Can You Stop Foreclosure in Georgia?
A conversation with Brad Woodall and Attorney Josh Rand
Brad Woodall: Hey everyone, I’m Brad, here with my partner, Josh. Today’s question is: Can you stop a foreclosure? The answer is, maybe. Josh, could you talk about some instances where you’ve stopped a foreclosure?
Options to Stop Foreclosure
Josh Rand: Remember, once you receive a foreclosure notice, the clock starts ticking. Acting quickly gives you more flexibility and options. One way to stop foreclosure is by selling your house. If you have a contract but can’t close before the foreclosure date, the bank might be willing to stop it if you provide them with the contract.
Brad Woodall: That’s right. Another option is filing for bankruptcy, which halts foreclosure and gives you time to either sell the house or find other solutions. However, you should consult with a bankruptcy attorney first to determine if it’s the right course of action.
Josh Rand: You could also pay the reinstatement amount, which is the total amount you’re behind on your mortgage.Bringing your mortgage current before the foreclosure date can stop it.
Additional Strategies and Considerations
Brad Woodall: We’ve even paid the reinstatement amount ourselves in rare cases when we knew we were going to buy the house. It’s a risky move, but it’s an option if you have the means.
In some cases, banks might agree to stop the foreclosure if there’s a legitimate reason, like a property stuck in probate.However, each bank and situation is different, so it’s crucial to talk to your bank, as they have the final say.
We recently had a situation where a bank agreed to stop a foreclosure if we sent them a contract and proof of funds, but they changed their mind at the last minute. It highlights the importance of communicating with your lender.
Need Help?
We hope this answers your question about stopping foreclosure. If you need to sell your property quickly for cash, or want to list it for top dollar, we’re here to help. We buy properties as-is or can assist you with listing as licensed real estate agents in Georgia. You can also reach out to Josh for legal advice.
If you’d like to discuss your options, click the link below to fill out a form on our website. A member of our team will contact you as soon as possible. Thanks for watching!