Georgia Properties Foreclosures - Avoid Stop Home Foreclosure offers advice on Georgia home foreclosures, reasons why people stop paying their mortgages, ways to avoid and stop foreclosures. Richard Huff is an expert who knows your rights and the assistance programs available to you. He knows the policies of your lender and has plans that can help you save your home.
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There are many reasons why some homeowners gets into a situation of stopping their mortgage payments due to extenuating circumstances:
- Job loss / unexpected unemployment
- Sudden illness or medical emergency
- Divorce / loss of second income
- Excessive debt obligations
- Job demotion or promotion denials
- Inability to pay an adjustable interest rate that increases
- Unexpected major home maintenance expense
Ways to AVOID Foreclosures
The first step is to prevent the Notice of Default. You must call your lender and let them know of your change in circumstances.
Your lender does not want to foreclose but will to protect their interests.
Here are some options that are available to you:
- Time to make up your payments The lender let you work out a repayment plan that is affordable for you. This is called forbearance, agreeing to wait prior to legal action.
- Forgiving a payment You missed a payment or two and then managed to stay current on your monthly payment, your lender in rare cases might give you a break and waive your obligation. This is called a debt forgiveness (they will attached your missed payments back into your loan)
- Spread out the missed payments over a longer term Say your monthly mortgage payment is $600.00 per month, your lender may allow you to add an additional $100.00 per month until caught up. This is called a repayment plan.
- Changing the terms of your loan
- Add the back payments to your loan balance
- Make a separate loan to you
Ways to STOP Foreclosures
- Sell Your Home Contact a real estate agent and get an opinion on the value of of your home.
- Consider a Short Sale If you home is worth less than the amount you owe, you might be a candidate for s short sale. A short sale will affect your credit but it is not as bad as a foreclosure. You or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed.
- Sign a Deed-in-Lieu of Foreclosure The homeowner give the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. Deeds-in-lieu of foreclosure affect credit the same as a foreclosure.
Loan Modification Program - March 4th, 2009 Washington D.C., President Obama's Foreclosure Prevention Program Takes Effect
9 Million Homeowners are Eligible for a Loan Modification...are you one of them?
Did You Know?
- 75 Billion dollars has been set aside to help homeowners just like you.
- The Obama plan is known as the Homeowner Affordability and Stability Plan.
There Are 2 Main Parts to the Foreclosure Prevention Program
- July 1st, 2009 - President Obama expands plan to allow homeowners whose loans are now worth up to 125% of their homes value to be eligible to refinance their home, up from 105%.
1. Refinance homeowners into new low interest rate loans.
2. Provide incentives to lenders and servicers to restructure your mortgage to more affordable levels.
Do you qualify, click here Loan Modification Program Qualification or the link above.
GA Properties Foreclosures serving the following Cities and Counties: Acworth, Adairsville, Alpharetta, Austell, Atlanta, Buckhead, Buford, Canton, Calhoun, Carrollton, Cartersville, Cedartown, Chamblee, Cummings, Dalton, Decatur, Dallas, Decatur, Doraville, Douglasville, Duluth, Dunwoody, Emerson, Fairburn, Gainsville, Hiram, Jasper, Kennesaw, Kingston, Lawrenceville, Lilburn, Lithia Springs, Mableton, Marietta, Norcross, Powder Springs, Rockmart, Rome, Roswell, Sandy Springs, Scottdale, Stone Mountain, Suwanee, Smyrna, Tucker, Villa Rica, Vinings and Woodstock. Counties: Bartow, Carroll, Cherokee, Clayton, Cobb, Dalton, Dekalb, Douglas, Floyd, Forsyth, Fulton, Gilmer, Gordon, Gwinnett, Murray, Paulding, Pickens, Polk
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