April 22, 2020
Bankruptcy Is Not Always The Answer
Filing bankruptcy should be thought of as a last resort. At Georgia Family Law, P.C., we will counsel you about all of your options before having to file for Bankruptcy, such as negotiating with credit card companies and loan modifications. Hopefully, these options may solve your financial problems short of filing bankruptcy.
Georgia Family Law, P.C. has the knowledge of Georgia Law required to properly determine if you have a defense against a Foreclosure. We carefully review all the original loan documents which include the “note” (which is your promise to pay) and your “deed of trust” (which is the security for payment), to determine if everything is correct.
Because, over the course of time, most loans have been assigned at least once, it is important to review the assignments to assure they are not only complete but also accurate. This is because, in order to foreclose on a loan, the bank must have possession of the note. Consequently, if the bank does not have possession of the note, a foreclosure action can be challenged on this basis. This is referred to as the "produce the note" strategy. If the bank cannot produce the original note, the case may be dismissed on this basis.
Secondarily, a foreclosure defense may also involve requiring that the bank prove the validity of documents upon which it bases its foreclosure action. In other words, it is frequently possible to challenge the lender’s foreclosure action by requiring it to disclose all of its documents relating to the loan, and then prove its legal authority to foreclose the loan based upon the validity of those documents.
Finally, there are many instances, where Georgia Family Law, P.C. can work with the Mortgage Company to determine whether a Refinance or Loan Modification can be utilized instead of a Foreclosure.