Do you live in Atlanta and have received a notice of default in your foreclosure?
Do you live in Atlanta and have gotten a notice that your foreclosure has gone into default?
For those who have recently received a notice of default in their mortgage payment and are curious about what is going on, keep reading.
To put it simply, a foreclosure notice of default is a document that must be filed by a lender before the foreclosure process may be initiated.
The default must be communicated to anybody who has an interest in the property, and this is done by mailing a foreclosure notice to them (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).
In addition, for the foreclosure notice of default to be effective, it must be published in a newspaper and physically posted in a prominent area on the property itself.
This is an extremely vital consumer protection precaution, even though it can be extremely unpleasant for someone who is going through a foreclosure process.
Prior to the introduction of the Notice of Default Act in the United States, people were sometimes foreclosed on without providing them with any notice of the situation.
At least one bank has made the mistake of foreclosing on the wrong property, forcing homeowners to abandon their homes without providing them with any notice or opportunity to dispute the foreclosure judgment, according to recent reports. It has even occurred in the vicinity of Roswell, New Mexico.
The notice of default is an incredibly important phase in the foreclosure process because it gives everybody who has an interest in the property the opportunity to come forward and assert their rights — before it is too late to do so — before the property is taken by the bank.
If you’ve received a notice of default, don’t hesitate to answer as soon as possible.. Time is plainly of the essence, and you must act swiftly to bring the problem to a satisfactory conclusion.
Listed below are a few critical things you should consider taking immediately:
1) Maintain your composure and refrain from becoming overwhelmed.
Although this may seem self-evident, it is possibly the most important point to make. Those facing foreclosure are dealing with a considerable lot of stress that extends beyond the physical property itself. These kinds of situations don’t just happen overnight, and it takes time for them to resolve themselves as well. Maintaining healthy coping techniques, as well as taking excellent care of yourself and your family, will assist you in getting through this difficult time. Maintain your composure because panic leads to rash decisions.
2) Become knowledgeable about the issue.
It’s important that you educate yourself as much as you can on the foreclosure process in your state so that you’re fully informed of what’s going on and what will take place next.
3 ) Gather all of your goods and equipment together.
There are many non-profit and government resources accessible to you in addition to these. Throughout the procedure, you’ll need skilled legal and tax counsel on your side. Do not, under any circumstances, attempt to accomplish the assignment on your own time or without assistance. A large number of regulations are involved in this process, which is fairly complex.
4) Become familiar with the possibilities available to you.
Whether you’re facing foreclosure or not, we’re here to help you. We make all of our purchases with cash. We can assist you with short sales and even rent-back arrangements, which will allow you to (potentially) remain in your home while your problem is being resolved by a third party. In reality, there are far more options accessible than you might think.
5) Engage in conversation with others.
There are no banks interested in your property because it is owned by a bank. Every word you say will be taken into consideration because they are in the market for money right now. By taking the proper actions, you may be able to delay or even prevent the foreclosure process from taking place.
Obtaining an Understanding of the Georgia Foreclosure Process
So, what exactly is foreclosure?
Foreclosure is the legal procedure that lenders employ to reclaim the property that serves as collateral for a loan, usually after the borrower fails to make payments on the loan.
Foreclosure is not a pleasant experience. However, keep in mind that it is not the end of the world.
When you understand how foreclosure in Georgia works, you will be better equipped to navigate the process and come out on the other side as successfully as possible.
The Fundamental Stages of the Foreclosure Procedure
There are a few stages that are critical to the success of any foreclosure proceeding.
Foreclosure procedures varies from one state to the next across the United States.
Property foreclosure can be accomplished through either a judicial sale or a power of sale, which differ from state to state.
Connect with us by calling (404) 855-0944 or submitting a contact form on our website
to have us lead you thru the specific foreclosure procedure here in Georgia.
In either circumstance, a foreclosure normally does not go to the courthouse until 3-6 months have elapsed since the last late payment was made. A lender will typically (but not always) send out a large number of reminders to you if you are in arrears — that is, if your payment is overdue or behind schedule.
In the case of judicial foreclosure:
- If you default on your mortgage, your mortgage lender must file a lawsuit in court.
- You’ll receive a notice from the court requesting that you pay the fine.
- Foreclosure will not be avoided if the debt is legal, and you will have 30 days to make payment to court to avert it (and sometimes that can be extended).
- If you do not make your payments throughout the payment period, a judgment may be recorded against you, and the lender may request that your property be sold – usually at an auction.
- Once the property has been sold, the sheriff will serve you with an eviction notice, which will require you to evacuate the premises immediately.
Power of Sale (sometimes known as non-judicial foreclosure) entails the following:
- Mortgage lenders issue you with documents seeking payment; the courts are not obligated to intervene – though the process may be open to judicial review.
- After the prescribed waiting period has elapsed, a deed of trust is created and control of your property is transferred to a trustee, who manages the property.
