Got a Georgia NOD? Ask your lender for the original paperwork.

Real Estate Agent with Solid Source Realty GA 320764

A few years back, at the height of the housing meltdown, a lot of Georgia homeowners were having difficulty making their payments and receiving the dreaded N.O.D (Notice of Default) threatening foreclosure. Thankfully, that's not happening as frequently in the current market. Foreclosure filings have slowed greatly.

However, even in a normalized real estate market, there may be changes in circumstances that can cause homeowners to fall behind in payments and get the "Nasty Notice". Back in the crisis, some real estate attorneys were recommending an effective stall tactic that bears repeating.

Ask for your original paperwork.

This is a tactic that may give owners more time to strategize -- and in some cases avoid foreclosure altogether. In these situations, any steps that will help to stave off the relatively fast foreclosure process in Georgia should be considered. It will allow you more time to get your payments caught up, or to pursue an alternative outcome.

Be sure to request the original loan documents and the security instrument.

In Georgia, these documents are required before a lender can foreclose.   Three types of security instruments are used in Georgia home purchases:

(1) Deed in Trust - This is a deed used in some states in lieu of a mortgage. It is rare to find this one used in Georgia, but it could be used in certain circumstances. In a Deed in Trust, title is held by a trustee on behalf of a lender (beneficiary) until the borrower (trust) repays the loan.

(2) Mortgage - This is an instrument which secures a promissory note by either giving the lender a lien against the property or conveying title to the property, depending on state law. In Georgia, it is actually a lien against property. A mortgage requires judicial foreclosure.  

(3) Security Deed - This is actually an instrument to secure debt which conveys title to the lender until the debt is satisfied. When the debt is satisfied, the instrument is canceled. This is the most common security instrument used in Georgia property purchases, and does NOT require judicial foreclosure. That is why the Georgia foreclosure process is one of the fastest and most brutal in the nation. With a security deed, the policy is usually "you don't pay, you don't stay."  

Don't know which security instrument is held against your property? Ask your lender.

Find out what they've got. Forcing the lender to track down your original paperwork slows down the Georgia foreclosure process. Issues to foreclosure can delay the process, buying you time to effect a workout plan,  loan modification, or get the debt settled "paid as agreed" through a short sale.

Need more help? Call on us for a confidential consultation  today. Your time is precious, especially if you've received and N.O.D.

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Take action and make an appointment with us today and get yourself started on the path to financial recovery. Our team has specialized training to help Georgia homeowners avoid foreclosure with a short sale. Please contact us today for a no cost confidential consultation.



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