Foreclosure is the process by which your lender sells your home after you’ve defaulted on your loan payment for 2 to 6 months to have their money back. In Georgia, selling your home and evicting you is easy because the foreclosure process is non-judicial. Your lender only needs to follow the law’s standard to wait 120 days after you stopped making payments before foreclosing your home. It also means that the foreclosure process can be speedy. You do not want to waste unnecessary time before taking action. No matter what led to your financial difficulties, whether it’s divorce or job loss or any other circumstances, there are options you can try out that go well with your situation.
It is wise to maximize the 120 days given before your lender initiates a foreclosure process. Use this period to make inquiries and contact your lender to discuss alternative solutions to prevent foreclosure. Most solutions will either help you get on track with your mortgage or sell the home before it is foreclosed. There are various loss mitigation options to try out, and you should discuss with your lender to know which is available for you. One of the options you can consider is a short sale.
A short sale is a process by which homeowners facing foreclosure sell their home for a value lesser than the amount they owe. To be on the safe said, you should not only inform your lender about the process but have them sign an agreement on it. It is to prevent your lender from suing you for deficiency judgment later. By taking this step, you will be able to stop foreclosure and keep your credit score clean.
Take action as early as possible, most lenders will only allow a short sale if the foreclosure sale date is far.
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