If you are facing imminent foreclosure or can’t see any alternative to your mounting debt that is leading up to foreclosure, pay very close attention to the following words. Even though this information pertains directly to any property owner in the state of Georgia, any property owner throughout the U.S. should be aware of this information in that it can be useful to them depending upon their state laws.

Before July 1, 2008, Georgia state law permitted immediate foreclosure of properties with just a mere 15 days advanced notice. This minimal notice made it all, but impossible for the average home owner to defend themselves from losing their home. The only mandate that Georgia law required was an advertisement of the foreclosure in a legal newspaper for a mere 4 week period leading up to the date of foreclosure. This meant that while the property owner may not be aware of the impending foreclosure, everyone else could have advance notice.

All of this has changed as of July 1, 2008. Thanks to a bill, signed by the governor of Georgia on May 13, 2008, the law now introduces a level of fairness with regards to property foreclosure. The notice given to property owners informing them of their property foreclosure sale can not be less than 30 days. The certified letter informing the property owner of the foreclosure now is required to list the name, address, and contact phone number of the actual agent or representative who has the authority to alter and negotiate the terms of the mortgage with the property owner. Prior to July 1, 2008, this information was not always readily or accurately apparent which hindered the property owner’s ability to retain their property through any legal action. Without knowing this vital information, the property owner was assured of being helpless to stop foreclosure.

The newly enacted law now requires the current mortgage holder to be recorded in the public deed records before the foreclosure proceedings begin. Prior to this new law, it has been known to happen that the wrong entity has foreclosed on property owners. This would mean that the property owner would lose their home, but still retain the full debt to the actual lender. Now there is this safety net to “catch” any of these types of mistakes from occurring and ruining individual’s credit needlessly.

Even though this information directly pertains to the state of Georgia, property owners throughout the country can learn a lesson from this and take a few steps to clarify and safeguard their own financial and real estate from the risks of foreclosure. The first step in safeguarding their own interest is to always consult with a professional that specializes in real estate. Information is plentiful throughout the online world, but there comes a point when this information needs to be acted upon. A real estate attorney will be a great asset to have on your side to defend against losing one’s largest investment.

For more information and guidance about avoiding foreclosures or general help with bankruptcy procedures to protect your assets, visit http://www.gallerlaw.com The Galler Law Firm specializes in legally protecting what you have worked so hard to earn. Their site offers many insightful pointers on important considerations.

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