The COVID-19 pandemic has created a ton of challenges we all now have to deal with. One of those is the financial strain many Georgians have felt as a result of a closed business or job loss.
Many homeowners are finding themselves in a position they never thought possible and many are facing the uncertainty of how to pay next month’s mortgage
Even when the “experts” begin to claim the housing market is rebounding, many people in Atlanta] are still struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Atlanta. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Atlanta with your home.
The Keys of How To Avoid Foreclosure in Atlanta Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Atlanta have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes.
Unfortunately, getting foreclosed on in Georgia isn’t hard for lenders as they don’t require court approvals, especially if your lender has a “Deed In Lieu” clause in your loan documents (which is an agreement where you voluntarily give the lender that owns your mortgage the deed to your home instead of going through the lengthy and expensive process of foreclosure.
Two quick options at homeowner’s disposal to avoid foreclosure is to file for bankruptcy (keep the home and potentially ruin your credit) or sell to an investor for cash (sell the home, pay off the debt in full, save your credit).
Either can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home (traditionally), you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Atlanta are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Atlanta are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.