Is the bank getting ready to take back your Georgia House? Have you already tried everything to avoid losing your house?
Losing your house to the bank can be humiliating and scary. With the foreclosure process in Georgia taking only four weeks to complete, it doesn’t give you much time to fix this problem. We love helping people in these situations (The banks win too much already). Before you let the bank take your house back without a decent fight, lets try some of these ideas first.
Sell It Fast
I understand this sounds obvious, but keep reading. If the market is climbing or already high, it should be easy to get the house sold and try again at another house. If the market forces you to sell at a discount, ask yourself, do you want to sell your house cheaper and get less or lose your house to the bank and get nothing? Georgia professional house buyers make money buying distressed houses. Most can not afford to buy at full price, but they can buy fast and get you out of the situation you are in.
A fast sale at a discount is better than the bank foreclosing and putting a nasty black eye on your credit report.
Negotiate out of Foreclosure
In some cases, you will be able to contact the bank and negotiate your way out of foreclosure. Banks don’t want to take back the house, they want the money you owe. It costs them a lot of time and money to foreclose on a property. Losing your house to the bank is just as frustrating to them (believe it or not).
If you have a good payment history, most banks are willing to work out a payment adjustment. They may refinance, move some payments to the back of the note or any other terms that can get you back paying on time again. Banks rather have the money than take back the house. HUD (Department of housing and urban development) has workshops that help homeowners avoid foreclosure in Georgia.
Find Out About Forbearance Programs
Everyone should know what a forbearance program is by now. Since Covid-19, Forbearance has been the punch line for every homeowner that lost their job to the “Quarantine” and “Non-essential businesses” mandates. There are still some forbearance programs in place for some situations. See what they can offer before you lose your house to the bank.
Look Into A Loan Modification
A loan modification goes with negotiating out of your Georgia foreclosure. If you can talk them into a loan mod, this will buy some time or fix the whole problem. Make sure you are creating new terms that you can handle. If they move some payments to the back of the loan, but you can’t afford the payments anyway, you didn’t fix anything.
If your life is back to normal, moving some payments will work fine. If you had to take a lower paying job, See how low the bank can adjust the payments. If you have been in the house more than five years, most banks can refinance the current balance to another 30yrs. And lower the payments by $50-100/mth. If the current interest rate is lower than what you are currently paying, they can certainly adjust that!
It’s Business, be honest. If your life changed in a way that does not allow you to afford the house, get rid of the house. Period. Please don’t take it personal. Move your chess pieces accordingly and stay in the game.
Are you facing foreclosure on your house? We can help stop the banks from taking your house and destroying your credit!
Is your situation unusual? Write a comment below and tell me about it. Advise is free.
Avoid Losing Your House To The Bank! Take action NOW!