Do you have an Atlanta, GA house that’s in foreclosure right now? Many people going through the GA foreclosure process want to get out from under that burdensome house and wonder “Can I Sell My House in Foreclosure in Atlanta?” The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
Foreclosure Process in Atlanta, GA and surrounding cities
Outside of a few rare exceptions, under Federal Law, the bank can’t officially begin a foreclosure until you’re more than 120 days past due on payments. This provides you, as the payee, ample time to submit a loss mitigation application to the bank. Once foreclosure has begun, there are two types of foreclosure. Judicial foreclosures happen when the bank files a lawsuit, ultimately selling your home at auction via the court process. This usually costs a bit more and banks tend to opt by choosing a nonjudicial foreclosure.
How Nonjudicial foreclosure occurs in GA
First, the lender must send out a notice of intent to foreclose 30 days before the date of the scheduled foreclosure sale. This notice must include specific information and be mailed/delivered a certain way for it to be legal and binding. Usually, it will also contain a copy of the publicized advertisement for the sale of your home. This notice of intent to foreclose will usually include a 10 Day Attorney’s Fees Notice which informs you that you have ten days from the receipt of said notice to pay the principal and interest without incurring attorneys’ fees.
There will also be a Publication of the Notice of Sale. The foreclosure sale must be advertised in the county newspaper where the property is located once a week for four weeks before the scheduled auction date. Foreclosure sales are typically held at the county courthouse on the first Tuesday of the month. The bank can bid on the property as well as 3rd parties. If the winning bid is over the amount you owe, you are entitled to that surplus money.
How can I stop foreclosure on my home in Atlanta?
There are only a few things you can do to officially stop the foreclosure process in Atlanta. You might be lucky enough to reinstate the loan, and if so, check your loan documents to find out if you have a reinstatement right. You can always redeem the property before the sale and in some instances, you might be alloted a certain amount of time after the sale to redeem the property. To redeem the property you must pay off the entire loan prior to the auction. In most cases, this isnt feasible. You didn’t have the money to make the payments which is why you’re in foreclosure, so how will you have the money to pay off the entire loan?!? The last option is to claim bankruptcy. Well, that will put your far behind the 8-ball and should be avoided (Do speak with a lawyer in regards to all these matters. We are not lawyers and can not advise on what will work best for your situation as each is case is different). There is one thing you should consider before claiming bankruptcy or trying to redeem the property without having the funds to do so. “Can I sell my house in foreclosure in Atlanta?”
Can I Sell My House in Foreclosure in Atlanta? – How it works
There are a lot of folks in Atlanta and the surrounding citites who have faced foreclosure in the past few years and have asked themselves “can I sell my house in foreclosure in Atlanta?” Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
What ATL Cash Home Buyers can do to help!
At ATL Cash Home Buyers, we are very familiar with how the foreclosure process works and will work with you and your lender to make sure that you don’t have to even think of claiming bankruptcy. We will either buy your home or find a buyer within the amount of time necessary so your home never goes to auction. We will communicate with your bank dilligently so they stop pestering you! We are on your side and want to make sure that you are treated like a human being that is going through a tough time and not like a criminal! We are here to help! We specialize in helping homeowners get through situations like foreclosure around Atlanta and the whole state of Georgia. We help get you out of difficult situations and avoid foreclosure.
If you’re asking yourself, “can I sell my house in foreclosure in Atlanta,” call us now.
In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Atlanta, we can help you.
We buy properties like yours from people who need to sell fast.
