Georgia Forclosure and Repossession Information

Avoid Georgia Foreclosure and Repossession

The very best way to avoid Georgia foreclosure and repossession of your real estate investment is to carefully set up a monthly budget which lists catagorically all your debts and shows your total income. By following this budget your obligations become clear like a road map of sorts. Follow your budget daily.

While most of this information may apply to all homeowners in danger of losing their homes, not all of the foreclosure and repossession information contained here may apply to every circumstance and mortage lenders. Please contact your lender, a real estate attorney or a housing counseling agency to get all the options available to you.

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For more information on your legal right use the contact below to obtain a referral for an attorney who specializes in Georgia Real Estate law:

State Bar of Georgia
104 Marietta St. NW, Suite 100 Atlanta, GA 30303
Phone: 800-334-6865

While it seems more convenient to contact an attorney or your mortgage lender online via email it is important to call and let them hear from you and voice your concern to remedy a foreclosure situation.

What Happens When you Miss Mortgage Payments?
Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home. Both foreclosures Repossessions, deficiency judgments could seriously affect your ability to qualify for credit for may years.

Things you can do if you fall behind on your mortgage payment.
DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call or write to your lender's Loss Mitigation Department right away. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses.

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What Are My Alternatives?
You may be considered for the following: Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan. Mortgage Modification.

You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

You may also want to find out if you can consolidate all your other monthly debts such as credit cards, car payments and other monthy payments into a debt consolidation loan which could save you money monthly which in turn could help you pay your mortgage in a timely manner.
To explore Debt Consolidation click here.