Are you facing foreclosure in West Georgia? It’s a scary, upsetting, and hugely stressful situation to find yourself in – but you’re not alone. Here’s what you need to know about West Georgia foreclosures and the options that you have.
What is foreclosure, exactly? If you don’t make your mortgage payments on time, then your mortgage lender starts the legal process of foreclosing on your house. Essentially, the lender reclaims your house in order to sell it or auction it in order to pay off the debt that you owe on your mortgage.
Most lenders don’t want to have to foreclose on a property, since the process is a costly and time-consuming one. However, it’s important to take immediate action if you’re facing foreclosure, and bring your mortgage payments up to date.
Foreclosures in West Georgia: A Frequent Occurrence
When you’re facing foreclosure, it may feel like you’re completely isolated in this situation, but there are actually many other people who are dealing with the same thing right now. According to these West Georgia foreclosure rates as of June 2018, here’s what you can expect from each county:
Carroll County: 1 in every 1,591 houses foreclosed.
Haralson County: 1 in every 2,041 houses foreclosed.
Paulding County: 1 in every 1,375 houses foreclosed.
Douglas County: 1 in every 905 houses foreclosed.
Those are some pretty eye-opening rates, especially since most of them are higher than Georgia’s overall foreclosure rate of 1 in every 1,817 houses. Sadly, this is a widespread problem in West Georgia.
What to Do When You’re Facing Foreclosure in West Georgia
If you find yourself facing foreclosure, don’t panic. These steps can help you through the process.
- Start foreclosure avoidance counseling. It’s important for you to understand the foreclosure process, laws, and your options in Georgia. Start by consulting with a HUD approved foreclosure avoidance counseling service. Here’s a list of the services available in Georgia. These counselors can help you to understand how to handle the process, and can even advise you on how to have a conversation with your mortgage lender.
- Missed a mortgage payment? About to be late on another one? Call your mortgage lender to discuss your situation and see if you can find another option that works better for you. Your lender may be able to adjust your repayment plan, modify your loan, or come up with another way to help you get current on your mortgage payments.
- Seek out state help. States do have programs that can help with a pending foreclosure. Contact the Georgia Department of Community Affairs to find out about any resources or assistance that may be available to you.
Selling Your Home During a Foreclosure
It may seem that the best thing to do would be to sell your house, use the income to pay off the rest of your mortgage, and get out of your foreclosure situation. This is referred to as a short sale, and the benefit is that it doesn’t damage your credit as badly as a foreclosure does.
While you’re in pre-foreclosure – in other words, the period up until the lender auctions off your house – you can sell your home. It’s possible that you may sell your home for enough to pay back your mortgage payments, as well as penalties and fees, though this depends on your individual situation.
But, you have to act fast, and you have to find a buyer quickly. It takes Georgia homeowners an average of 3 months to sell their home, and you might not have that much time.
That’s where we can help. At D&R Buys Houses, we understand when you’re in a tough place and need to sell quickly. We pay cash for houses in West Georgia, and can often close in as little as 7 days. There are no realtor fees for you to pay, and we’ll even cover closing costs.
If you’re facing foreclosure and need to sell your house fast, please contact us right away. We’ll come out, take a look at your house, and make you a cash offer.