Preforeclosure in Georgia: What You Need to Know
Under the Federal Consumer Financial Protection Bureau servicing rules that came into effect on January 10, 2014, mortgage servicers must wait until you are 120 days delinquent on your payments before sending any official notices or filing for judicial or nonjudicial foreclosure.
This waiting period is designed to give you ample time to explore loss mitigation options and avoid foreclosure in Georgia. As soon as you suspect you may be facing foreclosure, it’s important to start exploring your options.
By taking action early, you’ll have a better chance of catching up on missed payments and avoiding the negative consequences of foreclosure.
During this pre-foreclosure period, mortgage servicers are allowed to provide notices that inform you of your late payments and explain your loss mitigation options. This can help you understand your options and take the necessary steps to keep your home.
Is it Possible to Sell Your House Before Foreclosure in Georgia?
One question that often arises is whether you can sell your house while it’s in foreclosure. The answer is yes, you can sell your house in foreclosure, and it’s even possible to sell it before foreclosure to avoid the headaches and stress associated with the process.
Under Georgia’s foreclosure laws, you have a 120-day window from the time you miss a mortgage payment until the bank serves you with an eviction notice informing you that your house will be sold at a foreclosure auction unless you bring your payments up to date.
If you’re unable to catch up on your payments, your best option is to sell your house quickly to a company like Blueridge One Homes, who specialize in buying homes in foreclosure.
With Blueridge One Homes, you can sell your house as-is and choose your own closing date, which means you won’t have to make any repairs or clean out the property. Additionally, you won’t have to pay real estate agent commissions or wait months for your home to sell on the market.
By selling to Blueridge One Homes, you can have peace of mind knowing that the sale can close in as little as 14 days, giving you a faster resolution to your financial situation.
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