The huge number of mortgage options and lenders has provided many people wishing to get their own homes many alternatives. Many people are now able to easily access a mortgage and thus acquire their dream homes. However, with this ease in getting approved for mortgages a new problem has come about. There is a huge number of foreclosures recorded everywhere and many homeowners are ending up homeless and still in debt. There is a huge need to stop foreclosure in Atlanta GA. First, there is the obvious loss of your home and thus investment should one fail to meet payments. There is also the implication foreclosure has on your credit rating and you could still be in debt should foreclosure not meet the whole cost. To avoid this one needs to stop it before it becomes a reality. The important step to stop foreclosure in Atlanta GA is acting fast but wisely.
The following are important tips on options and on how to proceed in order to stop foreclosure;
- The first step is to prioritize your bills and mortgage payments should be the top priority. In terms of implications, both short term and long term, mortgage payments have the largest effect. Thus, to stop foreclosure, keeping them a top priority ahead of other bills is a must.
- Get professional help. You cannot stop foreclosure on your own if you are falling behind your mortgage payments. You will need an expert to guide you through and there are several you can get help from. The best are the approved Housing and Urban Development counseling agencies that will help you look at different options. In dire cases, there are government and other charitable organizations, which will help you in getting financial and legal support to stop foreclosure in Atlanta GA. You will also need an attorney to see if there are any unethical practices on the part of the lender.
- You should contact your lawyer should you not be in a position to make a full monthly payment. This is important and not at any point should you ignore their correspondence. Most lenders do not intend to proceed with foreclosures and if you demonstrate good faith, you can work out a range of options. These include extending grace period, allowing lower payments over a certain time amongst others. This is usually a course followed should your financial situation be affected for a short period. They are thus a temporal measure but very critical to stop foreclosure.
- You can also seek to restructure your home. This is an alternative if your financial position has permanently changed. The basic of restructuring is to lengthen the payment period and reduce monthly payments and possibly the interest.
- Seek refinancing. This is a bit expensive option compared to the first two but can be the best way to stop foreclosure. When these three do not work out, the other solutions to stop foreclosure will result in some good amount of loss. They include selling assets, selling the home, filing for bankruptcy, and giving the lender the home.
There are technicalities involved to stop foreclosure in Atlanta GA, call for one to be well informed of the process. To learn more about the process options and dangers, visit foreclosure attorney of Schuyler Elliott and stay prepared.
