What is foreclosure?
When a borrower falls behind on mortgage payments, the lender can seize and resell the property to recover the money that they have lent. The lender usually won’t start the process of foreclosure until payments are 120 days or more overdue. If you’re at risk of facing foreclosure on your home in Ellabell, GA and aren’t sure what to do, there are a few options available to you.
What are my options?
- Reach out to your lender as soon as possible! You might be able to reach an agreement on a payment plan with your lender, if you’re upfront about your situation. A payment plan will allow you to work out a way to catch up on overdue payments, without further straining your finances. You could also ask for a forbearance, which would allow you to temporarily make lower mortgage payments or pause them altogether. It’s important that you reach out to your lender as soon as possible – preferably before you start missing payments. If the lender is annoyed with you for missing payments already, they may be harder to negotiate with.
- File for bankruptcy. You can seek either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 7 bankruptcy wipes out most or even all of your debts, delaying a foreclosure. Meanwhile, Chapter 13 bankruptcy creates a repayment plan for your debts, allowing you the chance to catch up on overdue payments and keep your home. Choosing to declare bankruptcy can have hugely detrimental consequences on both your finances and creditworthiness, though, so think carefully before you do. It may be hard to come back from.
- Agree to a deed in lieu of foreclosure. This is where you hand over your house to the lender in order to avoid foreclosure
How to get help with foreclosure
- Seek legal advice – find a foreclosure attorney in Ellabell, 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
- Seek help from a non-profit in Ellabell, GA or government agency such as:
- HOPE NOW – this is a coalition that work to prevent foreclosures
- Homeownership Preservation Foundation, which assist financially troubled homeowners
- Making Home Affordable program, a government initiative that provides mortgage help.
- NeighborWorks America, a nationwide network of nonprofits.
- National Foundation for Credit Counseling, an umbrella organization for financial counseling agencies across the U.S.
- A foreclosure prevention counseling agency in your Ellabell, GA
- Federal Housing Administration National Servicing Center, which assists homeowners who have FHA mortgages.
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 Ellabell, Georgia 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.