How to Stop a Foreclosure in Atlanta, Georgia
When you purchase a home, your intentions typically are not to lose it in the foreclosure process. Unfortunately, unexpected events occur. Experience a hardship and you could find yourself on the verge of foreclosure. If you are an Atlanta, Georgia, homeowner concerned about foreclosure, seek assistance as soon as possible. Even if your home is in foreclosure, assistance is available to help stop the process. According to RealtyTrac, the foreclosure process takes less than two months in Georgia.
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Instructions
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Stay in your home. The Federal Reserve Bank of Atlanta recommends homeowners avoid abandoning the property. You will be ineligible for assistance programs if you leave the home.
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Call your lender. At the first sign of difficulty making your payment, address the issue with your lender. Even though it may be uncomfortable to face the issue, you may be surprised how willing lenders are to work with you. Inquire about a forbearance to temporarily suspend payments for a specified period of time. If you have not missed a payment yet, refinancing at a lower rate is a long-term solution to make your mortgage more affordable. Before calling, prepare your financial information, such as monthly income from all sources and a list of all expenses.
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Meet with a counselor. A HUD-approved foreclosure counselor can evaluate your finances and mortgage details to create a solution. The counselor will explain all possible options in details and answer any questions you may have regarding the programs or foreclosure process. The Making Home Affordable program offers loan modifications to keep you in your home. A counselor can help you through the application process. The Fannie Mae Mortgage Help Center offers free counseling in Atlanta. Call 800-7FANNIE or visit the HUD website to locate an agency near you.
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Give up the property. Although you will not be able to keep your home, selling or transferring ownership through a deed in lieu of foreclosure can prevent a foreclosure on your credit report. Your lender will need to agree to either alternative. Your local Atlanta lender may partner with HUD to offer a Keys for Cash program. The Home Affordable Foreclosure Alternative program provides relocation funds for homeowners who complete either a short sale or deed in lieu. Contact your lender to find out if it participates.
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