There are few things that can be more heartbreaking to a family than the threat of going into foreclosure. You own your home, and you adore it; it provides you with a comfortable living space. Despite this, foreclosure may appear to be imminent due to unforeseen circumstances.
Stress can be almost intolerable for families in the GEORGIA (GA) area who are dealing with foreclosure proceedings. What’s worse is that the foreclosure process can take months or even years, prolonging the agony for far longer than anyone would choose.
Fortunately, you have a variety of options open to you in GEORGIA (GA) – possibly more possibilities than you are aware you have. It is possible to prevent foreclosure in Atlanta by employing a variety of legal foreclosure avoidance tactics. These strategies can be used to assist you in resolving your foreclosure situation and moving on with your life.
In this blog post, you’ll learn about three techniques to save your home from going into foreclosure (there are other ways to avoid foreclosure as well). With these options, the ultimate goal is to assist you in legally and morally avoiding foreclosure and alleviating the anguish and frustration that you’re experiencing, while minimizing any long-term financial commitment or burden on your part. Even though not all of these tactics will be applicable in every case, you will most likely be able to locate at least one of the three approaches that will be beneficial to you in some manner.
Strategy No. 1: Come to an agreement with your lender
The first of these strategies is referred to as a “foreclosure workout.” To avoid foreclosure, you will meet with your lender and inform them that you are concerned about your ability to pay your existing mortgage obligation, but that you would like to work out a solution that would allow you to remain in the house while continuing to make mortgage payments.
Contrary to popular misconception, lenders are not interested in foreclosing on properties! Lenders desire satisfied customers who make their mortgage payments on time, so they are typically prepared to work with homeowners to come up with a solution. There are several options available, including a temporary suspension of your mortgage payments, a catch-up approach in which your outstanding mortgage payments are spaced out so that you can catch up and pay them off, or a restructuring of the outstanding amounts that you owe.
Strategy #2. Bankruptcy
Despite the fact that filing for bankruptcy may seem like an extreme measure, it is one of the “weapons” in your arsenal for avoiding foreclosure. When you file for bankruptcy, you are informing all of your creditors that you are no longer able to make your payments on time. The filing of a bankruptcy petition will put an end to the foreclosure process because all creditors will be required to cease their collection efforts.
Choosing to file for bankruptcy, on the other hand, is a drastic measure that may require you to liquidate some of your assets in order to repay your creditors. And a bankruptcy will have a negative influence on your credit score for many years, which might have an impact on everything from receiving a loan to getting a car… and even getting a job. As a result, this should not be your first line of defense!
Strategy #3. Atlanta short sale assistance for a foreclosure
A short sale is the third option available to you; in this case, you sell your house and use the proceeds of the sale to pay off the balance owed on your mortgage. In the case of foreclosure, a short sale is the recommended strategy because it is pro-active, quick, and extremely effective.
- It is proactive in nature, which means that you take control of the situation (which is a significant stress reliever because so much of the tension associated with foreclosure stems from the fact that you have no control over the situation at all).
- Selling your property quickly is possible – in some situations, you can sell your home in less than a week! This is also due to the fact that it is local: You can seek assistance with foreclosure in Atlanta through groups such as Georgia Fair Offer, which assists persons going through short sales.
- The fact that a short sale can fully wipe out (or almost completely wipe out) the amount owing on your mortgage makes it a very effective strategy. If there is any money remaining after the sale of the property that is not covered by the proceeds of the sale, you will be liable for it (although you can sometimes work out a deal with your lender).
When you go through a short sale, you still have to face the reality of having to leave your property, but there is a positive side to it: the impact on your credit is far less (when compared to a bankruptcy or a foreclosure), making this a wise long-term move to offer yourself some possibilities.