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Buying foreclosures and pre-foreclosures in
Georgia is quite simple with the correct real estate
investment support team. That's why more and more new and
seasoned investors are turning to Ken Cook and his team at
Novation Mortgage. Even if the average loan office says,
"Sure, I can handle your foreclosure acquisitions," they may
be kidding themselves and misleading you.
There are
conditions with foreclosures that the average lender does
not consider and has not considered so therefore do not
train their sales staff, processing team, Quality Assurance
department, and underwriters to anticipate, understand and
satisfy.
Novation Mortgage can help you with financing for any
pre-foreclosure (short sale) purchase or purchase of any
bank owned (REO) foreclosed property.
IF YOU ARE FACING FORECLOSURES KNOW YOUR OPTIONS and do
not fall victim to the large number of disgusting scams.
Foreclosure Remedies
If you have not attended Ken's famous Fast Track to Short
Sales or Real Estate Investor QuickStart workshops you are
encouraged to do so quickly and get the advantage over your
competition!
Foreclosing on a property in Georgia is
about as simple as it can get. In Georgia the process is
handled quickly and efficiently by the lender, their trustee
and a short period from Notice of Trustee Sale to Auction.
It can be as quick as only 28 days but that's highly
unlikely.
The timeline for foreclosure in Georgia depends on the
borrower's co-operation with the foreclosing lender (first
lien holder). If the borrower is not co-operating the
timeline is as quick as 90 days.
First the borrower should receive a Notice of Default.
This can come as early as 31 days after the first missed
payment but may take several months. This generally starts
the clock ticking on the final foreclosure process. With the
Notice of Default will come an Acceleration Notice or Demand
Letter demanding the loan be paid in full.
DOWNLOAD THE
BOOKLET: 10 MISTAKES INVESTORS MAKE
If the borrower communicates with the lender during the
Notice of Default period they may still save the loan and
the property.
After the Notice of Default comes the Notice of Trustee
Sale. This is generally a 28 day period where the Notice is
published in the legal section of the recognized local
publication. In many areas of Georgia it is The Atlanta
Journal.
Sales at the courthouse steps are held on the first
Tuesday of each month between 10AM and 4PM at the Superior
Courthouse in the County where the property is located.
To learn more about Georgia Foreclosure Properties visit
our Buyer Education section or contact one of our seasoned
Foreclosure Specialists.
There is also an opportunity to Short Sale the property
during the pre-foreclosure period.
If the property does not sell at the Georgia Public
Auction it becomes an REO or Real Estate Owned. |
