Facing Foreclosure? Don't wait to too late to check out your options.

Real Estate Agent with Solid Source Realty GA 320764

Act fast to avoid Georgia foreclosure.

Nowhere is the foreclosure process faster or more brutal than in the state of Georgia. But even here, foreclosure can often be avoided -- even if you have already received the notice of sale. But don't wait until then to investigate your options. Find out for yourself what your possible outcomes might be as soon as you realize you're in trouble. In general, the Georgia foreclosure process can end one of five ways: 

Can you play catch up?

(1) You could pay off the default amount to reinstate the loan during a grace period known as pre-foreclosure. This is anytime up to the day of the foreclosure sale on the courthouse steps.

Can you swing a loan modification?

(2) Under President Obama's plan, you could still apply for a HARP (Home Affordable Refinance Program) loan modification, which will temporarily or permanently change the terms and maybe even the principal amount of your home loan. There are strict guidelines in place and not every home owner can be helped, but if you desire to remain in your property, this could be your answer. Contact your lender right way to get the process started. 

Can you short sell?

(3) You could sell your property to a third party during the pre-foreclosure period, allowing you to settle the loan "paid as agreed" and avoid having a foreclosure on your credit history. This is commonly referred to a s a "short sale", although there is nothing short about the process, which can take weeks and sometimes months to successfully negotiate. For more information on this option, see my Short Sale Frequently Asked Questions page at AvoidGeorgiaForeclosure.com

There is a kind of freedom in foreclosure.

(4) If all else fails, your home will go into foreclosure and a third party may buy the property at a public auction at the end of the pre-foreclosure period. In Georgia, these auctions take place at the courthouse of the county of record on the first Tuesday of every month.

A lender take back is still a foreclosure.

(5) Finally, if the lender doesn't get a high enough bid at the auction, they may take ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure, called a "deed in lieu of foreclosure", or by buying back the property at the public auction.

If you are interested in discussing any of the non-foreclosure options with a Certified Distressed Property Expert, contact the Best Atlanta Short Sales team today. 


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Georgia Dekalb County Ellenwood
Atlanta Real Estate Q&A
Short Sales Pre Foreclosures Bankruptcy and More!
Georgia Association of REALTORS®
deed in lieu
mortgage default
short sale
loan modification
loan workout
avoid georgia foreclosure

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Linda Jandura
Raleigh Cary Realty - Apex, NC
Realtor, North Carolina Buyer & Seller Specialist

Elva- well written with great information to help home owners who are facing foreclosure. It's a sad situation, but you seem to be able to explain the options well to your clients.

(just a side note, your links don't work- you might try reinserting them)

Jul 05, 2009 11:11 AM #1
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Thanks for commenting, Linda. We have to be well-versed in these things. Sorry my links are down for a few days, as I made some changes to my free officelive website that require it to be down. I hope it doesn't take too long to get back up.

Jul 06, 2009 12:08 PM #2
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Elva Branson-Lee

CDPE - Atlanta Real Estate & Short Sale Agent
Ask me about Georgia short sales
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