Nowhere is the foreclosure process faster or more brutal than in the state of Georgia. But even here, foreclosure can often be avoided -- even if you have already received the notice of sale. But don't wait until then to investigate your options. Find out for yourself what your possible outcomes might be as soon as you realize you're in trouble. In general, the Georgia foreclosure process can end one of five ways: 

(1) You could pay off the default amount to reinstate the loan during a grace period known as pre-foreclosure. This is anytime up to the day of the foreclosure sale on the courthouse steps.

(2) Under President Obama's new plan, you could apply for a loan modification, which will temporarily or permanently change the terms and maybe even the principal amount of your home loan. There are strict guidelines in place and not every home owner can be helped, but if you desire to remain in your property, this could be your answer. Contact your lender right way to get the process started. For more information see my web page on Obama's plan to help homeowners stay in their homes.

(3) You could sell your property to a third party during the pre-foreclosure period, allowing you to settle the loan "paid as agreed" and avoid having a foreclosure on your credit history. This is commonly referred to a s a "short sale", although there is nothing short about the process, which can take weeks and sometimes months to successfully negotiate. For more information on this option, see my Short Sale Frequently Asked Questions page at AvoidGeorgiaForeclosure.com

(4) If all else fails, your home will go into foreclosure and a third party may buy the property at a public auction at the end of the pre-foreclosure period. In Georgia, these auctions take place at the courthouse of the county of record on the first Tuesday of every month.

(5) Finally, if the lender doesn't get a high enough bid at the auction, they may take ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure, called a "deed in lieu of foreclosure", or by buying back the property at the public auction.

If you are interested in discussing any of the non-foreclosure options with a Certified Distressed Property Expert, contact me @ AvoidGeorgiaForeclosure.com