The word foreclosure scares most of us. You need a place to live and the threat of losing that security is frightening. Especially if you have a family that depends on you.
Although there is a lot of talk about loan modifications and government assistance to help Americans stay in their homes the help is often too little, too late.
Unlike many states, Georgia is a non-judicial foreclosure state which means that a lender can foreclosure on your home in a short amount of time (usually within 30-60 days of the notice).
Filing for bankruptcy protection can offer you the ability to stop the foreclosure IMMEDIATELY no matter what your final plan may be with the property. As long as you have not had more than one bankruptcy in the last 12 months, filing bankruptcy will evoke the automatic stay of 11 U.S.C. That means that all foreclosure proceedings must be stopped because to proceed would violate federal law.
Lastly, in difficult times likes these many "scam" companies are emerging telling people that for a small fee they can stop the foreclosure by claiming that the lender really doesn't hold the orginal mortgage deed. So far, this argument RARELY works and the foreclosure will proceed as scheduled.
For a detailed discussion on stopping foreclosure and available options (even if you are letting the house go eventually) please click here.
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