North of the Border – Foreclosure in Georgia

The difference between Florida and Georgia is more than geography.  Looking at how each state handles home foreclosure is like comparing peanuts to oranges.  Georgia has non-judicial foreclosure, which goes a lot faster. It has to do with how property is owned.  In Georgia, if you use a loan to buy a house, the bank owns that house until you pay off the loan; whereas, in Florida, you are the homeowner even if you borrowed money to buy the house, and even if you are unable to make the payments and the house goes into foreclosure…you still own it.  You own your home up until the Certificate of Title is issued (usually about ten days after the foreclosure sale). Because of the judicial system of Florida’s home foreclosure, the process is longer than that of Georgia’s.  In Georgia, since the bank already owns the property, the process has fewer steps, giving the borrower less time to react. Florida homeowners have the advantage with more time on their side of the State Line.  They have greater opportunity to talk with their loan servicer to work out a deal, and even discuss their situation with an attorney to learn what legal defenses […] Read More

Judicial Foreclosure

Location, location, location—geography makes a difference, even when it comes to home foreclosures. There is more distinction between Florida and Georgia than simply comparing oranges to peaches.  Georgia is a non-judicial foreclosure state, meaning the lender can give notice, publish, and foreclose within 60 days with only the clerk and an attorney, no judge present. If the borrower stops paying, the lender can take action a lot faster to reclaim the property. The up side of non-judicial foreclosure is that it speeds up the process.  It reduces the judges’ workload, and for the homeowner who does not really care, it ends the foreclosure quickly.  The problem is that there are people who do care, but who do not know any better. What Florida lacks in kudzu it makes up for in opportunity to defend a home foreclosure.  You cannot put up a defense just to put off the inevitable, but with time as a side-effect of a foreclosure defense, you have the chance to pursue an alternative, such as mortgage modification or short sale. RealtyTrac is reporting January 2014 foreclosure statistics at one out of every 346 housing units statewide.  Flagler County is in the top five counties in Florida […] Read More