What the End of the Foreclosure Moratorium May Mean For Homeowners in Sandy Springs GA?

We buy properties in Sandy Springs GA

We buy houses in Sandy Springs Georgia. It has been a year to forget! Many of us have dealt with the extraordinary impact of the Coronavirus and had to face financial hardships we could never have anticipated. Lenders have been patient but if you haven’t been able to keep up with your mortgage payments…eventually, something will have to give. And while many will be ringing in 2021 with New Year celebrations, those who are in forbearance due to loss of income caused by the pandemic will see their Fannie Mae or Freddie Mac program end. We are local homebuyers in Sandy Springs GA and see what the end of the foreclosure moratorium impact will be.

For those with those financial woes, if there isn’t a solution that can extend them from their eventual fate or an infusion of cash they can use to “get current”, then perhaps looking to sell the home that is in foreclosure rather than to lose everything including the house.

If you are facing these approaching headwinds, and are considering selling your home to resolve the situation, having options and selling on your terms is empowering and stress-reducing. Educating yourself on your options can help you to focus your efforts towards recovering what you can from the property and avoiding the long-reaching consequences of foreclosure.

What the End of the Foreclosure Moratorium May Mean For Homeowners in Sandy Springs GA?

One option is looking for and working with a professional buyer who can buy your home quickly, with cash, without contingencies…and fast. If you are considering searching out a professional house buyer, you will obviously want one you can rely on, who will provide a guaranteed closing date and who has a track record and expertise to make the process smooth and certain. In the world of “Professional Homebuyers”…there are good, experienced, reputable, and trusted groups and then many who took a seminar watched a YouTube video, and set up shop. Many in this realm are inexperienced cash buyers who are often back out of deals at the last minute or cannot qualify for financing after holding up your sale. With so much on the line, having a reliable buyer to buy your home is critical so you can ward off foreclosure proceedings and move on with your equity and dignity.

Dealing With Foreclosure in Sandy Springs 

Resideum helps homeowners navigate solutions to foreclosure

If you are facing foreclosure, this is not the time to stick your head in the sand! It is interesting how many facing foreclosures are not actively pursuing a sale. Perhaps it is because they are in shock or denial…maybe they don’t think they can sell their home fast enough or no one will want it in the current condition. When homeowners start to receive notifications from their lenders, the clock starts ticking and there is little time to get their payments current.

The Joint Economic Committee of Congress determined the average foreclosure has a cost of nearly $80,000 in total, including the lender’s loss and around $7,200 to the homeowner. Georgia is a non-judicial foreclosure state so the process to foreclose is fast. The lender does not need to file suit to foreclose and your time to contest or fight the action is limited. If you do feel you have a cause of action to stop the foreclosure, whether bankruptcy or other, you may need an attorney. Fees for legal assistance in filing bankruptcy or to contest foreclosure proceedings vary, many attorneys offer a flat fee arrangement but others will charge per hour. There may also be additional charges for itemized expenses such as court costs, postage or even travel. The end of the foreclosure moratorium may mean further indebtedness for already strained homeowners.

Financial Loss in Georgia Property

At the end of the foreclosure moratorium, the payments on the mortgage that are past due will have been added into the loan, however, there will be no further acceptable delay on the monthly payments that follow. Our home is usually the largest investment we make and over time our equity is built. Without the intervention of life-changing circumstances, such as returning to work or new employment, the end of the foreclosure moratorium may mean loss of the equity in the property for homeowners in Sandy Springs. You may also still owe any difference in the amount the property sold for against your remaining debt on the mortgage to your lender, known as a deficiency, after the foreclosure. Foreclosure can have devastating consequences on your financial situation. A foreclosure will remain on your credit report for a period of 7 years. Poor credit will cause you to have to pay higher interest rates on debt and to your costs of living on any credit you do qualify for, due to the foreclosure. In some cases, your chances at a job may be jeopardized by your credit history as well.

Moving Expenses in Sandy Springs

The end of the foreclosure moratorium may mean eviction for homeowners throughout Sandy Springs. As the foreclosure completes, the final step in the foreclosure process is where the lender seeks to take possession. Either cash for keys or a formal eviction process will be carried out, and the now-former homeowner receives notice of when the possession will take place. If they don’t vacate prior, the sheriff will show up with a crew and move all the property to the street. Eviction timelines can vary, but typically in Sandy Springs, it ranges from 30 to 45 days depending upon county and backlog.

Then you will be faced with the expenses of moving. If you seek to rent, you will need funds for deposits and utilities and everything involved in starting over in a new residence. Without significant money, it will be difficult to move, secure a rental, and keep up with the other expenses we all have. Given those dire possibilities, considering selling your home before foreclosure can solve both the problem of “trapped equity” in your home and free up the needed cash to start over. A quick, cash sale can accomplish the transition with dignity, stealth and cash proceeds. If staying in the home is impossible or the costs to bring the default currency isn’t feasible, selling prior to auction day is the best option. Even if you are underwater on your mortgage, you can still sell with a short sale or possibly a subject to sale. Resideum specializes in finding solutions for homeowners facing foreclosure. We can even discuss possible sale and leaseback so you can stay in the home but pull the equity out of the home to use for other things.

Experiencing the loss of your home in foreclosure and the eventual eviction that follows is emotionally draining in addition to the negative financial aspect.  If you don’t plan your life, others will do it for you, so the time to act is now! 

Resideum buys houses in any condition.  Facing foreclosure, don't let the fear stop you from exploring your options.

Sell My House In Sandy Springs GA

Of course, you can attempt to sell your home using a traditional real estate agent or try to sell on your own but those options offer no guaranteed closing date or even the comfort that the home will sell in time. When you consider both the immediate and long term costs, it may be worth selling now at a lower price than the top market range to guarantee your closing date and protect your future.

On January 1, 2021, your monthly mortgage payments will be due again and banks will start foreclosing. Maybe Resideum can be the solution. We are Georgia home buyers and we offer cash for houses in Sandy Springs in any situation. Call us and see how selling your home to us might help you avoid the loss of your home and all of the hidden costs of foreclosures. We’re happy to answer any questions you may have and find the right solution. To learn more about us, what we can offer, and what the foreclosure moratorium may mean for you, send us a message or give us a call today at (678) 710-6130We will make the process simple so you can quickly sell your house in GA and move on.

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.

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