Do you have a Atlanta Georgia house that’s in foreclosure right now? Many people going through the Georgia foreclosure process want to get out from under that burdensome house and wonder “Can I sell my Atlanta house in foreclosure?” The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
How Can I Sell My Atlanta House In Foreclosure?
There are a lot of folks in Atlanta who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.
If you are behind on your loan you can sell your home; but recognize when you do sell your home the payments you missed will be due and penalties will be associated. Selling your home because you are behind on your mortgage is a smart financial decision if you are unable to get current, make the payments and are living house poor.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you.
How Do I Save My Home From Foreclosure In Georgia?
Call your bank and continue to negotiate. You may still be able to negotiate an agreement with them, such as a loan modification. You may be able to get the servicer to put the foreclosure on hold while they evaluate you for a loan modification or other loan workout. Save your mortgage payments by paying extra if you are behind on mortgage payments.
Selling a foreclosed home is an option many homeowners who have defaulted on their loan don’t know much about. Foreclosure is a long and heartbreaking process for a homeowner. But, it’s not hopeless. You have foreclosure options in Atlanta, Georgia. When looking for a solution to defaulting on their mortgage payments, many owners float this question: “Can I sell my Atlanta house in foreclosure?” The short answer is yes.
Up until the home is sold at foreclosure auction in Atlanta, you can rescue your home by selling it and paying the lender everything you owe, including back payments and penalties. And in some states, you are allowed a “statutory right of redemption.” This is essentially a take-back period after the foreclosure—from 30 days to as much as two years in some places —in which you can repurchase your home.
We specialize in helping homeowners in situations including foreclosure around Atlanta and the whole state of Georgia get out of difficult situations and avoid foreclosure in Atlanta Georgia. In certain circumstances we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Atlanta, we can help you. We specialize in helping people who are wondering ‘can I sell my Atlanta house in foreclosure.’
We buy properties like yours from people who need to sell fast.