With millions of homes in foreclosure around the country, it is vital for both buyers and mortgage holders to understand how the foreclosure process works before committing to a purchase.
So, what is a pre-foreclosure in the city of Atlanta and how does it differ from a foreclosure?
Households around the United States, including Atlanta, are experiencing difficulties making their monthly mortgage payments.
After failing to make mortgage payments for a period of three to six months, the lending institution will issue a warning, alerting the homeowner that they must make up the difference or else they would lose their property. This time period is referred described as the “pre-foreclosure” era of the housing market.
Banks and mortgage lenders frequently give homeowners three months to catch up on their mortgage payments if they are behind. Of course, this value can fluctuate based on the bank and the current situation at any particular point in time.
Foreclosure occurs when a homeowner fails to make the due payments. The bank will then take possession of the property and evict the homeowner from their home. Because of this, a mortgage holder has the opportunity to take advantage of a range of options in order to avoid losing their home to foreclosure during this stage of the foreclosure process.
Pre-foreclosure options are available to borrowers.
A “notice of default” from your mortgage lender is almost certain to arrive in your mailbox should you fall behind on your mortgage payments.
You will be required to sign documents stating that you have not made any mortgage payments in the previous 90-180 days. Avoid becoming overly anxious at this point in the game.
You have a number of choices that may be able to help you delay or perhaps avoid losing your house. These include:
- According to whether your mortgage is “above water” (i.e., you have equity in your property), you may be eligible to refinance your mortgage and obtain lower monthly payments as a benefit. Consult with a mortgage broker in your local area of Atlanta…. As an alternative, you can get in touch with us and we will put you in touch with a credible one.
- In some cases, you may be able to sell your home quickly to a reputable real estate investor in Atlanta, such as Georgia Fair Offer, and use the cash received to pay the months of back-payments owed (or we may be able to work out a deal with your lender that relieves you of all or part of the back payments).
- If you need to sell your house in the Atlanta, GEORGIA (GA) area quickly, we can usually complete the deal within a week or two of receiving your call. We will pay in cash and relieve you of the hassle of trying to find a buyer for your items.
- In this case, you should contact the bank and request that they allow you to sell your home as quickly as possible. The bank will take the loss as a tax deduction if you sell your home for less than it is worth. In addition, you will not be required to pay any closing fees. You may be required to make up the difference in the sale of your home if it does not sell for the amount outstanding on your mortgage in some short sales.
You may be able to file for bankruptcy, which will provide you more time to pay off your debts than you currently have. When you declare bankruptcy, it will appear on your credit report for many years and can have a significant impact on your financial condition.
Banks, credit unions, and other lending institutions are all well aware of the widespread financial challenges that exist throughout the country, and they are generally happy to work with debtors in the majority of cases.
As long as you’re upfront with your lender and communicate effectively, you’ll likely find that there are options available that will allow you to keep your house or at the very least recover your credit score.
It is critical that you move quickly to avoid foreclosure, which can drop your credit score by 200-400 points and make it impossible for you to acquire a loan of any sort for the next five years.
When all else fails and you cannot reach an agreement with your lender through direct conversation, we encourage you to call us for assistance. Depending on your situation, we may be able to assist you.
When You’re Facing Pre-Foreclosure, Here’s What We Can Do to Help You
- There is a possibility that we can assist you with a short sale; thus, please fill out the form on this page so that we can examine your situation and determine whether or not we can assist you.
- We can buy your house in the Atlanta area if it is in good condition. As a result, we buy houses in Atlanta and would be glad to make you a fair all-cash offer on your home with no obligation to accept. In order to get started, simply fill out the following form >>
- Whenever you have a question, please feel free to contact us, and we will provide you with FREE information and resources to assist you in making an informed decision. This will not cost you anything, and you will not be under any pressure or obligation to participate… There is nothing but free counsel available here, and there are no ties connected.
It is still possible to avoid foreclosure if you are currently in the midst of a pre-foreclosure process.
Simply contact your banking institution to determine whether or not they are willing to cooperate with you… Additionally, you may contact us if you’d like to learn more about our house-buying services or if you’d want to take advantage of our free foreclosure prevention services and foreclosure prevention resources.