Foreclosure doesn’t have to happen to you if you are able to work with your lender to remedy the situation.
When you miss a mortgage payment, or anticipate that you will, call your lender immediately.
With the covid-19 pandemic, many Atlanta homeowners are experiencing mortgage challenges. Missing house payments is the surest way to fall into foreclosure. When you reach 3 missed payments you will begin to receive letters from your lender stating that they intend to begin foreclosure proceedings. After the first month you may receive a phone call from them to ask your reason for the missed payment.
If you have had circumstances that you know will cause you to miss some payments in the future you need to be proactive and talk to your lender. It’s much better to contact them first, instead of missing payments and waiting for them to act.
You can take steps to help you save your house from foreclosure if you think you’ll be able to get back on your feet soon. If you have a large mortgage on your house along with a second mortgage or home equity line of credit it may be too much to try to salvage. If you owe more than what the house is worth it wouldn’t be good idea to go through the process, either. The process is lengthy and is worthwhile if you know that you are only experiencing temporary difficulties.
If foreclosure seems inevitable, it may not be. Below are a few steps you can take to help save your house from foreclosure.
Steps to help save your house from foreclosure.
The first step is to take action right away. When you know you are having difficulty, call your lender. If you’ve lost your job, apply for new jobs. Gather up your bills and figure out exactly where you stand financially. You’ll need to increase your income so think about what you can do to make that happen. Take in a boarder to rent your spare room. Cut out all of your unnecessary bills. Sell whatever you can that you don’t need to bring in extra cash.
Ask your lender to help you with a loan modification. Many lenders these days are willing to do this because of all the foreclosures that they have to deal with. They would rather rewrite your loan and give you a chance to redeem your mortgage that to give up on you and foreclose. Foreclosure costs the banks money and when a foreclosure occurs, that home is no longer being paid for.
If you think that it might be a better idea to sell your house, put it on the market right away. Call an Atlanta real estate investor to see what he or she can offer you for your house. Selling with a real estate investor will also allow you to avoid having to wait for a buyer. In most cases, we can close within weeks, if not days.
If you feel that you have an immanent foreclosure, we can help save your credit by buying your house today, or work out win-win situation that will work for everyone.
Not sure where to go next to save your house from foreclosure? Contact Atlanta House Buyers today for a no cost, no pressure consultation. We are here to help. Doing something about your mortgage situation is always better than doing nothing, and by contacting us today, you may find that there really is a solution besides foreclosure.
Save Your House From Foreclosure
You don’t have to go on searching for companies that buy your house for cash in Atlanta. We are the trusted homebuyers in Atlanta for any homeowner that needs to sell their house fast for any reason.
If you would like a fair offer on your house, or hear other possible solutions… contact us. We are professional home investors who buy houses in Atlanta for cash and offer other win-win solutions, and we won’t waste your time.
