We buy houses in Stone Mountain Georgia and provide homeowners with the ideal way to sell their homes fast by offering cash for houses in Stone Mountain GA. If you’re wondering, “Can I give my house back to the bank in Stone Mountain GA and avoid a costly foreclosure? As local homebuyers in Georgia, the simple answer is YES! (but with some warnings. Keep reading…).
There Are Many Ways to Avoid an Expensive Foreclosure in Stone Mountain GA
Your first step if you’re trying to prevent foreclosure is to speak with your mortgage company or bank as soon as possible to learn what options you have to stop your foreclosure.
Don’t wait! You must act now before you get too far behind on your house payments if you want to stop your house foreclosure. The moment you know you will probably miss a mortgage payment, immediately contact your lender and let them know what is happening with your financial situation.
Despite what gets portrayed in movies and TV shows, lenders rarely want to put you into foreclosure so they can take possession of your house. They would much rather work out alternative arrangements to help you stay in your home and continue making some amount of payment. Putting you through the actual foreclosure process can be costly to a lender, and they usually want to avoid this.
Be open and honest with your mortgage provider. Lenders regularly deal with clients who have difficulty making payments. They know that life isn’t always perfect and lenders are prepared to make concessions to their borrowers. But to get concessions, you must communicate openly with them. Your lender may offer to let you skip payments temporarily or pay reduced payments or reduced interest rates. The lender would likely tack missed payments onto the end of the loan, but this can get you through a tough financial period, and keep you in your house. You have to talk to your lender and ask for this kind of assistance. If you pretend there is not a problem and ignore it, you are only making the problem worse.
Prioritize your mortgage loan vs your card payments. If you are forced to make a hard choice of which bill to pay, credit card or mortgage, choose to pay your mortgage so you prevent foreclosure. Making your house payment is critical if you want to keep your house. Credit card payments should never take priority over repaying your house loan. You can deal with the fallout of not making credit card payments much easier than the results that come from not making mortgage payments.
Failing to make mortgage payments can severely damage your credit score. Late payments on other debts such as credit cards are much less harmful to your credit than late or missed home loan payments. If you miss mortgage payments, that can create severe problems with your credit, which can have a domino effect on your credit cards. So prioritize mortgage payments.
Is Selling Your House in Stone Mountain GA a Way to Avoid Foreclosure?
You can help prevent home foreclosure by selling the property and paying off the loan.
Assuming you don’t owe more on your house than it is worth, you can probably put a stop to a foreclosure by selling it and making the loan go away. You may even be able to pull out some cash to help you get started over again. Taking this step is a reliable and wise way to prevent foreclosure of your Georgia house and save your credit score at the same time.
Another, perhaps less drastic, method you can use to prevent a property foreclosure in Stone Mountain GA is to drastically reduce your spending. Belt-tightening can be painful, but if it helps you save your house, it is worth the temporary discomfort. If you can reduce expenses enough so you can make your house payment, you’ll be able to avoid selling, save your house, and not face major upheaval in your life. If you are self-employed, look hard at expenses you can cut such as office rental. Think about other assets you could sell, such as a vehicle, to help you cover expenses.
There are proactive steps you can take to prevent foreclosure and reduce harm to you credit rating.
Sell My House In Stone Mountain Georgia
Sell your house in Stone Mountain GA directly to us. Here at Resideum, LLC, we buy homes in Stone Mountain GA, and throughout Metro Atlanta. Contact us to see how we can help you avoid foreclosure and sell your house quickly.
Here’s what to do next:
- Fill out this form, or call us at (678) 710-6130 and we’ll make you an offer within 24 hours
- If you accept the offer, we’ll prepare documents and take a quick visit to your property so we can go over the paperwork with you.
- We set a closing date (in as little as 7 days) at a reputable local closing agent where you will be paid for your house.
Greg Kurzner, is CEO of Resideum, Atlanta’s Professional Homebuyer company. Greg has been a force in Atlanta real estate for over 30 years. He has been involved in the sale of over 1 Billion in real estate transactions in his career and consistently ranks #1 in sales by units by Atlanta Realtor Association. In addition to Greg being a licensed real estate broker, he is also a licensed general contractor and a nationally-recognized expert in investment real estate.