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Former president Bill Clinton referred to the persisting foreclosure crisis as a choking chain round the neck of America - Jan 27, 2012
Residents of Cleveland Have Become Used to Seeing Bulldozers Pulling Down Foreclosed Structures - Oct 20, 2011
Looking to Get that First Home? South Carolina Foreclosures are Available Around the State - Aug 03, 2011
North Carolina Foreclosures are an Attractive Option for First Time Homebuyers - Aug 02, 2011
Alabama has Foreclosed Homes that Could Represent an Outstanding Deal for a New Homebuyer - Aug 01, 2011
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Atlanta, Georgia is a city with a purely Southern feel and a purely Southern past. One particularly notable person ...
Current housing trends in Georgia signify a decrease in the overall median price of available houses, dropping 6.2 percent in comparison to the same time last year, with prices at an average of $144,400. This coincides with the drop in value to households across the state, which too has witnessed a percentile drop over the past year, at roughly 12.1 percent, averaging at about $114,200. These trends offer potential homeowners a chance at finding Georgia home foreclosures within a reasonable price.
Georgia is situated in the southwest region of North America, featuring a population of approximately over 9.6 million across the state. It borders alongside states such as Florida, South Carolina, Tennessee and North Carolina. The northern and southern regions of Georgia are differentiated by their contrasting landscapes, with the north featuring runs of mountains across it, whereas the south has tamer flatland plains. The climate varies considerably, with hot and humid summers and winters offering a more stable temperature throughout the season. Notable counties across the state include Chatham county, Cherokee county, Muscogee county, Whitfield county and Bibb county. Their corresponding cities contribute the largest population numbers of all around the state.
Its capital city is Atlanta, which is followed by other major cities including Augusta, Columbus, Savannah, Athens and Sandy Springs. Atlanta's overall population is over 420,000, with a median resident age of about 32 and a median household income of roughly $49,981. Several tourist attractions are available in Atlanta, including the city's first skyscraper, The Candler Building, the Fernbank Science Lab, the Turner Field, the Martin Luther King, Jr. National Historic Site and the 'Imagine It!' Children's Museum, just to name a few. Those looking to move to an area rich in culture should definitely check out available Georgia foreclosures.
Georgia's economy thrives most on service industries, with the wholesale a nd retail sectors providing the biggest contribution to economic growth. The agriculture industry in Georgia is renowned for being a leader in the production of eggs and broilers, along with the regular maintenance of livestock, cotton and peanuts, which also provide essential economic growth in the industry. Georgia also ranks highly in regards to the production of clay, along with kaolin and crushed stone, to name a few. The fishing industry is only a minor area in the state's economic growth, though the value of shrimp bears notable worth, alongside crabs, oysters and clams.
Although both judicial and non-judicial foreclosures are available in Georgia, it is non-judicial foreclosures that are the most common.
In order for a non-judicial foreclosure to begin, the mortgage agreement between a lender and a borrower (homeowner) must contain a "Power of Sale" clause. This allows the lender to pursue a foreclosure without the aid of the court system. If the homeowner is found to be in default on a loan payment, the lender has the right to schedule a foreclosure sale of the homeowner's property. Georgia law does not require the lender to notify the homeowner of the foreclosure sale, although individual mortgages agreements or Deeds of Trust might call for such notification.
Judicial foreclosures only occur when there is a problem with a property title or a mortgage lacks a Power of Sale clause. In this case, the lender must file a complaint to the court, which lists the default amount owed by the homeowner. The court then gives the homeowner 30 days in which to pay the amount owed. If this does not occur, a foreclosure sale is scheduled.
In the case of either a judicial or non-judicial foreclosure, the homeowner can always stop the process by paying off the total balance on the loan. Georgia foreclosure law, however, does not provide reinstatement rights to the homeowner for simply paying off the default amount owed, although individual mortgage agreements might allow for this to take place.
A Notice of Sale containing all pertinent information (date, time, location) is published in a local weekly newspaper a minimum of one month before the sale takes place. The notice must also be sent to the homeowner at least 14 days in advance of the sale.
The foreclosure auction of the property is open to the public, and usually occurs at the county courthouse on the first Tuesday of the month. The winning bidder is required to pay the full amount of their bid to the auctioneer immediately after the conclusion of the auction. If the auction was the result of a non-judicial foreclosure, the winning bidder is receives ownership of the property immediately and the original homeowner retains no right to redemption unless the mortgage agreement specifies differently.
In the case of a court-ordered foreclosure sale, a confirmation hearing is scheduled after the sale, at which the original homeowner and winning bidder must be present. If the property has been sold for at least its appraised market value, the court confirms the sale and ownership is transferred to the winning bidder. If the property is found to have been sold for less than its appraised value, the court may order a new sale to take place.
In either case, the original homeowner has no right to redemption of ownership once a sale has been confirmed.
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