Welcome to another insightful episode of the Georgia Bankruptcy Podcast, where host Jeff Kelly exposes the hazards of getting legal advice from non-attorneys such as colleagues or family members.
In this episode, Jeff unveils a series of misconceptions about the law that have been misleading people, causing unforeseen complications. One of these misconceptions is the erroneous belief that second mortgage companies cannot foreclose on your property. He emphasizes that such misconceptions can be harmful and advises listeners to seek professional legal advice instead.
As we delve deeper into the narrative, a noteworthy trend is discussed – the resurgence of foreclosures in the wake of the COVID-19 freeze period. Even with high equity values and loan modifications at play, Jeff foresees an increase in foreclosure activity, part of a changing market influenced by higher interest rates. This points to the necessity of being well informed about your rights and procedures involved in cases of foreclosure.
A call from a potential client reveals the potential devastation caused by misinformation. The caller believed he couldn’t be foreclosed on by a second mortgage company, a false assumption that caused a great deal of distress when he was, in fact, foreclosed upon. He provides a detailed account of the foreclosure process in Georgia, hence debunking another common law myth.
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