- Once your property has been sold to the lender at a public auction, the trustee can collect the money from you (notice must be given).
When a property is put into foreclosure, it is necessary to notify anybody who has an interest in the property.
To give an example, any contractors or banks that have mortgages or liens on a foreclosed property are eligible to receive payment from the auction’s proceeds.
What Takes Place Following A Foreclosure Auction?
Following the completion of a foreclosure, the loan amount is repaid from the proceeds of the sale.
If the proceeds from the sale of the property at auction are insufficient to pay off the loan, a deficiency judgment against the borrower may be entered against him or her.
An example of a deficiency judgment is when the bank obtains a judgment against you, the borrower, for the amount of money that is outstanding to the bank on your loan balance after the foreclosure sale.
Some states limit the amount owing in a deficiency judgment to the fair market value of the property at the time of sale, whilst other states allow the borrower to be assessed the whole loan amount as a result of the deficiency judgment.
Due to the fact that every state has its own set of deficiency judgment statutes, here is an excellent resource
that lists them by state.
For the most part, it’s preferable to avoid going to a foreclosure auction. You should instead contact the bank or hire an experienced real estate firm such as Georgia Fair Offer to assist you in negotiating discounts off the amount owing in order to prevent having to go through with a foreclosure.
Experienced investors can assist you by negotiating directly with banks to reduce the amount of money you owe in a sale—or perhaps erase it entirely—even if your house is worth less than the amount you owe in the first place.
If you are looking to sell a property in the Atlanta area, we can assist you.
We buy houses in Atlanta, Georgia like yours from customers that need to sell quickly and have a good credit score.
What Is a Foreclosure in the City of Atlanta, GA?
In layman’s terms… “A foreclosed home is a residence in which the owner has been unable to make his mortgage loan payments and the bank has seized possession of the property”. You have the right to have your home foreclosed upon if you fail to make the payments on your mortgage. This allows your lender to seek to collect the money that they have loaned you.
Foreclosure occurs when a borrower fails to make his or her mortgage payments on time. The lending institution takes over ownership and possession of the property, thereby evicting the borrower from the premises. Afterwards, these properties are sold at auction or through more traditional channels, such as the assistance of real estate agents. A foreclosure can have a negative impact on a borrower’s credit rating, making it exceedingly difficult for them to secure a mortgage for many years after the event.
Depending on the state in which you reside, a foreclosure might take place in a variety of different ways. On the HUD Government website
, you may find out more about the foreclosure process and how to avoid it.
What Is a Short Sale and How Does It Work?
In a short sale, the home remains in the possession of the borrower.
“A short sale is a real estate transaction in which the proceeds from the sale of the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts, and in which the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.”
A short sale is an option that has been agreed upon by both the borrower and the lender in some instances. During a short sale, the home is sold for less than the amount owed on the outstanding mortgage loan balance. The unpaid balance (also known as the shortfall) may or may not be payable by the borrower at the time of default.
Due to the fact that the mortgage may be held by a number of different lending institutions, this alternative can take some time. All parties who have an interest in the property must agree on the terms of the sale, and a possible transaction could be derailed if even one lender does not agree on the terms of the transaction.
Alternatives to Foreclosure: Short Sales and Foreclosure
While both methods can have negative consequences, a short sale is more likely to have a less negative influence on the borrower’s creditworthiness in the long run. A foreclosure could have a negative impact on a borrower’s credit score of 300 points or more, whereas a short sale may only have a negative impact of 100 points.
In most cases, borrowers who have been foreclosed on are ineligible to acquire another property for 5-7 years. In contrast, in some situations, borrowers who have completed a short sale may be permitted to purchase a home immediately.
The economy is still struggling for many Americans, who are having difficulty keeping up with their monthly mortgage payments as a result of the 2008 financial crisis. For a borrower who is having difficulty making their mortgage payments on time, the decision between getting foreclosed and commencing a short sale (or a third alternative… selling your Atlanta house fast
) is an easy one.
Occasionally, lenders will cooperate with borrowers in order for them to complete a short sale in order to avoid the expenses and time-consuming process associated with a foreclosure.
Our recommendation is always the same.
Consult with your lender and explore ways in which they might be able to collaborate on your loan. We provide this service so that we can assist you in navigating the lending process if you encounter difficulties with your lender… Simply contact us through our Contact page and we’ll be happy to discuss your case.
Short sales and other programs that your lender may offer, such as loan forgiveness or the creation of a new / more affordable monthly payment, can help you get back on your feet and help you get out of debt.
It’s possible that selling your home will be your best alternative if the bank is unwilling to work with you very much. Utilize the services of a local real estate home buyer agency such as Georgia Fair Offer to sell your house quickly for an all-cash offer. Please let us know if you are interested, and we will check into your situation and make you a fair offer on your home within 24 hours. Simply complete the form on our website, which may be found here >>.
