Foreclosures in Georgia – Foreclosed Homes Listings

Foreclosures in Georgia may be slightly different since Georgia allots two different types of proceedings. One type of foreclosure is handled in court while the other type is handled in non-judicial proceedings. Either way, the foreclosures are usually closed within a couple of months.

During the pre foreclosure phase, the judge will determine if the actions will be, non-judicial proceedings based on failed to notice clauses in the deed or title issues are apparent. Once the lender files his appeal, the courts will process the claims.

The lender is expected to describe the problems in Foreclosures in Georgia that lead to foreclosure filing and describe the property as well. He is also expected to file the amount owed by the homeowner. During a 30-day period after the foreclosure filing petition has been issued, the borrower will be sent a notice in writing.

The notice alerts the homeowner of is default payments and the amount he is expected to pay. If the lender and borrower reaches an agreement, then the property remains off the foreclosure list until the issues are resolved, yet if the homeowner and the lender do not reach an agreement, the property is posted on the foreclosures listing and put up for sale.

Deeds and mortgage contracts all contain clauses. These clauses provide the lenders with “power to sell” any property that has been issued a default by the courts.

Georgia’s foreclosed filings have risen. According to online resources, Atlanta, Georgia has reached to the ninth place in foreclosures filing. In fact, Georgia metro area has worsened in the past year. Over 10k of the lender-owned properties is to be scheduled for court proceedings.

Equity Depot says this is a record high with over 10k homes pending foreclosure filing. Fulton is leading Atlanta with over 2180 filings, which are scheduled to be sold in Cobb, DeKalb and Gwinnett counties.

Yet, many of the properties do not sell in these areas because of the bankruptcy filings and settlements taking place. In addition, the properties are generating fewer bid interests, which lenders must reclaim the properties to sell on the market later.

Now is the time to take advantage of the sales for foreclosed properties. This gives investors insensitive for Foreclosures in Georgia because lenders are selling the properties below market value due to the lack of interest from investors.