Foreclosure in Atlanta is a nightmare to any family going through it, regardless of the reasons why they are about to lose their home. These situations can come out of nowhere and surprise everyone and somtimes, they creep up on you until it’s too late. Did you know that “Georgia is a “non-judicial foreclosure” state?!? That means the lender can foreclose on your home without filing suit against you or appearing in court before a judge.” (Office of Attorney General – How does foreclosure in Atlanta work?). I don’t know about you but that is absolutely freightening! We have got to know how best to protect ourselves and how to prepare. So, today we are going to look at the foreclosure effects in Atlanta and what local house sellers need to know. First we will look at how a foreclosure in Atlanta even takes place and then the effects foreclosure can cause.
Foreclosure in Atlanta – The Process
- Foreclosure in Atlanta begins with a default under the terms of the original promissory note or deed to secure debt. Usually, the default is because you as the lendee, failed to make the required payments on the loan. Some of the more common reasons for defaulting on your loan are failing to maintain property insurance or pay your property taxes.
- Next, the holder of your mortgage must send notice to the borrower of its intent to foreclose. More importantly, Georgai law requires this notice to be sent out 30 days prior to the proposed foreclosure sale.
- The bank must also publish notice of the foreclosure in the official county newspaper for four consecutive weeks prior to the scheduled foreclosure.
- The foreclosure sale takes place on the county courthouse steps where the property is located. By law, foreclosure sales take place on the first Tuesday of the month between 10:00 a.m. and 4:00 p.m. Bidding is open to the public. However, most the time, the bank is the only one bidding on your property.
- The winning bidder then becomes the new owner of the property.
Foreclosure effects in Atlanta
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Atlanta is of course the loss of the home to the bank. You’ll no longer own the home and unfortunately, it doesn’t stop there.
- Decrease in Your Credit Rating – Your credit rating will be lowered, another of the major foreclosure effects in Atlanta. How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points. Nowadays, everything is based on your credit: renting an apartment, buying a car, applying for a credit card. The slightest drop in points can substantially hurt your ability to gain in other aspects of your life.
- Depression and Stress – Your mental health is at stake because of the high pressure situation. Going through a foreclosure is emotionally exhausting and frustrating to say the least. Nobody will take this into account either and it will be too late before you realize how the entire foreclosure effects you.
- House Values In Your Community – Another one of the big foreclosure effects in Atlanta is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area. Everyone around you could be effected by this.
How You Can Ease The Foreclosure Effects In Atlanta
For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process.
First…
- Call your bank and work with them: Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house. Or, if you just want out of the house but you owe more on the house than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure. They may even allow you to cure the default. Usually, this means making a cash payment to bring the loan current.
- Talk with a local real estate expert, like ATL Cash Home Buyers: We know the local Atlanta real estate market well and are very experienced in the foreclosure process here in Georgia. Give us a call at 404-439-9984 and we can guide you toward the resources that can possibly help you. Our ultimate goal is to help you out by finding a solution to your problem! Each scenario is different and we try and cater each client’s needs accordingly.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Atlanta houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house. Foreclosure and its effects don’t have to be scary to go through. We can help you beat the system with our years of knowledge and experience in the industry. We have a wealth of information here at ATL Cash Home Buyers and would love to be of service to you so you don’t have to face foreclosure alone. Just call us at 404-439-9984 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Atlanta – what sellers need to know, you can guard yourself by calling ATL Cash Home Buyers at 404-439-9984 and we shall assist you in the shortest time possible to sell your house. However, to fast track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution!
