How For Sale By Owner Can Sell A House In Preforeclosure

How For Sale By Owner Can Sell A House In Preforeclosure

Sell My Atlanta Home Fast…Call Now 470-362-7887

If you got a notice of default you home is now in the preforeclosure stage. If you live in Georgia it is a nonjudicial state. That means that the mortgage does not have to go to court to proceed to foreclose on your home.

So what are your options to stop foreclosure?
You could file a bankruptcy, “wait” this could cause more harm than good.
It can take up to 7 to 10 years for a bankruptcy to be removed from your credit report.
Most people facing foreclosure start off filing a Chapter 13, which remains on their credit report for a total of 7 years.
Not able to meet the Chapter 13 bankruptcy payment plan, they find themselves back at square one. The lender moves to lift the automatic stay in Chapter 13 and the homeowner is again in danger of foreclosure.
Typically, needing to buy more time the homeowner then files for Chapter 7 bankruptcy. This causes the most harm to a consumer credit report because Chapter 7 remains in the credit file for 10 years before being removed.

Sell My Atlanta Home Fast…Call Now 470-362-7887

You can try to do a loan mod but lender have a history of foreclosing on people while they are negotiating it. It has happened to many of our clients. Plus they tend to tac on the arrears on to you mortgage making your mortgage balance more than your house is worth. That’s not good.

You could try to short sale however lenders are making is very difficult to do a short sale that would be favorable for you.

Really the best option you could take advantage of is selling your home to a cash buyer. Now you might ask why can’t I list it with a real estate agent. You can but then you don’t know if their buyers can close fast enough for you in order to avoid preforeclosure.

Real estate investors usually have the cash to buy your property and have the experience in working with your lender to buy it from you and avoid the foreclose and save your credit.

We would call that a win/win. The bank doesn’t have to take back a property. You get out of foreclosure and the investor gets a property.

For Sale By Owner Preforeclosure

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Topic: For Sale By Owner Preforeclosure

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