Legal Question in Real Estate Law in Georgia

Foreclosure

Can a homeowner under foreclosure secure a contract to sell the property? If so, does closing date have to be before auction date?


Asked on 2/15/06, 3:53 pm

2 Answers from Attorneys
Jon Gottlieb Flynn & Gottlieb, P.A.

Re: Foreclosure

Yes and yes.

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Answered on 2/15/06, 3:55 pm
Charles W. Field Charles W. Field, Attorney at Law

Re: Foreclosure

Yes, the owner can enter into a contract to sell. However, the mortgage that is being foreclosed will have to be satisfied out of the proceeds. And, yes, the closing must take place before the foreclosure; if not, the mortgagee (lender) takes the property.

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Answered on 2/15/06, 5:43 pm


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