Giving My House Back To The Bank In Atlanta

If you’re facing a foreclosure, the question you might be asking is, “Will I have to be giving my house back to the bank?”

Losing your home is one of the most difficult things that can happen, but sometimes the financial circumstances that you’re in force you to give it up.

However, if the payments that you’ve missed progress too far, you may be in the situation of having to give your house back to the bank. If your house is foreclosed on, then that means the bank has the legal right to evict you. It impacts your credit severely and makes it impossible to get a loan for a home for several years.

Obviously, that’s not a good outcome for anybody. You don’t want to be out of your home. And in all honesty, the bank would rather have money than an empty home they can’t sell. Luckily, there is a process that you can take to help get back on track.

Let’s take a look at the foreclosure process

Depending on the kind of mortgage you have, the foreclosure process might be a little different. Typically, missing a few mortgage payments means the loan company is going to send you notifications and warnings. If it happens too much and you don’t pay back the mortgage, the loan company will put your home up for auction.

How long you’re allowed to stay in the house after its sale depends on the state that you live in. However, at this point, you no longer own the home, and you will be removed from it.

Luckily, you have options

If you wait too long and your house is foreclosed on, your credit rating will plummet. Something that you can do to protect yourself is try to work out and arrange it with a loan company with something called a deed in lieu of foreclosure.

This means that you give ownership of the house to the loan company, so they save all the money that they would have spent on the foreclosure proceedings. Because this can be a sizable amount, they will prevent the damage to your credit rating and give you time to leave the home.

Another way that you can avoid foreclosure on your home is to sell your house before it’s lost at auction. If your loan is paid in full from the sale of your house, then there’s no penalties against you or your credit rating.

For example, if you owed $100,000 on your home, but you were to sell your home to us for $150,000, then you could pay the loan company off and still have money in your pocket. That way you can still get the equity out of your home, but not lose it in the foreclosure. It’s the easiest way to prevent you from losing your house. Even if you can’t get the full amount out of your home, you can still get a significant amount to help pay off the loan.

Here at company, we are professional real estate investors. We buy homes for cash, so you don’t have to worry about all the difficulty of selling your house. Give us a contact at phone and find out what we can give you for your house, even if it’s in disrepair and needs renovation.

Giving my house back to the bank is the last thing I want!

So why would you sell your house rather than going through a foreclosure? Either way, you will no longer be in your home.

Losing your home is difficult either way, but your credit will take a severe hit if you’re foreclosed on. Not only will your credit score drop anywhere from 100 to 150 points, you’ll be ineligible for home loans, and banks won’t want to work with you. Selling your house may be a better option, because it’ll avoid all the credit pain, and you’ll be able to find a new place to live more easily.

If you need to learn more, give us a call here at (770) 695-7368. You can also learn more in our about us page. Or you can just submit your information here, and we’ll get back to you within a day or so.

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