What You Should Understand About Preventing Georgia Foreclosures

Georgia foreclosures are more common today than they were a few years ago

. Homeowners can take some steps that may help them to avoid having their home foreclosed. These steps can help you to save your home and the investment you have made.

Of course, the best way to avoid home foreclosure is to make every payment, on time, every time. If you are able to do this, your home is not going to be foreclosed. The bank will love you as they never have to make reminder calls but simply cash your check for the payment.

Unfortunately, there are people that have always made payments on time that may suddenly have difficulty meeting the payment schedule. If you are one of those persons, the first step you should take is to contact your bank or finance company before you are late with the payment. They may have a program that will allow you to enter into a forbearance program. This program may allow you to skip one payment without penalty. The payment would then be attached to the end of your loan.

Another option your mortgage company may consider is extending the length of the mortgage and lowering the payments. You will pay more for your home in the end, but this may give you enough financial breathing room to avoid a foreclosure and save your house.

If your mortgage company is unwilling to work with you on the current mortgage but your credit is still intact, try refinancing your home. Do not borrow more money than you currently owe in order to keep the payments on the home low and affordable. You do not want to take on more debt at this time.

If you cannot refinance your home, then you may want to sell the home. Be sure that there are less expensive options for housing available before perusing this option. There are many homes that are being offered for sale right now and you may not be able to get as much for your home as the appraised value. If you owe less than the appraised value of the home, consider selling at a lower price that will pay off the home and still give you some equity back.

If you owe more on your home than its current market value, you may need to speak to someone at your mortgage company about a short sale. A short sale means that the bank agrees to accept all that you receive from the sale of the home in order to satisfy the mortgage. While short sales are less than ideal, there are times that they may be the only solution to preventing foreclosure.

If all other efforts fail, your only hope to avoid foreclosure may be to file for bankruptcy. In bankruptcy protection, your home is protected. You will have to reaffirm the debt and begin making the mortgage payments once again as a part of the settlement. Since you will not have other bills or your bills will be lowered, bankruptcy may allow you to have enough money to continue to pay your bills.

Georgia foreclosures are occurring far too often as people struggle with bills. Plan to take action to avoid foreclosure.

by: Walter Perkins

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