How to Stop Foreclosure in Georgia
If you have been having trouble making your mortgage payments in Georgia, you're not alone. Many people want to know how to stop foreclosure in Georgia before they have their credit destroyed and face the embarrassment of a sheriff's sale of their property. It can be relatively simple, sometimes, to stop foreclosure proceedings before they even begin.
However, instead of trying to find out how to stop foreclosure in Georgia, many people simply ignore their creditors or try to avoid foreclosure notices. As this guide will tell you, this is the wrong approach. This guide will instruct you in how to stop foreclosure in Georgia before the bank takes your home, so that you can stop living in fear of your mortgage lender's calls.
When You're Behind On Payments
Lenders typically don't foreclose upon a house until the homeowner is significantly behind on payments. Georgia, unlike some states, does not require your lender to give you notice that you are being taken to court for defaulting on your mortgage—indeed, in Georgia, your lender can foreclose on you without involving the courts at all, in some cases.
If you want to know how to stop foreclosure in Georgia before any legal proceedings have even begun, you should contact your mortgage lender as soon as possible. Your lender is likely to understand your situation, particularly if you are only behind on a few payments and have a bona fide plan to pay off the late amounts. Many lenders will work with you on creating a payment plan to get back on track before your house is sold.
When You've Received a Notice of Sale
If you have received a notice of sale already, this means that your house will be sold in 30 days unless you make your loan payments current. At this point, you may want to pursue alternative options for how to stop foreclosure in Georgia. If your mortgage lender refuses to work out a payment plan, you may want to ask if they would accept a short sale (a sale of your home for less than you owe to the bank). This option still impacts your credit score negatively, but is a much smaller black mark than if you had been foreclosed upon.
Some people will tell you how to stop foreclosure in Georgia by using a deed-in-lieu of foreclosure. However, since the major effects of foreclosure are losing your home and taking a huge hit to your credit score, you may want to reconsider using this option. A deed-in-lieu will still result in your home being taken away, and it is considered identical to a foreclosure on your credit report.
Chapter 13 bankruptcy, which gives you a payment plan for paying off debts, may also give you a way to avoid foreclosure. Talk to a Georgia bankruptcy attorney for details and information about how to stop foreclosure in Georgia using bankruptcy laws.
After the Sale
Unlike many states, Georgia gives you no options to pay up your late payments after the sale has been completed. You should try to avoid foreclosure before the sale, or risk being forcibly removed from your home.
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