Dealing with the death of a loved one is hard enough, but the financial stress of dealing with the administration of their Chatham County, Georgia estate – including stopping the foreclosure of their home – can only make this harder.
The topic of money is often avoided – even with family members, so when a loved one dies, it can be difficult to figure out how much debt is owed and to whom. Taking on the responsibility of figuring all of this out can be daunting. For many, their biggest asset (and biggest source of debt) will be their home. If they still have a mortgage, it will become the responsibility of the person inheriting the property to continue monthly payments, in order to avoid foreclosure.
However, in these situations, the mortgage is often left unpaid as the person inheriting the property:
- Doesn’t want the property
- Isn’t aware that the deceased’s debt was not wiped out at the time of their death
- Did not know that the deceased had a mortgage on their property
- Does not know whose responsibility it is to continue monthly payments
To stop foreclosure on a home you’ve inherited in Chatham County, GA, the process is similar to if you were purchasing the home for yourself. If you want to keep the home, you can try to apply for a loan modification which will reinstate the loan with one or more of its terms permanently altered. It’s possible to have a lower monthly payment and reduced principal with a loan modification, but not guaranteed.
If the estate has enough cash to do so, you can write a cheque for the previous due amount plus fees. However, if you’re looking at ways to stop foreclosure, it’s unlikely the estate has enough cash in the first place.
You can also apply for a mortgage as the new owner of the home. You would talk to a mortgage lender and apply for a loan. The loan would pay off your loved one’s loan, and you would move forward with the new mortgage. The mortgage process will take into account your assets, debts, credit and income.
Seek legal advice – find a foreclosure attorney in Chatham County, GA who can help you to understand your legal rights in this situation. Depending on your circumstances, you may even be entitled to free legal aid. An attorney can even potentially find a legal defense that could help you to avoid foreclosure on your home altogether
If you don’t want to keep the property, and it’s worth less than the mortgage, you can list it for sale, and attempt to negotiate a short sale or deed-in-lieu of foreclosure, which are often preferable to foreclosure. A deed in lieu of foreclosure is where you hand over your house to the lender in order to avoid foreclosure
If you’ve considered all of these options and none of them appeal, you can always sell your home! Rather than waiting until your home is seized, you may be able to sell it and use the funds accrued to cover your mortgage debt. If you’re wondering “but how can I sell my house fast enough to avoid foreclosure?”, look no further…
Here at Cash 4 Keys Home Buyers, we buy houses in Chatham County, GA for cash, so there’s no need to worry about finding a buyer on short notice! Our business model is to help homeowners who need to sell a house fast (especially houses that need work) by buying your house for cash… then we and our local partners fix up the property, beautify the neighborhood, and sell it “move-in” ready to a happy new homeowner.
We pay for all of the repairs.
We pay for the closing costs.
We do all of the work, so you don’t have to.
Our goal is to make the whole process no hassle for you, so you can move on with your life and put this house behind you.
Know someone selling in New York? Let us know!