We buy houses in Panthersville Georgia and provide homeowners with the ideal way to sell their homes fast by offering cash for houses in Panthersville GA. As homebuyers in Georgia, we are aware that local homeowners who are facing a financial challenge may find themselves in foreclosure and wonder if there is anything they can do about it.
Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses.
In this blog post, you’ll read about a few foreclosure prevention measures in Panthersville GA that you can take to keep your home from foreclosure.
Foreclosure Prevention Measures in Panthersville GA
These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself:
1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
2. Work out a deal with your bank. Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t want to just repeat the process.
3. Do a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!
4. Give your deed in lieu. Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed of your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.
5. File for bankruptcy. In some ways, bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop, so it’s still a foreclosure prevention measure.
Sell My House In Panthersville Georgia
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.
If you want to put everything behind you and move on with your life then sell your house in Panthersville GA and pay off your mortgage with that money. We are Georgia home buyers and we buy houses in Panthersville, GA for cash and would love to see if we can help you during your short sale.
Considering selling your Panthersville home? Contact us by filling out the form on this page and we’ll see if we can work with you.
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.