If you do not make your mortgage payments on your Georgia home, your lender will likely contact you to resolve the delinquency. If the lender's attempts are unsuccessful, it may issue a notice of default, which requires you to pay all past due amounts by a specified date. Failing to catch up your mortgage loan after a notice of default can result in foreclosure. Georgia does not provide a statutory right of redemption, which means that you cannot reclaim the home by paying the loan balance after the sale. However, you can use several strategies to bring your account current and avoid foreclosure.
HomeSafe Georgia
HomeSafe Georgia provides mortgage payment assistance to borrowers who meet specific criteria. Assistance is in the form of a forgivable loan used to pay your mortgage lender directly. You must be currently unemployed or have experienced a significant reduction in income, must have been current on your payments before losing your job or experiencing income reduction and must be no more than six months behind on your mortgage. The HomeSafe Georgia website contains complete eligibility requirements and provides an online application for assistance.
Mortgage Modification
Call your lender to inquire about a mortgage modification. This plan can help make your mortgage loan payments on your Georgia home more affordable by lowering your interest rate, rolling your past-due balance to the end of your loan or extending the length of your loan. Your lender will need documentation of your income and expenses, as well as a hardship letter explaining your reason for needing a mortgage modification. You must successfully make three payments under the plan before your lender will consider you for a permanent modification.
Repayment Plan
Your lender may consider a repayment plan to help you prevent foreclosure on your Georgia home. A repayment plan spreads out your past-due balance over several payments usually up to six months to bring your account current. The portion of the past-due balance you pay each month is in addition to your regular mortgage payment. For this reason, a repayment plan is only appropriate if you have the income available to pay a higher mortgage payment for the duration of the plan. Also, a repayment plan does not lower your interest rate or forgive late fees.
Deed in Lieu
If you cannot obtain assistance from your lender or another entity to prevent foreclosure on your Georgia home, you might consider a deed in lieu of foreclosure. This strategy involves voluntarily giving your home to your mortgage lender in exchange for release from your loan obligations. Your lender will only entertain this option if you do not have the income to make your monthly mortgage payments. In some cases, the lender may be willing to rent or lease the property back to you to keep you in the home.
0 comments:
Post a Comment