4 Ways to Stop a Foreclosure in Georgia
Have you received a foreclosure notice in the mail? If so, pay close attention. The first step in the foreclosure process is the issuance of a Notice of Default by the lender, which typically occurs after the homeowner is 30-45 days past due on their mortgage. It will usually be sent to the homeowner by certified mail. If you recently received this notice, it is imperative for you to take swift action against it. This is how you stop a foreclosure in Georgia.
A foreclosure can have significant long-term financial consequences and can ruin your credit rating for up to 7 – 10 years. Additionally, it can be very hard to find a good place to live if you have gone through a foreclosure. Fortunately, you have options that can help you deal with this critical situation.
Here are four ways you can stop a foreclosure in Georgia:
1) Bring Your Loans Current
Bringing your loan current means that you pay the total past due amount. You can stop the foreclosure process immediately by paying your lender the full default amount and all additional extra fees. Your lender prefers to have the money more than they prefer have your home. Unfortunately, this option isn’t available for most people, because most people simply don’t have the money to bring their loan current.
2) Modify the Loan
If you cannot make your monthly mortgage payment, you can try modifying the terms of your loan. Modifying the terms of your loan may reduce your monthly payments or interest rate, depending on what your current circumstances are. You may be able to modify your loan with your lender, or you may be eligible for the government Homeowner Affordability and Sustainability Plan (HASP), which allows you to restructure your mortgage. According to Dickson Frolich, HASP is intended to help homeowners who owe more than their home is worth or who have more debt on their home than income.
3) Sell Your Home
You don’t want to lose your home, but foreclosure may be inevitable. In order to avoid some of the problems that come with foreclosure, you can attempt a short sale on your home. Before you do this, though, you need to get permission from your lender, or you may end up in significant legal trouble. The purpose of making a short sale is to sell the home for enough money to make up what you owe to your lender. If you aren’t able to sell it for that amount, you may have to pay the remaining balance of the loan. A short sale isn’t always a good option, so make sure you do your research before you decide on this option.
4) Declare Bankruptcy
Should only be used as a last resort because it has some pretty severe consequences and it may not be successful in allowing you to keep your home. When you file for bankruptcy, all lenders and creditors you have are given a stay on your loans, meaning they can’t collect until your bankruptcy case has been settled, but this stay doesn’t last forever. If your lender has started the foreclosure process, they cannot repossess your home until everything has been worked out. Depending on the type of bankruptcy you file for, you may be able to restructure your debts and create a payment plan to allow you to keep your home or you may be forced to sell your home as part of a liquidation of your assets. Before you decide to declare bankruptcy, talk to a financial adviser to make sure that this isn’t going to cause you more problems. Let 855JENNYBUYS Help YOU Stop a Foreclosure in Georgia. A foreclosure doesn’t have to be the end of your home or your credit score. You must act quickly, though. Contact 855JENNYBUYS to have one of our experts explain all the options at your disposal.
Let 855JENNYBUYS Help YOU Avoid Foreclosure
A foreclosure doesn’t have to be the end of your home or your credit score. You must act quickly, though. Contact 855JENNYBUYS to have one of our experts explain all the options at your disposal.
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