The listed below info is reprinted by authorization. It is the special copyrighted residential or commercial property of the Fulton County Daily Report, Incisive Media © 2008. All rights scheduled.
Foreclosure notices might appear tough to read and even more difficult to comprehend. In truth they contain details property owners, neighborhoods, homebuyers and financiers need to know. Every month, as Fulton County's main legal paper, the Daily Report publishes hundreds upon hundreds of foreclosure notifications.
How Foreclosure Works
When a person borrows cash to buy realty, such as a home or condominium, the loan is called a mortgage and requires regular monthly payments. In Georgia, if the residential or commercial property owner falls behind in making those payments, the lender can step in and offer the home at auction to settle the debt. Doing so is known as foreclosing on a residential or commercial property.
These auctions take place the first Tuesday of every month (or the first Wednesday if the very first Tuesday falls on a holiday) between 10 a.m. and 4 p.m. on the actions of the county court house. For residential or commercial property located in Fulton County, the auctions happen in downtown Atlanta on the front steps of the Fulton County Courthouse at 136 Pryor Street.
Georgia law enables lenders to perform an auction without needing to go before a judge on one condition: The lending institution should give the borrower - and the public - proper, legal notice of its plans to foreclose. Proper notice indicates advertising in the county's main legal newspaper. In Fulton County, that official paper is, obviously, the Daily Report. The lender should market its intent to foreclose once a week for the four consecutive weeks leading up to the "very first Tuesday" sale date. To auction off a residential or commercial property the first Tuesday of March, for instance, a lending institution needs to have published a foreclosure notification during each of the 4 weeks of February.
How to Use the Information
Residential Or Commercial Property Owners: Protect Your Interests
During the weeks leading up to the courthouse auction date, lots of residential or commercial property owners are able to work things out with their lending institutions, seek insolvency protection or line up other plans to prevent the bank from selling their homes. If your lending institution has begun foreclosure procedures against your residential or commercial property, these listings provide you with an e alert - over and above the official notification published in complete in the Daily Report - to act.
Neighbors: Know What's Going On
Use these listings to stay informed about your area. By law, and for important factors of public policy, foreclosure notices are for the public to see. They can tell you whether you have a neighbor in need. They can assist answer questions you might have about abandoned or poorly preserved residential or commercial property near you. They can give you insights into residential or commercial property values in your neighborhood. Indeed, a foreclosure taking location in your community can impact your own residential or commercial property values.
Homebuyers, Investors: Find a Bargain
Foreclosure notifications provide important cause potential homebuyers and genuine estate investors. Houses facing foreclosure frequently choose deal costs. These listings, organized by zip code and street address, can assist you identify those prospective deals. The summary info, of course, is just a beginning point - a lead for you to follow up on with your own research study and effort. In addition to bidding for a home on the court house actions, there are methods to buy the residential or commercial property in advance of foreclosure by dealing directly with the lender's lawyer or the residential or commercial property owner, both usually noted on this website. But be alerted: Buying a home facing foreclosure is not for the faint of heart. In basic, you must purchase the residential or commercial property as is without chance for assessment. You need to pay with money or licensed check. And all sales are final. To state the least, make sure you do your homework, do a total title search, consult with an expert and, above all else, think twice.
Lenders: Protect Your Interests
Many residential or commercial properties are subject to more than one loan, such as a home equity loan or 2nd mortgage. If the lender holding the very first mortgage sells the residential or commercial property off at foreclosure, the rights of the secondary loan providers might well be wiped out. If you have actually lent somebody cash versus his/her residential or commercial property, or if you hold a lien, these listings supply you with an e alert - in addition to the main notification released in full in the Daily Report - so that you can take action to safeguard your interests.
Words of Caution
Neither the Daily Report nor The Atlanta Voice is accountable for any mistakes or omissions in these listings. The information appearing on this website is neither main nor complete, however simply an abstract of the very first - run foreclosure notifications appearing in the Daily Report. For the complete and main notification of foreclosure, consult the printed Daily Report. Information in the main notices comes directly from the loan providers with no independent confirmation. These listings do not consist of any subsequent cancellations or subsequent corrections loan providers might have made to their notices.
Just due to the fact that a residential or commercial property is marketed for foreclosure does not always suggest it is in foreclosure or that the owner is in financial obligations. Some notices arise from misunderstandings. Oftentimes matters are worked out (or stopped) well in advance of the auction date however after the notice has actually been submitted for publication. Just since a residential or commercial property isn't listed here doesn't imply it's not in foreclosure. Again, these listings are by no indicates the official notification.
The individual noted as owner may not always be today victor. Mortgage worth info merely reflects the quantity of the original loan amount as noted in the foreclosure notification, not the balance due and not the worth of the residential or commercial property.
Neither the Daily Report nor The Atlanta Voice is accountable for any investment choices based upon this details. Neither do they make any representations concerning title or the existence of any liens or encumbrances. Readers of these listings should do their own research study and seek advice from a realty, legal or investment expert.
