How do you stop a foreclosure in Georgia? Maybe you’ve gotten a notice of default from your bank and now the clock is ticking on your foreclosure. How do you stop a foreclosure? You do have a few different options if you’re in the state of Georgia and you’re in foreclosure on stopping that. Josh, why don’t you elaborate on some of the ways that you can stop a foreclosure in Georgia?
Josh Rand:
The easiest way of course, and we wouldn’t necessarily be in this situation per se, if this was possible, is to just go ahead and pay the amount that you’re behind in the mortgage. Then the next possible way could be paying off the mortgage, selling the house, and paying off the mortgage prior to the foreclosure date. You could also potentially modify your mortgage modification is simply where you make a request from the bank to take the amount that you’re behind and perhaps you sign an additional note and they tack that back to the end of the mortgage, is one way to deal with that or of course.
Lastly, one option again is you could file bankruptcy and if you haven’t filed bankruptcy in the last 12 months, then when you do file a bankruptcy, that’s going to include an automatic stay, which would prevent the bank from moving ahead in the foreclosure process. And again, what this does is this is going to give you options to either have more time to sell the property, to potentially get the highest price that you can get on the market. It might also allow you to handle or structure the debt in such a way that you could possibly stay in the house. Brad Woodall:
Definitely. And there are some really good bankruptcy attorneys out there that can really help you out with that. So if you are thinking about going the bankruptcy route, we really suggest that you contact a bankruptcy attorney before you do that because it may not be the best option for you.
Josh Rand:
Well, and I want to point out that as part of what we’re providing here, while I’m not a bankruptcy attorney, as part of what we’re offering as a consultation, I’m going to go into your specific situation and I’m going to give you some guidance and we can talk about bankruptcy and we can turn you on to a bankruptcy attorney as well as one of the things that we do.
Brad Woodall:
Definitely. So we hope that answers your question about stopping a foreclosure in Georgia. It is possible, it has been done, it can be done, and ultimately it’s really up to the bank to decide whether they’re going to stop a foreclosure or not. You could do all the things right and the bank could still say no. So you need to make sure that you are not delaying that and make sure you’re doing that ASAP.
So guys, if you have a property that you’re interested in selling, we buy properties as is all over the state of Georgia. We pay cash, we close quickly. Also, if you are interested in maybe listing that house and getting top dollar out of that house, I’m actually a licensed real estate agent in the state of Georgia. We can help you with that as well. Or if you’re just interested in getting some advice on your specific situation, you can click on the form below on our website and it will send an email to a member of our team and we will be in touch with you ASAP. So we hope these videos help you out. Thanks for checking on this video today and we hope you have a great day. Bye-Bye.
How to Stop a Foreclosure in Georgia
A conversation with Brad Woodall and Attorney Josh Rand
Brad Woodall: Have you received a notice of default from your bank, and the foreclosure clock is ticking? Don’t panic!There are several ways you can potentially stop a foreclosure in Georgia. Josh, can you elaborate on some of these options?
Options for Stopping a Foreclosure
Josh Rand: The most straightforward way to stop a foreclosure is by paying the overdue amount on your mortgage. Of course, this isn’t always feasible, but it’s the most direct solution. Another option is to sell your house and pay off the mortgage before the foreclosure date.
Brad Woodall: Absolutely. If selling your house outright isn’t an option, you might consider a mortgage modification.This involves requesting the bank to adjust your mortgage terms, potentially adding the overdue amount to the end of your loan.
Josh Rand: Lastly, filing for bankruptcy can also halt a foreclosure, provided you haven’t filed in the past 12 months.This triggers an automatic stay, preventing the bank from proceeding with foreclosure. It buys you time to sell the property, explore other options, or potentially restructure your debt.
Important Considerations
Brad Woodall: It’s important to consult with a bankruptcy attorney before filing, as it may not be the best solution for everyone. An attorney can assess your situation and advise you on the best course of action.
Josh Rand: That’s right. While I’m not a bankruptcy attorney, I can offer guidance and connect you with a qualified professional as part of our consultation services.
Let’s Connect
Brad Woodall: We want to emphasize that stopping a foreclosure isn’t guaranteed. Even after taking all the right steps,the bank ultimately decides whether or not to proceed. Therefore, acting quickly and exploring your options is crucial.
If you’re looking to sell your property quickly for cash, we buy houses as-is throughout Georgia. We also offer real estate listing services if you prefer to get top dollar for your home.
For personalized advice and guidance on your specific situation, fill out the form on our website, and a team member will contact you as soon as possible. We hope this information has been helpful!