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Understanding Foreclosures

It is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.

When prices are rapidly accelerating during a real estate “bonanza”, many people go to any lengths available to get into the market through investments in vacation homes, rental housing and trading up to more expensive properties. In some cases, this results in the taking on of high interest rate payments and second, third and even fourth deeds of trust. Many buyers anticipate that interest rates will drop and home prices will continue to escalate. It is possible that neither will occur and borrowers may be faced with large balloon payments becoming due. When payments cannot be met, the foreclosure process looms on the horizon.

In the foreclosure process, one thing should be kept in mind: as a general rule, a lender would rather receive payments than receive a home due to a foreclosure. Lenders are not in the business of selling real estate and will often try to accommodate property owners who are having payment problems. The best plan is to contact the lender before payment problems arise. If monthly payments are too hefty, it may be that a lender will be able to make some alternative payment arrangements until the owner’s financial situation improves.

Let’s say, however, that a property owner has missed payments and has not made any alternate arrangements with the lender. In this case, the lender may decide to begin the foreclosure process. Under such circumstances, the lender, whether a bank, savings and loan or private party, will request that the trustee, often a title company, file a notice of default with the county recorder’s office. A copy of the notice is mailed to the property owner.

If the default is due to a balloon payment not being made when due, the lender can require full payment on the entire outstanding loan as the only way to cure the default. If the default is not cured, the lender may direct the trustee to sell the property at a public sale.

In cases of a public sale, a notice of sale must be published in a local newspaper and posted in a public place, usually the courthouse, for three consecutive weeks. Once the notice of sale has been recorded, the property owner has until 5 days prior to the published sale date to bring the loan current. If the owner cures the default by making up the payments, the deed of trust will be reinstated and regular monthly payments will continue as before.

After this time, it may still be possible for the property owner to work out a postponement on the sale with the lender. However, if no postponement is reached, the property goes on the block. At the sale, buyers must pay the amount of their bid in cash, cashier’s check or other instrument acceptable to the trustee. A lender may “credit bid” up to the amount of the obligation being foreclosed upon.

With the recent attention given to foreclosure, there also has been corresponding interest in buying foreclosed properties. However, caveat emptor: buyer beware. Foreclosed properties are very likely to be burdened with overdue taxes, liens and clouded titles. A buyer should do his homework and ask a local title company for information concerning these outstanding liens and encumbrances. Title insurance may or may not be available following a foreclosure sale and various exceptions may be included in any title insurance policy issued to a buyer of a foreclosed property.

Your local title company will be happy to provide additional information.

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Sandra Cullinan
Vice President/Associate Broker

Meybohm Real Estate
6004 Evans Town Center Blvd.
Evans, GA 30809
Office: 706-863-8218 
Extension: 2471
Fax:  706-855-7847
Cell:  706-533-3353
Email:  scullinan@meybohm.com

 

Testimonials

Sandra was very friendly, helpful and honest, she worked very hard! Mr. Schlabach
Sandra was very helpful and made sure that we understood everything that was going on during the whole process. We had a great experience with her. She also kept us very informed through the whole process. She was very friendly and knew exactly what she was talking about when it came to helping us out. We would recommend her to anyone! She is AWESOME!! Mr. Lunz
Sandra did a terrific job! We were under tight time constraints and she made sure we saw lots of homes- all of which met the criteria we provided! Mr. Guay and Mrs. Madden
Sandra Cullinan was wonderful! She made my first home buying experience wonderful as well! Great job! Ms. Altman
Sandra Cullinan is by far the best agent I have worked with in over 7 home purchases! Great experience! She is very knowledgeable in the market, best in the Augusta area! Mr. Allen T. Berry
Sandra Cullinan made our selling and buying a smooth transition. I have recommended her to several friends. She was WONDERFUL! I have dealt with other real estate companies. Meybohm has been the best! Communication was excellent!! Thank you Meybohm!! Mr. and Mrs. Chris Pryor
Sandra had excellent knowledge of the local real estate market, builders and neighborhoods. We looked at a lot of houses and I got a great house at a good price. Cannot ask for much more than that! Mr. Brett A. Paye
I would recommend Sandra because she was knowledgeable regarding short sale and other services I wanted to take advantage of. Also, she and her assistant Andrea consistantly handled themselves professionally and friendly. Not only did we give them a deadline that we had to sell due to military, there was also the added irritant of Chase Bank. With all this, yet Sandra met every challenge and excelled. Thank you. Mr. and Mrs. William T. Payne
Excellent service, friendly and knowledgeable! Mr. and Mrs. Marc Gianotli
Sandra Cullinan was a great help to us and was looking out for us with the sale. We have sold a home and purchased a home with Sandra. When we are ready to sell again (2-5 years), we will search out Sandra Cullinan. Mr. and Mrs. David A. Pierce
Sandra Cullinan is the best realtor in all of Augusta, maybe even the country. What a wonderful, caring, knowledgeable agent she is and truly an asset to Meybohm Realty- She ROCKS! Marilyn B. Altman
Sandra Cullinan went above and beyond her duties. She is a God send person. I will have her to purchase a new house in the future. Thank you for all your services. Patricia Washington
During our house hunting process we were able to see many homes without feeling the pressure of closing the deal. Our agent's goal was for us to find the right house and not just sell a house. Mr. Saman Nazar Zangana
Honest, great knowledgeable sales people Pamela B. Kennedy
Prompt service Tony E. Meade
Very early as we were simply being introduced to Augusta and the real estate market, we were not particularly pleased with service. With our connection to Sandra Cullinan however, we found energy and an accurate assessment of what our thoughts on what we bought. Mr. and Mrs. David L. Barcus
Sandra and Andrea were very helpful throughout the entire process. They constantly communicated with me via email and phone calls while I was doing my house hunting. My wife and I are very pleased with our new home! Thanks Sandra, Andrea and Meybohm! Mr. Anthony Weaver
Sandra and Andrea did a great job! Jill Churchill
Our home buying experience went very smooth. Mr. and Mrs. Hyun Ha
Excellent service, very knowledgeable and professional service, will definitely use Meybohm in the future! Ronald C. Blue
Sandra and Andrea were wonderful to work with. They made the entire process easy and stress free! Mr. and Mrs. Jansen Johnston
"It was so nice to find an agent like Sandra Cullinan. We lived out of the area and my husband was ill much of the time,This placed an added burden on Sandra to make sure that our property was always ready to show, which she handled with grace and compassion. When we needed to have repairs done she was our go between with the workers. She was always available by phone or email and was prompt in her response. I would highly recommend Sandra Cullinan to anyone needing a real estate agent. " Barbara Rollins, Orlando, Fl.
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