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

Tips for Improving Your Credit Score

Having a good credit score is more important than ever. Your credit score can either help or hinder your ability to get a loan for a car, home, business, etc... This post examines some of the ways to improve and maintain your credit score.

First, get a copy of your credit report. You may request one copy of your credit report per year from each of the three credit reporting agencies (Experian, Equifax, and TransUnion). Use Annual Credit Report to request your credit report. Other companies will charge you. Review your entire credit report for errors. If you find any errors, contact the credit reporting company in writing to request a correction. The Federal Trade Commission's website has great tips for resolving inaccurate credit reports.

There are several other ways to improve your credit score. Pay all of your bills on time every month. If you miss a payment, get current ASAP. Try to keep a low balance on any credit cards you have. Do not open multiple accounts in quick succession. Finally, avoid credit repair companies. Many of these companies are simply scams. The Federal Trade Commission's website has tips on avoiding credit repair scams as well.