Over the past year, Georgia (as well as many other states) have seen a record number of foreclosures. The reasons vary, but are mostly due to the cheap money that was available when the market was peaking. A lot of people got loans for homes that they could not afford at a low introductory (but adjustable) rate. When the rates were raised after the first year or two, they skyrocketed and most buyers could no longer afford the payments.
I saw this interesting article in the Atlanta Journal & Constitution about how owners can avoid foreclosure. Georgia, along with Texas, are the states with the shortest window from the time of default until the time of sale at the courthouse steps. That window is 37 days. It is not much time at all for owners to find help.
Help is available but time is of the essence!
Because I buy investment properties, I often encounter owners who are behind on their payments and facing foreclosure. One thing that never fails to shock me is how few of them have a plan or are even open to finding a solution. They just bury their heads in the sand and wait until the day before auction to remove their belongings from the property.
If you are facing this problem, there are several things you can do to try to stop foreclosure. I can help you make a plan to either get yourself back on track with your mortgage company or find a buyer to take the house off of your hands so that you can have a fresh start.
If you need some help, please give me a call today. Together, we'll explore all of your options to find a solution that works for you. 770-862-8002.
Michael Bradford
Southern Prime Realthy
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You're right: 37 days is hardly any time at all for homeowners to figure out a solution to foreclosure. At the very least, they'll probably need to have the foreclosure hearing or sheriff sale postponed a time or two, just to have enough time to submit any kind of package to the lender and get approved. Whether that's to sell the house or work out a payment plan, 37 days is just very little time to prevent the foreclosure from going through.
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