Thursday, June 16, 2005
Inside look at Bank Real Estate Foreclosures
Many novice real estate investors want to buy properties directly from the bank. Rarely do real estate investors talk of buying foreclosed houses from a mortgage company, credit union or savings and loan. The allure of bank owned properties is easily understood, as it is the banks that most real estate investors borrow funds from.
The title to your real estate is either held by a third party or pledged as security for the loan. The bank does not actually own the real estate. You borrow money from and give a mortgage to the bank as collaterol. Unless you buy a real estate foreclosure directly from the bank, the bank never owned the property.
The title to your real estate is either held by a third party or pledged as security for the loan. The bank does not actually own the real estate. You borrow money from and give a mortgage to the bank as collaterol. Unless you buy a real estate foreclosure directly from the bank, the bank never owned the property.
Monday, June 13, 2005
Georgia Foreclosure Law
Judicial Foreclosure Available :Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instruments: Deed of Trust, Mortgage
Timeline: Typically 90 days
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes
In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust.
Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust.
Non-Judicial Foreclosure Available: Yes
Primary Security Instruments: Deed of Trust, Mortgage
Timeline: Typically 90 days
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes
In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust.
Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust.
