Life happens and sometimes, we are faced with hard challenges and if you’re a local Georgia homeowner who is facing a financial challenge, you may find yourself in foreclosure. Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses. If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it. In this blog post, you’ll read about a few foreclosure prevention measures in Atlanta that you can take to keep your home from foreclosure.
Foreclosure prevention measures in Atlanta Georgia
These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself:
1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place. But, if you have the ability to continue paying your mortgage, reach out to the bank and work something out. This leads to #2.
2. Work out a deal with your bank. Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t want to just repeat the process. So, speak with a specialist and go over all your options as there may be help out there that is only available for your specific situation and that specific lender.
3. Do a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back! This is a very popular route for homeowners who are willing to let their home go. It’s honestly the best route if you’re way upside down on your mortgage, can’t keep up with payments and you’re facing foreclosing. So if you need help with foreclosure prevention measures in Atlanta and a possible short sale, reach out to ATL Cash Home Buyers as we’d love to help.
4. Give your deed in lieu. Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference. Now, if your home is worth more than your mortgage, it might make sense to explore selling your home. You can always reach out to us at 404-439-9984 or feel free to reach out to a qualified Realtor who can go through your options with you if you need assistance with foreclosure prevention measures in Atlanta.
5. File for bankruptcy. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure. This should be a last ditch effort to stop the foreclosure process. Whether you are foreclosed on or claim bankruptcy, neither option is ideal and both should be avoided to ensure a happier future for you and your family.
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.
If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.
Considering selling your Georgia house?
We buy houses in Georgia for cash and would love to see if we can help you during your short sale. Contact us by filling out the form on this page and we’ll see if we can work with you.
