Avoid Foreclosure

Foreclosure is one of the most damaging marks you can have on your credit report. On top of that, your lender can attempt to collect their losses from you after the foreclosure. If you are a homeowner who has fallen behind on mortgage payments, you may think there is no alternative other than foreclosure. However, you may be able to preserve homeownership or sell prior to foreclosure, saving your credit and possibly a lot of money. The reality is that mortgage servicers do NOT want to foreclose on your house. They would much rather find other, less costly solutions.
First, the most important thing you can do is contact your mortgage servicer. If the first person you speak with is not helpful, ask to speak with the loss mitigation department. If a hardship has caused you to fall behind on payments, such as reduced or loss of income, a death in the family, medical bills, divorce, increase in expenses, etc, you will need to let them know. Your loan servicer will also want to know if you desire to keep your house. You will need to have all your financial information handy to discuss with your lender. Depending on your situation and the length of the hardship, they may be able to work out a solution to bring your loan current (reinstatement) by temporarily or permanently lowering your payments through loan modification. The solution will depend on your particular situation and your willingness to cooperate.
If, after talking with your mortgage servicer, you are not able to work out a solution, or if the mortgage obligation is more than you are willing to handle, you may need to consider relocating. Your home may qualify for a "pre-foreclosure sale" or "short sale". Either is still a way to avoid foreclosure and preserve your credit if you act quickly. In the case of a pre-foreclosure sale, your mortgage company may give you 2 to 4 months to sell your house. In the case of a short sale, you may owe more than the fair market value of your house. If your lender approves a short sale, they are forgiving the difference between what you owe and the what the sale will net. You may receive a 1099 and owe income taxes on the forgiven debt, but you will be in a much better situation than owing the taxes and being sued for the loss if the property goes into foreclosure. Another option that may be proposed is "deed-in-lieu of foreclosure", in which case, you return the property to the loan servicer in exchange for forgiveness of the debt.
I have a vested interest in helping homeowners like you avoid foreclosure by preserving my community. I have special training as a home retention specialist and am available to help you. Please feel free to contact me with any questions. I will be glad to assist you in contacting your loan servicer and, if it is necessary to sell your house quickly before it is foreclosed, I have experience and additional training in pre-foreclosure and short sales. I will help you throughout the process.
If you live in Gwinnett, Hall, Jackson or Barrow County, Georgia and would like to schedule a free confidential consultation, please contact me.