If you are like most home buyers, you probably purchased your home with a loan, which means you have monthly payments. If your financial situation declines and you struggle to make those payments, you could face foreclosure, which means losing your home to your lender and also taking a devastating hit to your credit score. If you are facing foreclosure, you should know that there are options.
Bankruptcy
If your financial situation is bad enough, you may want to consider filing for bankruptcy. While bankruptcy isn’t a great option and will destroy your credit, there is one good thing that it does: it stops the foreclosure process. When you file for bankruptcy, your mortgage lender has to cease foreclosure efforts, at least until your case makes it through bankruptcy court. You also could afford foreclosure altogether if you file for chapter 13 bankruptcy, which allows you to reorganize your finances with the court’s help. You may be able to hold onto your home permanently if you show that you can now make the payments.
Selling Your Home
Another avenue for avoiding foreclosure in Atlanta is selling your home before the bank can repossess it. This may not be something you want to do, but it’s better to sell your home and get something out of it rather than lose it to the bank and let your credit score take a hit. If you need to sell your home fast to avoid foreclosure, then a company that specializes in doing cash sales of homes can be a good option for you. You can close quickly and not have to worry about mortgage payments piling up.
If avoiding foreclosure in Atlanta is something you need to look into, don’t fret. These are two of the most effective ways to avoid or delay foreclosure.
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