Georgia Foreclosures

In 2010, Georgia has been one of the unfortunate casualties of the housing crisis with some of the biggest rates of foreclosure in the nation. Even as you’ve seen over the last few years, the housing sector has taken quite a beating, but Georgia stands out along with California, Nevada and Arizona as one of the hardest states hit. Home sales are down, homeowners are losing their jobs, or have loans that go far above what they can afford. Georgia Foreclosure laws in 2010 have been written to help protect you, and the lender, get back to business as usual as quickly as possible. No one likes going through foreclosure, but understanding Georgia’s Foreclosure laws can go a long way in protecting you from making a costly mistake that might keep you in court for years to come and ruin your credit forever.

Georgia Foreclosure laws for 2010 include a few important details:

Banks only need to give a thirty day notice that they will be foreclosing on the property, and worse yet, homeowners do not necessarily have to receive that notice, only that the bank sent it at some point. Georgia foreclosure laws also allow banks to begin the foreclosure process if you are even a day late with your mortgage payment. It’s possible for you to mail in your mortgage payment, the payment gets there late (or not at all) and the bank begins foreclosure proceedings on your home without you even seeing the notice that they’re foreclosing. The obvious solution to this problem is to make sure you aren’t late with your payments, but in today’s economy, that isn’t always an option. Unfortunately, even loan modification programs in Georgia are all too rare as many homeowners do not qualify for the foreclosure modifications.

In 2010, several bills were put in front of the state legislature to help improve the foreclosure process. Here is a list of the laws enacted:

H.B. 899

Relates to foreclosure in general, so as to change the time for the delivery of a notice of the initiation of foreclosure proceedings; provides for an opportunity, prior to foreclosure, for a debtor to cure a foreclosure and bring the debt current by making all past due payments along with any late fees and charges.

H.B 972

Relates to foreclosure in general, so as to change the time for the delivery of a notice of the initiation of foreclosure proceedings; provides, under certain circumstances, for an opportunity, prior to foreclosure, for a debtor to cure a foreclosure and bring the debt current by making all past due payments along with any late fees and charges.

H.B. 1228

Relates to foreclosure generally, so as to allow for the right of redemption of foreclosed mortgages under certain circumstances; provides for certain information to be included in the advertisements of certain foreclosure sales.

H.B. 1460

Prevents the conditioning of a sale of a foreclosed home upon the buyer’s purchase of title insurance from a particular insurer or upon the buyer’s purchase of escrow services from a particular buyer.

These bills and more have helped Georgians go through foreclosure in a much easier and more efficient manner that is both fair to the borrower and the lender. The housing crisis isn’t going to be fixed overnight, but with proper laws and education, the new Georgia Foreclosure laws will certainly help serve the public good.

If you are a homeowner who is struggling with your mortgage, we have several ways to prevent foreclosure. Call Mark Lackey at 404.886.8789 to discuss how we have helped hundreds of homeowners avoid foreclosure.

Selling a House at a Loss

Humans tend to think that they’re due for a run of good luck if only they hold on and keep trying. It’s similar to the mentality a gambler gets when he’s losing at the table, just one hand could turn everything around. But, the smart card player knows when to get up from the table. The same can be said when it’s time to sell your house at a loss. It’s perfectly understandable why you’d want to wait for better days to sell, but staying paralyzed on the issue is going to cost you money every month you push off the decision on what you want to do.

In a bad real estate market, sometimes you have little choice to do anything but sell your house at a loss. Simply put, you paid more money than the house is currently worth, or are able to get in a tight real estate market. The good news is that there are many ways to minimize the pain and find a buyer quickly to help you untangle your current financial situation.

The best thing you can do when you find that your house is no longer worth what you paid for is to see if you qualify for any refinancing of your home loan. Many banks are able to give you favorable rates as a way to manage your debt load until you’re able to unload the house and pay off the mortgage.

Examine your situation and needs. Depending on your situation, you have many avenues when it comes to selling your house at a loss. The first is to contact your local realtor and ask them questions about the neighborhood and what they might be able to do for you. Realtors know the local market better than anyone else, and local real estate news about your particular neighborhood can be hard to come by online.

Make sure you understand what money you would have to refund to your institution and pay after selling your house at a loss. Several years ago, the Federal Government offered an $8,000 tax credit for new homebuyers. If you took advantage of that credit, you may have to repay the difference depending on how long you stayed in your home. You’ll want to contact the IRS and ask them for a  schedule of “Repayment Triggers” to get more information on that.

