Sell On Your Terms. No Commissions - No Fees - Any Condition

  • This field is for validation purposes and should be left unchanged.

Atlanta and the rest of Georgia are implementing foreclosure prevention measures.

Local Georgia homeowners who are experiencing financial difficulties may find themselves in the midst of a foreclosure process.

The foreclosure process begins when a mortgage debt is not repaid and the bank begins the process of taking ownership of the home in order to recoup their losses.

Even if you find yourself facing the prospect of losing your home to foreclosure, you may ask whether there is anything you can do to prevent it.

If you read this blog post, you’ll learn about a few foreclosure prevention strategies in Atlanta that you may use to keep your property from going into foreclosure.

In Atlanta, Georgia, there are foreclosure prevention methods.

These foreclosure avoidance strategies may or may not be effective in your case, but we’re providing you with information so you can make an informed decision for yourself:

1. Pay off your mortgage / sell your home as soon as possible. Paying down your mortgage is the simplest and most straightforward approach to put a stop to the foreclosure process. Remember, this is what the banks wanted in the first place, so they would be delighted to allow you to remain in your property while they receive their money back in exchange for your cooperation. Although this is often the case, it isn’t always achievable, which may be one of the reasons why you are facing foreclosure in the first place.

2. Come to an agreement with your financial institution. In some cases, you can reach an agreement with your bank in which you sit down with a mortgage or foreclosure professional and discuss the possibility of restructuring your mortgage. Perhaps your payments are stretched out over a longer period of time so that they are cheaper each month. Just be certain that the transaction is beneficial to you; you don’t want to end up repeating the process.

3. Go through with a short sale. With a short sale, you sell a home while reinvesting the proceeds in order to reduce or completely eliminate your outstanding debt with the bank. This prevents a foreclosure from having a negative influence on your credit score, as well as getting the bank off your back!

4. Substitute your deed for the money. Deed-in-lieu of foreclosure is another alternative, which basically means that you would sign over the deed to your house to the bank in exchange for them agreeing not to put you through the process of foreclosure on your home. The majority of the time, this will only work if your home is worth about the amount owed on your mortgage. If this is not the case, the bank may seek reimbursement for the difference.

5. Initiate a bankruptcy proceeding. In some ways, a bankruptcy is arguably more dramatic than a foreclosure since it has far-reaching consequences that affect your entire life. While filing for bankruptcy causes the foreclosure process to halt, it is still considered to be a foreclosure avoidance tactic.

For those who aren’t sure which choice is best for them, consider the following: If you can afford the payments and you want to remain in your home, a foreclosure workout plan (#2) is generally the best alternative.

In order to put everything behind you and move on with your life, you might consider selling your property and using the proceeds to pay off your mortgage and other debts.

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.

Kelly Sollinger

We started Georgia Fair Offer because we wanted to spend more time together as a family and do what we love. If we can improve someone’s situation along the way while doing what we love it just makes everything that much better. Improving our communities one door at a time.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get Your Fast Cash Offer Now!

We Buy Houses In ANY CONDITION! No Realtors, No Fees, No Repairs, No Cleaning. Find Out How Much Cash We Can Offer For Your House! 100% FREE, No Obligation!
  • This field is for validation purposes and should be left unchanged.