AVOID FORECLOSURE!!
BEHIND ON MORTGAGE PAYMENTS?
YOU HAVE OPTIONS IF YOU ACT QUICKLY...
9 Ways to Avoid Foreclosure:
A lender can foreclose on a home in as little as 4 weeks in Georgia. What's worse is that they don't even need to take you to court to do it! Foreclosure is one of the most damaging marks you can have on your credit report and it can affect you for 10 years. If that's not enough, your lender can attempt to collect their losses from you after the foreclosure.
If you are a homeowner who has fallen behind on mortgage payments, you may think there is no hope. The fact is, if you act quickly, you have options and may be able to preserve homeownership or sell prior to foreclosure, saving your credit and possibly your financial future. The reality is that mortgage servicers do NOT want to foreclose on your house; they would much rather find other, less costly solutions - solutions that they are more willing to consider now than in the past.
If you desire to keep your house, and would like to be considered for LOAN MODIFICATION to reduce your monthly mortgage payments, the first thing you need to do is contact your mortgage servicer directly or a HUD approved housing counselor.
Click HERE to search for your servicer's loss mitigation department's direct number.
Click HERE to contact a HUD-Approved Housing Counselor.
If a hardship has caused you to fall behind on payments, such as reduced or loss of income, a death in the family, medical bills, divorce, increase in expenses, etc, you will need to let them know. Your loan servicer will also want to know if you desire to keep your house. You will need to have all your financial information handy to discuss with your lender. Here is the information you will need to have ready. Depending on your situation and the length of the hardship, they may be able to work out a solution to bring your loan current (reinstatement) by temporarily or permanently lowering your payments through loan modification. The solution will depend on your particular situation and your willingness to cooperate.
If, after talking with your mortgage servicer, you are not able to work out a solution, or if the mortgage obligation is more than you are willing to handle, you may need to consider relocating. If you owe more than the market value on your home, and you are experiencing a hardship such as job loss, reduced income, illness, divorce, etc., it may qualify for a SHORT SALE. This is still a way to avoid foreclosure and preserve your credit if you act quickly. After short sale approval, your mortgage company may give you 2 to 4 months to sell your house. If your lender approves a short sale, they are forgiving the difference between what you owe and the what the sale will net - THIS INCLUDES REALTOR COMMISSIONS! A last option that may be proposed is deed-in-lieu of foreclosure, in which case, you return the property to the loan servicer in exchange for forgiveness of the debt. This has a negative impact on your credit, but is not as damaging as a foreclosure. You should try to avoid foreclosure at all cost. Click HERE to see why.
We have a vested interest in helping homeowners like you avoid foreclosure by preserving values in our community. As certified home retention consultants and distressed property experts, we are available to help you. Please feel free to contact us with any questions. If short sale is an option for you, we will handle lender communications and assist you in selling your house quickly before it is foreclosed.
We are northest metro Atlanta experts specializing in Gwinnett, Forsyth, Hall, Jackson, Barrow and northern Fulton Counties, including the cities of Buford, Flowery Branch, Suwanee, Braselton, Dacula, Hoschton, Auburn, Jefferson, Gainesville, Cumming, Alpharetta, Johns Creek, Sugar Hill, Lawrenceville, Snellville and Winder.
If you live in Gwinnett, Hall, Jackson, Barrow or north Fulton, and would like to schedule a free confidential consultation, please complete the form below and one of our Certified Distressed Property Experts will be contacting you.
Complete the form below to request the National Association's Guide to Avoiding Foreclosure, a free report.