Foreclosure. The last resort is to allow the property to go into foreclosure. This is the worst-case scenario that could occur. It will have a negative impact on your credit, and you may still owe money to the bank long after the foreclosure has been completed.
Because you are aware of your alternatives, you may be able to avoid having a substantial negative influence on your credit score, which will allow you to acquire a new home when your financial condition improves. Short sales may be the preferable alternative if you have the potential to do so. A foreclosure on your credit report makes that prospect exceedingly impossible for 5-7 years.
Do you have a foreclosure on your hands? For your consideration, we’d like to make you a reasonable all-cash offer on your home.
Local Atlanta home buyers have a plethora of options when it comes to houses, but less options when it comes to financing.
There are a glut of homes on the market, and as a result of the recent economic crisis (which is still ongoing in some areas), some types of homes aren’t selling as quickly as they were five years ago… While the “sweet spot” style of property (3 bedroom, 2 bath, in the center to lower-middle price range) is selling at a rapid pace, other types of houses are not.
Part of the reason is that lending standards have changed since the housing collapse, resulting in fewer buyers being available for particular properties… There are still large stocks of repossessed homes in Atlanta, which continue to trickle into the market as a result of bank foreclosures… Property purchasers are more picky than they were in previous years since many of them have realized that they can no longer buy a house and count on it increasing in value by 3 percent or more every year in value.
Sellers in this market may be disheartened and question how they can sell their Atlanta home quickly, which is understandable given the current conditions.
If it appears that you are continually spending more money to upgrade your property (or if your home need repairs but you do not have the funds to do those renovations), yet are still having difficulty selling your Atlanta home
, you are not by any means alone. A buyer’s market makes it difficult for sellers to accept the current market conditions. No one wants their house to be taken apart, criticized, or devalued, but that is exactly what the majority of sellers are faced with on a daily basis.
Worse yet, as a result of the catastrophic ramifications of foreclosure in Atlanta, many sellers in the area who are willing to hold out for the price they want are receiving little action and no bids at all… keeping their homes on the market for months at a time.
How Foreclosures Have Contributed to Lowering Local Housing Prices
In Atlanta, when the housing market plummeted and the foreclosures began to pour in, it caused a torrent of activity in the real estate market
. This indicates that there is more product available on the market today. Because there are more options (at cheaper costs) for purchasers when this occurs, the price of everyone’s home decreases as a result of the increased competition.
When there is more inventory on the market than there are buyers, the value of the homes for sale decreases.
The verdict is still out on whether or not we’ve managed to climb out of our foreclosure quagmire. Foreclosures continue to be plentiful in the Atlanta area, and banks continue to hold a large number of local properties in their own inventory that aren’t even on the market yet.
However, there are some things you can do in this market to achieve your objectives when it comes to selling your home.
Selling Your Home in a High Foreclosure Market might be challenging.
If you want (or need) to sell your home, you have a few of alternatives to consider. The first is to list your home on the market.
- If you don’t need to sell your house quickly and are willing to wait for the market to improve… Recruit the Services of an Outstanding Real Estate Agent: If you don’t need to sell your house quickly and you have the funds to cover the real estate agent costs, it may be better for you to just wait it out on the market and hope that the right buyer comes along who will pay the price you’re looking for. The market is strengthening, and if you can sell your house next year rather than now, you may be able to put a few extra dollars in your pocket as a result of the sale being at a higher price point. A great real estate agent can assist you with listing your home and marketing it for you. If you don’t already have a terrific local agent, just reach out to us and we’ll put you in touch with some fantastic real estate agents we know in the area that have demonstrated their ability to sell a house quickly. Send us an email over here if you need a referral for a real estate agent in the Atlanta area. Email us over here for a Atlanta area real estate agent referral.
- With the usual real estate agent path, selling your house quickly in this market can be challenging… unless you drastically reduce the price of your home. Furthermore, on top of that discount, you’ll have to pay the fees to the real estate agent, which will take even more money out of your pocket in the end. Selling your home to a real estate investment company such as Georgia Fair Offer is another option you should consider. We buy houses in Atlanta and can make you a cash offer for your home within 24 hours at a fair price. In fact, we are not interested in listing your home; rather, we are interested in purchasing it from you… We’ll take care of any necessary repairs once we purchase your home, and then we’ll either keep it as a rental property or turn around and put our time, money, and expertise towards selling the home to another home owner, depending on our preferences. It has the potential to be a win-win-win situation. If you’re searching for the full retail worth of your home, we’re sorry, but we can’t help you. We do require a discount in order to earn a profit on our end, but you will never be required to pay any fees or commissions to us.
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.
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.
- 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.
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.
- 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.
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.
- 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).
If you find that you’d love to sell your house to get out from under your GEORGIA (GA) foreclosure…
Call us anytime (404) 855-0944 or connect with us on our website
and we’ll lay out all of your options for your specific situation.