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How To Stop Foreclosure In GA

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How To Stop Foreclosure In Georgia

If are involved in a home foreclosure in GA you only have a few options to stop foreclosure:

  • Stop foreclosure by Catching up your mortgage.
  • Stop foreclosure by Negotiating a Repayment deal with the bank. (Forbearance)
  • Stop foreclosure by Declaring Bankruptcy (Doesn’t really stop foreclosure but it stalls the Foreclosure.
  • Stop foreclosure by Selling your house to me!


Some Government programs like FHA state that you may be considered for the following:

Special Forbearance. Your lender may be  able to arrange a repayment plan based on your financial situation  and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced  a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.

Mortgage Modification. You may be able to refinance  the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable  level. You may qualify if you have recovered from a financial problem  and can afford the new payment amount.

Partial Claim. Your lender may be able to work with  you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current.

You may qualify if:

    your loan is at least 4 months delinquent but no more than 12 months delinquent; you are able to begin making full mortgage payments.

 

When your lender files a Partial Claim, the U.S. Department of  Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory  Note, and a Lien will be placed on your property until the Promissory Note is paid in full.
 The Promissory Note is interest-free and is due when you pay  off the first mortgage or when you sell the property.

 

Pre-foreclosure sale. This will allow you to avoid foreclosure by selling your property for an amount less  than the amount necessary to pay off your mortgage loan.

You may qualify if:
  • the loan is at least 2 months delinquent;
  • you are able to sell your house within 3 to 5 months; and
  • a new appraisal (that your lender will obtain) shows that  the value of your home meets HUD program guidelines.

 

Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.

You can qualify if:
  1. you are in default and don't qualify for any of the other  options;
  2. your attempts at selling the house before foreclosure were unsuccessful; and
  3. you don't have another FHA mortgage in default.

HUD has this information available to you to stop foreclosure

 

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