Many homeowners are finding themselves under financial constraints and are concerned about their ability to pay their mortgage, With home values declining, many mortgagee's owe more than their house is worth. So what can a homeowner do? I would suggest to first contact your mortgage company and make sure you fully understand the terms of your loan. Some may find that their interest rate is going to increase in the near future causing their monthly payment to increase, or their loan balance is going to come due all at once. You don't want to get caught off guard.
Maybe you could talk to your mortgage holder about your options to modify the loan or agree on a payment plan that could reduce your burden until you become financially stable again.
A less favorable route to go is to list your property for sale as a short sale- meaning you will sell the property for less than you owe- and that does require approval. You may become liable for the remaining balance depending on what you arrange with your mortgage company.
And lastly, foreclosure. You quit making payments and are evicted from your home.
Get informed and if you need help call your mortgage company or a Realtor with your questions. If you are in the South Atlanta market- McDonough, Stockbridge, Locust Grove, Griffin- I'm ready to help you survive this journey. www.homesofsouthatlanta.com
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