What to do When Facing Foreclosure, Continued

This is the second piece in a series of blogs about what to do when facing foreclosure in Georgia, or at least SOME options you can take to avoid foreclosure. Some are pretty drastic, while others are not at all. Like every decision, there are advantages and disadvantages. Of course we buy houses to prevent a foreclosure from happening, but we believe that you should be as informed as you can be to make the best choice for you and you alone!

With foreclosures up a little more than double the number that they were last year in Georgia, foreclosure is a real and present problem for many homeowners.  However, this is not a doom and gloom post. If a potential foreclosure is on your horizon or you’re going through one right now, you do have options to avoid it. You can also prevent damage to your credit and your future ability to buy a home.  Last time, we talked about bankruptcy as a potential option, today we’ll be discussing another one that may work as well or better.

Option 2:  Catching Up the Back Payments at Once or in Installments.

Many people might be surprised to learn that their lender is very willing to work with them to prevent a foreclosure.  The reason is that they will lose a lot of money and spend a lot in going forward with a foreclosure. Banks, are in the money lending business, not the real estate business, they don’t want to take your home and deal with it.  Avoiding their calls is the surest way to guarantee a foreclosure. Remember, they want the money, not your house. One way to save your home is to convince them that you can make up for the missed payments while making your current payments.  Ask for as much time as possible to make it easier on your budget. It may be a little tougher for a while but staying in your home is worth it, right? There will be late fees and perhaps some modification fees or others depending on what they require, but this could be your best choice.  In order for this to work, you’ll probably need to be able to pay the fees up front and having the money available would help to convince them that you can do it. You will need patience and perseverance to be successful. It will save your house from foreclosure but it can be expensive, you’ll have to decide if it will work best for you, not just that they’ll go through with it.

Can you refinance into a new mortgage that would lower your payments and therefore ease your budget strain?  The short answer is yes. If you’ve got a good bit of equity, a new mortgage should definitely have a lower payment if you can qualify for a good rate.  There’s a lot of ifs though. Will the new lender approve you given your current state of default? If they do, can you refinance fast enough to stop a foreclosure?  A lump sum payoff would definitely stop the foreclosure, coming up with the money is tricky part. This would also require negotiation and perseverance like the previous option.  You never know until you ask.

What Else Can I Do?

We are another option for a lump sum payoff and we can definitely help there.  We buy houses fast for cash. Selling to  Real Ventures, LLC would stop your foreclosure or prevent one from being filed.  You would pay no closing costs other than taxes or any outstanding liens. Perhaps it would mean, being able to prevent a foreclosure on your credit and starting over.  Reach out today and we can figure out what works. Fill out the contact form below or go over to learn how our process works here.