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Facing Foreclosure? What You Need To Know Living In Alpharetta.

Question:  I am two months behind in my mortgage payments.  What time do I have before the bank starts foreclosure proceedings?

Answer:  Typically, if your mortgage is with a large bank or mortgage company, the lender usually waits until you have missed 3 months of consecutive payments.  In the state of Georgia, a foreclosure process by a bank does not typically require a court proceeding, which means the lender can foreclose within 30 days of the foreclosure process.  In some instances, if your lender is aggressive, the bank can start a foreclosure process after you have missed just one payment and your total time frame can be as little as a 60 day process.  Because the state of Georgia doesn’t require a court hearing to proceed with foreclosure, Georgia is known as one of the fastest states in the country for the foreclosure process.

Question:
  Is there any way to halt the foreclosure proceeding once it begins?      Qustions About Foreclosure

Answer:  Yes. You will need to consult with an attorney to advise what remedies are available to you through a court process. 

Question:  I have always made a nice living until I just recently lost my job.  I had a perfect credit score and now I feel embarrassed and humiliated about having to call my lender and creditors.  I feel tremendous pressure and have trouble facing each day.

Answer:  First, you are not alone.  In today’s economy, your situation is identical to ten’s of thousands of people across the country.  Going forward, remember, yesterday was the past, tomorrow is in the future and we are only left with today as no one knows what tomorrow will bring.  Take each day as it comes.  Do not look forward or backward and concentrate on today!  Do not think about the next 30 or 60 days.  You would be surprised what you can accomplish each day.  This too will pass.  Call your lender and creditors.  Your situation is not unique and we are in a national recession resulting in tens of thousands of people facing the same exact issue. Your creditor has anticipated this problem and is prepared to deal with it, especially with today’s mortgage crisis.  The majority of people typically become paralyzed with fear and this will be your enemy.  Face each and every creditor with your head held high!  Lenders and creditors are facing their biggest crisis in decades and you can be sure they do not want to own your real estate.  Banks are in the lending business, not in property management.  They are ill equipped to handle your property which gives you plenty of negotiating leverage.  The lender wants to work with you, but in order to do so, they need to be able to talk to you.

Question:  What is a short sale?

Answer:  A short sale is what you offer to pay your lender with an amount that is less than your outstanding mortgage balance.  Your lender must agree to accept the discounted payment or you cannot pass on clear title to the new buyer.  Lenders will evaluate your offer.  Do not be afraid to propose a short sale to your lender.  Lenders may ask you to personally guarantee the discrepancy and look for you to pay it back at a later date, but this too is negotiable.  There is no such thing as standard in this market.

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