We buy houses in Oakwood Georgia and provide cash for houses in Oakwood GA as a convenient way for homeowners to sell their homes quickly (We buy houses in Hall County). Nothing is more damaging to a family than the possibility of foreclosure. You own and enjoy your home, and it serves you well. However, foreclosure may appear imminent owing to unforeseen reasons.
The hardship of local Oakwood families facing foreclosure can be overwhelming. The foreclosure process can drag out of many months or even years, prolonging the anguish.
As homebuyers in Oakwood GA, you have options — possibly more than you realize. There are a number of tactics that can help you avoid foreclosure in Oakwood GA. These tactics are legal foreclosure avoidance strategies that you can use to help you address your foreclosure problem and move on with your life.
You’ll learn about three strategies to avoid foreclosure in this article. The purpose of these solutions is to help you avoid foreclosure legally, while not compromising the ethical considerations. Also, these strategies should help reduce stress and aggravation you’re experiencing while limiting any long-term financial commitment. Although not all of these tactics will work in every case, you should be able to discover at least one strategy that can help you.
Strategy #1: Work out a deal with your lender in Oakwood GA
A “foreclosure workout” is the first strategy to consider. In a foreclosure workout, you’ll speak with your lender and explain that you probably won’t be able to meet your loan obligation, but that you want to find a solution so you can keep your home and pay your mortgage.
Lenders do not like to foreclose on homes, contrary to popular opinion. Lenders typically cooperate with homeowners to find a solution because they want satisfied customers who pay their mortgages. This could involve a short payment suspension, a catch-up method in which your outstanding mortgage payments are spread out over time so you can catch up and pay them off, or a restructuring of the payback of the balance of the loan.
Strategy #2. Filing for Bankruptcy in Georgia
Although declaring bankruptcy may appear to be a drastic action, it is one of the strategies in your foreclosure prevention toolbox. When you declare bankruptcy, you are informing all of your creditors that you are unable to pay your debts. The foreclosure process on your house will be halted if you file for bankruptcy since all creditors must cease collection efforts.
Filing for bankruptcy, on the other hand, is a bit extreme: you may have to liquidate some of your possessions to pay off your creditors. A bankruptcy will also stay on your credit report for a long time, affecting everything from obtaining a car or other type of loan… and even getting a job. So don’t use this as your first line of defense!
Strategy #3. Short sale help for a foreclosure in Oakwood Georgia
The third strategy is a short sale, in which you sell your house and use the proceeds to pay down your mortgage loan. Your lender must approve the sale. The lender may forgive any shortfall if the proceeds do not meet the outstanding balance, but this is not guaranteed. A short sale is an ideal solution when facing foreclosure because it quickly addresses the problem in a proactive manner, and can put an end to the issue.
- It’s proactive, meaning that you take charge of the situation (which is a huge stress reliever because so much of the stress of foreclosure stems from the fact that you have no control over the situation).
- It’s quick; in some circumstances, your home can be sold in as little as a week! This is also due to the fact that it is local: You can find assistance with foreclosure in Oakwood GA from groups such as Resideum, who assist people going through short sales.
- Because a short sale can completely wipe out the amount owed on your mortgage, it’s effective. If there is any balance owed after the property has been sold, you will be accountable for it (although your lender may sometimes forgive shortfalls).
Sell My House In Oakwood Georgia
You still have to leave your home with a short sale from a local Georgia home buyer like us, but there is a plus side: the impact on your credit is significantly diminished (compared to a foreclosure or bankruptcy), so this is a smart long-term method to solve your problem.
If you find that you’d love to sell your house in Oakwood GA to get out from under your foreclosure…
Give us a call today at (678) 710-6130 or click here to request a cash offer on 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.