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What to Expect When Facing Foreclosure
By admin | February 12, 2012
When facing foreclosure, it is important to know the different tactics that can be taken by the bank to effectuate the foreclosure. As an atlanta litigation attorney, I often run into questions from clients that remind me that many are not aware of the different paths lenders can take. The first way that a lender can foreclose is by the route most commonly understood by clients. That is foreclose on the property through the legal process, file an application for foreclosure with the superior court within 30 days of the foreclosure date and once confirmed, file a lawsuit for the deficiency amount which is the amount between the value of the loan and the sales price confirmed.
Atlanta law firms know that often times the best route for the lender is to follow the second less well know route. This involves first filing suit against the borrower on the note and obtain a judgment, then foreclosing on the property. The advantage of this process is once you foreclose the lender no longer has to confirm the foreclosure sale. At that point, the lender applies what it appraises the property at to reduce the judgment already obtained without the worry that the court is going to say the price is too low. A caveat to this is if the price attributed to the property is so grossly inadequate, the borrower can file to dispute the amount attributed to the property.
As atlanta business litigation lawyers, we have represented lenders in foreclosure proceedings including confirmation and deficiency actions.
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