How To Sell A House in Foreclosure in Georgia: What You Need to Know
If you’re facing foreclosure on your property, you’re probably feeling stressed and overwhelmed. Facing financial hardships due to any sort of economic or emotional issue can spiral quickly, leading to falling behind on mortgage payments. In this article, we will discuss selling a house in foreclosure in Georgia and what options are available to you.
Selling Your Home During the Foreclosure Process
Selling your home during the foreclosure process in Georgia is possible, but it’s important to know the first steps. When you realize that you’re behind on your mortgage, the first thing you should do is call the note holder or mortgage company. Let them know that you’re aware of your situation and that you’re willing to sell your property or do whatever it takes to get caught up on payments.
It’s important to communicate with your lender and let them know that you have a plan of action. The last thing the banks want is for the property to go to foreclosure. They will work with you to make sure that the loan is saved if possible.
Understanding Foreclosure
Foreclosure means that the mortgage company has attained ownership of your house through a legal process. In other words, the bank now owns your house. Foreclosure happens when you fail to pay the mortgage, which is a violation of the loan that’s issued. Once the house is foreclosed in Georgia, there is a process that it goes through.
Selling Your Home When You’re Behind on Your Mortgage
The short answer is yes, you can sell your home if you’re behind on your mortgage, as long as your lender has not foreclosed on your home yet. You need to know when the foreclosure process will begin, and the 120-day foreclosure rule comes into play. The mortgage servicer may not make a first notice or file a foreclosure until the borrower is more than 120 days to liquid.
Stopping Foreclosure in Georgia
There are six steps to stop a foreclosure in Georgia. First, you need to work it out with your lender. You can request a forbearance, apply for a loan modification, consult a HUD-approved consulting agency, conduct a short sale, or sign a deed in lieu of foreclosure. It’s essential to have an expert in your corner who can guide you and provide you with options.
Selling Your Home Before Your Mortgage is Up
In most cases, penalties are charged for breaking the mortgage terms early, unless you have a totally open mortgage. Make sure you know what you’re getting into and consult with your lender to understand what’s going on.
How Long Does a Foreclosure Stay on Your Credit?
Foreclosure stays on your credit for about seven years.
Key Takeway
TAKE ACTION IMMEDIATELY. Selling a house in foreclosure in Georgia can be challenging, but there are options available to you. It’s important to communicate with your lender and let them know what’s going on. You can stop the foreclosure process if you take action and work with an expert who can provide you with options. Remember, selling your home before the foreclosure process begins is the best course of action to avoid any stress and penalties.
We want to make sure that you know your options, and we’re here to help you sell your house in foreclosure in Georgia. Connect with My House Sells Fast by filling out the form below. If you have any questions, call us at 678-469-6585 and we’re happy to answer.
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Author: Coe Cameron
Coe Cameron is an experienced realtor at Keller Williams, Atlanta, Georgia.
He has closed hundreds of deals over 10 years of real estate experience.
In 2021, he was featured as March Rising Star 2021 by Great Atlanta Real Producers and was nominated by them for On the Rise Award 2021 🥉.
What sets him apart from other realtors is his passion for helping people achieve their dreams. Whether it’s finding the perfect home or getting the best deal on a property.