Search This Blog

Wednesday, September 28, 2011

Understanding Foreclosures

How Foreclosure Works.
If a person falls behind on their monthly payments, the lender (bank) can auction off the property to recoup the debt. The lender must advertise the auction in the local newspaper four consecutive weeks. In Clarke County, the listings appear in The Athens Banner Herald. The property is then auctioned off to the highest bidder on the courthouse steps the first Tuesday of the following month.

Protect Your Interests as a Property Owner.
Many owners are able to save their homes in the weeks leading up to the sale. Lenders will sometimes modify loans. Contact your lender to discuss loan modifications that can stop the foreclosure process. Owners may also seek bankruptcy protection through an experienced bankruptcy attorney.

Understand Your Neighborhood.
The monthly foreclosure listings are a great way to stay informed about your neighborhood. Since foreclosure proceedings are public record, they are a valuable tool to determine if a neighbor needs assistance, the status of an abandoned nearby property, or the value of your own home.

If you or someone you know is facing a foreclosure, Morgan & Morgan can help save their house