Even though the housing market is rebounding, many people in Atlanta are having trouble with mortgage payments.
If you’re having trouble keeping up with monthly mortgage payments, or if you’re underwater on your home, there could be a chance that your mortgage provider might foreclose on you.
If you want to avoid foreclosure in Atlanta, there are a number of things you can do. Keep in mind that moving quickly is the most important thing, and it could save your credit rating and your home.
If you want to avoid foreclosure in Atlanta, let’s look at a few quick tips that you can follow.
A How To: Avoiding Foreclosure in the Atlanta Area, and Save Your Home.
Many people have just given up their home. There’s even areas in Atlanta where half the neighborhoods are just empty. More and more of the Atlanta area is so impacted by the economy. People are simply walking away from home.
An extreme version of this is what has happened in Detroit. People have abandoned so many homes that entire blocks are just empty.
It’s important to keep calm and not panic, even though this is a stressful situation. A foreclosure can have a massive negative effect on your credit score, and it’ll prevent you from purchasing a home for several years. If you just sell your home and leave some of the loan unpaid, the lender could pursue legal action against you for that unpaid portion. It’s a situation that you need to navigate carefully, but quickly. Letting yourself get overwhelmed is the quickest way for a foreclosure to take over your life.
The good news is you do have options, even if the situation becomes stressful.
- Talk to your mortgage lender about renegotiation. Banks know plenty well about the real estate economy in Atlanta. They understand that things are difficult right now for homeowners. If you haven’t missed any payments, or you’ve only missed one or two, it wouldn’t be a bad idea to try and renegotiate the terms of your loan. Foreclosures lose bank’s money as well, and many of them will be happy to work with you if you’re not far behind on your loan. You might even end up being able to completely refinance the loan to something that you can afford more easily.
- See if there’s any government help that you can get for your loan. The federal government has implemented more programs to help struggling homeowners over the past few years. The home Affordable Modification Program allows struggling homeowners to modify their loans, which can help reduce monthly payments. Using the Home Affordable Refinance Program will help you move your mortgage payment to a lower interest fixed rate loan. Both of these programs will let you save your home from getting foreclosed on. Different homes in different situations may or may not get approved for these because they are government granted.
- The last choice that you have is to sell your house quickly for cash. If you’ve tried the other options or you don’t think that you have the time or energy to do them, one option is to simply sell your home. Because we buy houses for cash, we can give you a no strings attached offer. If you sell to us, we can even help with the rest of your loan that you owe to the bank. It can go from a hassle to solved in just a week.
The threat of losing your home can be a terrifying one. But keep in mind that people all over market city are going through the same thing that you are. If you foreclose, it can have lasting effects on your credit. That’s why investors like us in the Atlanta area want to help you out of your problem. Any option that you have is an option that you should consider.
We can help you avoid foreclosure on your Atlanta home. If you get in contact with us, we can discuss your situation and we don’t charge any fee. We’ll evaluate your home, give you a cash offer, or help you with other options so you can move forward. If you get in contact with us, we can help you through your foreclosure.