Foreclosure Help in Georgia
No one wants to be faced with foreclosure, but sometimes circumstances do not play out favorably, and you end up with a foreclosure notice in your hand. Any time you default on a home loan payment in the Peach State, the lender may begin a foreclosure process. Although you can expect the process to be nonjudicial—does not require the court system—there are instances where judicial foreclosures are plausible.
Stopping foreclosure in Georgia begins with understanding Georgia foreclosure laws and options available to homeowners. Let’s have a look at some facts about Georgia, including foreclosure statistics and resources to get you back on track.
Cost of Living in Georgia
Although the cost of living in Georgia is around 3% less than the national average, homeownership is stressful nonetheless. In 2019, the average cost of a home was around $180,500, excluding Atlanta, where the median cost is $290,000. Only 17% of the listed properties throughout the state were above $385,000. That means that Georgia has a cheap housing market.
According to the U.S. Energy Information Administration’s 2017 report, an average energy bill in Georgia runs around $125.00/month. That puts it nearly $15.00 higher than $111.67, the national average. Although the cost of living is cheaper (in terms of cheaper groceries, transportation, and healthcare), there are unfortunate incidents that can lead to families and individuals falling behind on mortgage payments.
Foreclosure Statistics in Georgia
In 2020, the nationwide rate of foreclosure dropped between March and May. In Georgia, 1 in every 10,482 homes is at risk.
The top 5 counties with the highest foreclosure rates in Georgia include:
- Taliaferro: 1 in every 1,091
- Turner: 1 in every 1,951
- Twiggs: 1 in every 2,122
- Clayton: 1 in every 2,189
- McDuffie: 1 in every 2,333
Foreclosure Resources in Georgia
Thinking, “Help! I’ve missed a payment. Now what?” Usually, if you get a notice of foreclosure, it is because you have missed the late payment after any grace period expired. Most grace periods range between 10-15 days, and you will get late charges.
The mortgage servicer will attempt to contact you to present “loss mitigation” options within 3 months of the missed payment. If 45 days go by, the servicer will send a letter detailing the options. After that, federal law states that any servicer who has not received payment must wait over 120 days to file for official foreclosure. There are a few instances where foreclosure can start sooner, such as violation of due-on-sale clauses.
One of the first steps you need to make is assessing your financial situation. Knowing what you are making and spending, as well as where additional money may come from, can help you out of this situation.
You can check locally. Ask friends and family if they are willing to make a personal loan. Go to local financial institutions and banks that have methods for stopping foreclosure. If these options are unavailable to you, consider the following:
Georgia Department of Law
On the official website, you can find useful tips for homeownership and resources on foreclosure.
HomeSafe Georgia
According to their website, Homeowners from 128 counties have been able to keep their homes through HomeSafe Georgia. You can learn more about the program’s requirements and apply for help at www.HomeSafeGeorgia.com or call 1-877-519-4443.
Neighborhood Assistance Corporation of America
A non-profit HUD-certified agency that offers all services for free. The Georgia-branch of the NACA can be contacted by calling 404-377-4545. You can also visit their website for additional resources.
HUD Program
You may also want to call the U.S. Department of Housing and Urban Development for more information on avoiding foreclosure. Optionally, call 800-569-4287 to find a local HUD housing counselor.
Georgia Foreclosure Attorney
Sounds scary, but reaching out to a foreclosure attorney in Georgia may give you some insight into your legal options. An attorney may help you understand your rights as a homeowner and options other programs may not explore. Attorneys generally offer a free consultation, this gives you the chance to get answers to basic questions before paying.
Georgia Bankruptcy Attorney
Filing bankruptcy can protect a home facing foreclosure. But, this does not mean it is true for Georgia or your unique situation. Chapter 7 bankruptcy in Georgia may temporarily stop a foreclosure sale for 45 to 65 days after filing. This can give a homeowner time needed to catch up on mortgage payments and work out a solution with the lender.
Short Sale
If you want to keep your home in Georgia then a short sale may be the last thing on your mind. However, it is best to understand every option available. A short sale occurs when you sell your home for less than the current balance on your mortgage. It is important to know that a short sale must be approved by your lender. If it is approved, the holder of your mortgage agrees to accept the proceeds and to cancel the mortgage on your home.
You may also be eligible for the federal government’s Home Affordable Foreclosure Alternatives Program (“HAFA,”) which offers short sale and deed-in-lieu options. For information on HAFA eligibility requirements, visit www.makinghomeaffordable.gov.
Have a specific question about Avoiding Foreclosure in Georgia? Check out our Foreclosure FAQ’s section.
Give Us a Call
In the event that the resources provided are not enough to help you through this troubling time, or if you have any questions regarding foreclosure, call us at 1-877-494-9007. Our representatives are more than happy to speak with you.
Foreclosure is not the end of owning a home. Understanding foreclosure, using available resources, and making adjustments to your financial situation can help you overcome the situation. And you don’t have to do it alone. Get in touch. We’ll help you get through this.