Galler Law, LLC, Announces How Banks Foreclose on Properties

Galler Law, LLC, Announces How Banks Foreclose on Properties
In a recent announcement, Galler Law, LLC, outlined the steps that banks and mortgage companies must take in order to foreclose on a home.

Atlanta, GA – July 23, 2020 – Galler Law, LLC, a law firm in Atlanta, shared with the public the legal steps that a bank or mortgage company must complete before they can foreclose on a property.  To understand how this process works, the homeowner must first realize that a property belongs to the bank until the promissory note or deed is paid off.  If a homeowner misses a payment, the bank grants 90 days for that payment to be made. If the homeowner does nothing during that 90-day period, the bank grants an additional 15 days for the homeowner to contact the bank to make some sort of payment arrangement.

If the homeowner does not contact an Atlanta foreclosure attorney, or no arrangements are made during that period of time, the next step is for the bank to issue a Notice of Default. This gives the homeowner an additional 30 days before the foreclosure process begins.   During this time, the homeowner can make up skipped payments. Then, 30 days before the scheduled foreclosure sale, the bank must inform the homeowner that they are going to sell the house.  

According to a leading Atlanta bankruptcy attorney, If the homeowner does not make up the missed payments, then the bank is required to run a foreclosure sale advertisement for at least 4 weeks in the proper county newspaper. The homeowner has one last chance to stop the foreclosure sale by repaying all the past due money up until 5 days before the foreclosure sale. On the first Tuesday of the following month, the foreclosure becomes final and the bank takes physical possession of the home.

About Galler Law, LLC

Galler Law, LLC, was founded by David Galler to help families with debt problems.  His firm has over 30 years of experience working with foreclosures and bankruptcies.  Mr. Galler is an Atlanta native and a graduate of the Georgia State University College of Law.  Galler Law, LLC provides a wide variety of debt solutions to the people of the Atlanta area.

Media Contact
Company Name: Galler Law, LLC
Contact Person: David Galler
Email: Send Email
Phone: (770)671-8830
Address:875 Old Roswell Road B100
City: Roswell
State: GA
Country: United States
Website: gallerlaw.com