed to make payments, the foreclosure process may begin. In Georgia, foreclosure proceedings are generally handled in two ways: judicial or non-judicial foreclosure. Judicial Foreclosure involves a lawsuit being filed by the lender and heard in a court of law. If the court rules in favor of the lender, the court will order the sale of the property and the debt will be satisfied. Non-judicial foreclosure involves the lender sending out a notice of default to the homeowner, which serves as an official notice that the homeowner is in default on their mortgage. The notice of default will state that the lender has the right to begin the foreclosure process. If the foreclosure process is initiated and the homeowner fails to make payments on the mortgage, the lender can take possession of the property. The foreclosure process can end with the property being sold at a public auction to the highest bidder. In some cases, the homeowner may be allowed to pay the past-due amount and stop the foreclosure process. If the homeowner is unable to make payments and the property is sold at the public foreclosure auction, any remaining balance on the mortgage will be due in full to the lender.

Related FAQs

What kind of paperwork do I need to prepare for a foreclosure defense hearing?
What can I do if my lender refuses to negotiate a loan modification with me?
What is the difference between judicial and non-judicial foreclosure?
What kind of help can I get to avoid a foreclosure auction?
How can I make sure the foreclosure process is fair?
How do I go about filing for bankruptcy to avoid foreclosure?
How can I increase my chances of success with foreclosure defense?
What are the long-term repercussions of a foreclosure?
What legal strategies can I use to defend myself against foreclosure?
How can I protect myself from foreclosure?

What happens if I fail to make payments during a foreclosure process?

Related FAQs

Related Blog Posts