Q: Why did my Georgia short sale end in foreclosure?
A: Quite often the answer is simply that you ran out of time.
The #1 mistake that I've seen far too many Georgia sellers make, is waiting until they have hit the wall of a pending foreclosure sale before they initiate their short sale. Only when they have exhausted every other option, and finally accept the fact that they cannot remain in the property do they they make the decision to short sell.
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But in a Georgia short sale, that may be far too late to save them from foreclosure.
Using short sale to stop a Georgia foreclosure is risky business when you are down to the last minute
First of all, Georgia is a Title Theory state, which means that, per your mortgage agreement, the lender can foreclose without a judicial process, and the foreclosure can happen in as few as 30 days.
Secondly, lenders are no longer postponing foreclosures indefinitely or repeatedly. If you have received a foreclosure notice for the first time, many lenders will be agreeable to forestalling or suspending the foreclosure action while you pursue a short sale. However, if you have had previous forestallments with no successful resolution, the lender or investor guidelines may prohibit another postponement.
This is the #1 reason I've witnessed many Georgia short sale properties go to foreclosure, even when there is a viable short sale offer on the table. The seller may have simply run out of postponements.
Time is not on your side when you are in default on your Georgia mortgage..
Timing is everything in this situation, so you must act fast to get your house on the market and under contract if you want to short sell your property as a means to avoid Georgia foreclosure.
Don't wait too late. Call on the Bet Atlanta Short Sales team at 678-855-5238, and get help today.
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