“I’ve fallen behind on my payments…”
“Will I be returning my house to the bank in Atlanta?” I wonder.
Nobody likes to be evicted from their house. However, there are occasions when your financial circumstances turn against you and your financial obligations become simply too much to handle.
Depending on how far your problem has progressed, you may find yourself in the unpleasant circumstance of being compelled to surrender your home to the bank in Atlanta, Georgia, which will leave you momentarily without a place to live. Additional long-term implications may include a significant and long-lasting negative influence on your credit score, among other things (and your ability to get a house in the future).
That is something no one wants. That isn’t the best possible consequence. To your advantage, you can implement a proactive financial protection strategy today to assist you regain control of your finances and get back on track to financial security.
An summary of the foreclosure procedure is provided below.
The foreclosure procedure can differ based on where you live and what type of mortgage you have in place at the time.
A typical scenario is that your loan company will begin sending you reminders and eventually warnings after you have missed a few mortgage payments. After a period of time, if you do not make up for the missed mortgage payments, your loan company may decide to sell your property at public auction.
The length of time you can remain in your home after it has been sold at auction is determined by the state in which you live. You will, however, need to locate a new location to live at some point in the future.
You are fortunate in that you have options!
In the event that you wait until your home is foreclosed on, it might have a negative impact on your credit rating. An arrangement with the lending company known as a “deed in lieu of foreclosure” may be reached as a means of protecting your financial interests.
This is the process by which you transfer ownership of your home to the lending company, allowing them to save the money they would have spent on foreclosure proceedings, which can be quite substantial. In addition, you will avoid having a foreclosure recorded against your credit report.
By selling your home before it is forfeited at auction, you can also avoid foreclosure. If you pay off your loan in full, you will not be subjected to any more fines or have your credit rating negatively affected. (If you do not pay off your loan in full, you will be required to make up the difference.)
Here’s an illustration: Consider the following scenario: you owed $100,000 on your property and you sold it to us for $90,000. You would then turn over that money to the loan company, along with an additional $10,000 to make up for the shortfall, and your debt would be paid off completely. When you contact a real estate attorney, you may be able to arrange a deed in lieu of foreclosure agreement in which the lending company agrees not to pursue the difference in exchange for the deed to the property.)
We, the team at Georgia Fair Offer, are experienced real estate investors. We invite you to call us at (404) 855-0944 today to learn more about what we can provide you for your home, even if it need repairs.
Atlanta is my home, and I don’t want to have to give it back to the bank!
Why do people prefer to sell their homes rather than allow their property to go into foreclosure? (After all, they are still not residing in their former residence.)
Even while losing a house can be devastating, the impact on your financial status and credit is significantly less severe than the consequences of merely waiting out the foreclosure process. In fact, going through a foreclosure process can have a negative influence on your credit score of up to 100 to 150 points. As a result, the short-term struggle of selling your house is still preferable to the long-term agony of giving your house back to the bank.