Do you have a Atlanta and Nationwide house that’s in foreclosure right now? Many people going through the foreclosure process want to get out from under that burdensome house and wonder if they can sell the 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. Can I sell my house in foreclosure in Georgia?
Can I Sell My House in Foreclosure in Atlanta and Nationwide? – How it works
There are a lot of folks in Atlanta and Nationwide 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.
In Georgia, a foreclosure takes place when a homeowner fails to make their mortgage payments for 90 days or more. Once the lender has initiated foreclosure proceedings, the homeowner has a limited amount of time to take action before the property is auctioned off at a foreclosure sale. However, even if the foreclosure process has already started, it may still be possible to sell your house and avoid the foreclosure.One option for selling your house in foreclosure is through a short sale. In a short sale, the lender agrees to accept less than the full amount owed on the mortgage in exchange for releasing the lien on the property. This can be a good option for homeowners who owe more on their mortgage than their house is worth, as it can allow them to sell their home and move on without facing the consequences of foreclosure.To successfully execute a short sale, you will need to work with your lender and a real estate agent who has experience with short sales. Your agent will list your house on the market and work to find a buyer who is willing to purchase the property for an amount that is less than what is owed on the mortgage. Once a buyer is found, you will need to provide your lender with detailed financial information to show your inability to continue making the mortgage payments and how selling the property will benefit all parties involved.It’s important to note that the short sale process can be time-consuming and requires approval from your lender. The lender will want to see that selling the property for less than the mortgage value is in their best interest and a viable option. This is why working with an experienced real estate agent and a foreclosure attorney may be necessary to ensure the process goes smoothly and that your rights are protected.Another option to sell your house in foreclosure is to work with a real estate investor who specializes in buying distressed properties. These investors may be willing to purchase your house for cash, allowing you to avoid the foreclosure process altogether. Keep in mind that selling to an investor may result in a lower sale price than what you could receive on the open market.If you are unable to sell your house through a short sale or to an investor, and the foreclosure sale is imminent, it’s essential to understand your rights as a homeowner in Georgia. In Georgia, a foreclosure sale must be advertised in a local newspaper for four weeks prior to the sale. Once the sale takes place, the homeowner has 30 days to redeem the property by paying the full amount owed on the mortgage. If the homeowner is unable to pay the full amount owed, the new owner of the property has the right to take possession and evict the homeowner.
- 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 fewer options are available to you.
In conclusion, it is possible to sell your house in foreclosure in Georgia, but the process can be complicated and time-sensitive. Working with an experienced real estate agent and a foreclosure attorney can help ensure that your rights are protected and that you explore all options before foreclosure takes place. Seeking out professional help as soon as possible in the process is your best chance to find the best way to sell and make the best of the situation.
Can I sell my house in foreclosure? If you’re looking to sell your Atlanta and Nationwide house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Atlanta and Nationwide and the whole state of get out of difficult situations and avoid foreclosure. 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 and Nationwide, we can help you.
We buy properties like yours from people who need to sell fast.