Georgia Sample Letter for Judicial Foreclosure
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How to fill out Sample Letter For Judicial Foreclosure?
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FAQ
Judicial foreclosure - involves sale of the mortgaged property under the supervision of a court; initiated by a lawsuit; available in every state. non-judicial foreclosure - involves sale of the mortgage property without court supervision; available in many, but not all, states.
A judicial foreclosure begins when the lender files a lawsuit asking a court for an order allowing a foreclosure sale. If you don't respond with a written answer, the lender will automatically win the case. But if you choose to defend the foreclosure lawsuit, the court will review the evidence and determine the winner.
While the process varies by state, in general lenders pursue the following course of action to initiate a judicial foreclosure: Notice of intent: Once a mortgage is unpaid for 120 days, the lender informs the borrower by mail that foreclosure proceedings will begin.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
Step 2: Notice of Sale or Order of Sale In a judicial foreclosure, once the court has issued their judgment granting the foreclosure, the clerk of the court will prepare an Order of Sale directing the sheriff or constable to sell the property at auction.
Judicial foreclosure refers to foreclosure proceedings that take place through the court system. This type of foreclosure process often occurs when a mortgage note lacks a power of sale clause, which would legally authorize the mortgage lender to sell the property if a default occurred.
The order of payment in a foreclosure is; the cost of the sale (advertising, attorney fees, trustee fees, etc.), any special assessment taxes and general taxes, the first mortgage, whatever is recorded next.