See if you are qualified for a short sale. Short sales are great instruments for those people who need to move their homes immediately. Unfortunately, simply owing more money on your home isn’t always enough to qualify, but that doesn’t mean you shouldn’t look into it. Several different factors affect the decision on whether or not a home is eligible for a short sale and it is a very handy instrument for those who need to get out of debt fast. Be warned, by going through a short sale, you will have to wait a couple of years until you will be able to qualify for another mortgage. Short sales do affect your credit score, so short sales should only be used if you understand the consequences that come along with it. Weigh the pros and cons of each path and see which will be more expensive for you and your life plan.

Selling your house at a loss can be a complicated process, but with a well-qualified Real Estate agent at your side and people you trust handling the finances, you can successfully navigate it and save yourself more money than you would have otherwise. If you need an expert opinion – call Mark at 404.886.8789 and get your FREE / NO OBLIGATION assessment of your situation.

Gwinnett Foreclosure List

A Gwinnett foreclosure list is a great way to start looking for a home. Although they are hard to come by and they change frequently, the Atlanta Housing Source Team can help you. You have heard all the news and know that there are great deals to out there to buy, but where do you get started? Knowing the latest foreclosed homes is a great way to start your search.

The Gwinnett foreclosure list shows the most recent properties that have gone through the foreclosure process and are now listed for sale by the banks’ agents. These are also known as banked owned or real estate owned (REOs). As there are hundreds of foreclosures in Gwinnett each month, there are many homes to choose from.

The list of Gwinnett foreclosures has homes in all price ranges and areas. So no matter your needs, there is a Gwinnett foreclosure that can meet your needs. We have seen homes from less than $50,000 to over $1,000,000 and everything in between. Some of the homes need work and others are in reasonable condition. You will also find homes in just about every neighborhood.

So, if you are interested in learning more about our Gwinnett foreclosure list, contact us today and we will be happy to set you up for the newest homes that meet your criteria today.

Call 404-886-8789, Today!

 

Gwinnett Foreclosure Auction

A Gwinnett foreclosure auction is a good way to find a home in today’s market. Typically the prices for homes that are sold at auction are a tremendous value. However, this process of buying at auction can be complicated and can have a not so happy ending if you are not careful.

The difference between buying at an auction of a Gwinnett foreclosure and other listings is that the seller is typically a bank who is trying to sell a bunch of their inventory at one time through the auction process. Like any other auction, there is a bidding process with an opening bid. The home is then sold to the buyer at the highest price.

A Gwinnett foreclosure auction can be an easy way to purchase a home. Yet, we have seen several occasions where the buyer has gotten burned, so we advise only experienced home buyers or buyers represented by an agent go through this process. There have been instances where buyers have purchased a home and because there are no disclosures, found that they had bought a home that had defects that were not evident (mold issues, survey problems, and structural defects for example). Once you purchase the home, there is little recourse in most auctions as all sales are typically final.

So, if you are interested in learning more about Gwinnett foreclosure auction homes, contact us today and we will be happy to speak with you about that home and how we can get you into your dream home.

Call 404-886-8789, Today!

 

Gwinnett Foreclosure Listing

A Gwinnett foreclosure listing is a home that has been through the foreclosure process and is now being marketed for sale through a bank’s agent. These homes are also known as banked owned or real estate owned (REOs). The benefit to searching for a foreclosure is that these homes are typically deeply discounted and can be a great bargain. Often times however, they also need additional work or repairs.

The difference between a listing that’s a Gwinnett foreclosure and other listings is that the seller is typically a bank or investor. When negotiating with a bank or investor, there is a specific number that the bank/investor needs to net in order to proceed with the sale. Unlike a traditional seller, the bank can take weeks to accept or reject an offer. So, if you are in a hurry, you might want to consider other options.

A Gwinnett foreclosure listing can be found in all price ranges and areas. This can be great if you have the time and patience to wait for bank approval. Something else to consider as well is how you want to deal with repairs. Banks will not typically repair the home, so unlike a traditional seller, you will not be able to negotiate for any defects or cosmetic items.

So, if you are interested in learning more about a particular Gwinnett foreclosure listing, contact us today and we will be happy to speak with you about that home and how we can get you into your dream home.

Call 404-886-8789, Today!