What should I do if faced with a foreclosure?

If you’re facing a foreclosure in Georgia, you’re probably quite worried about the prospect of using your home. While foreclosure may be inevitable in some cases, taking the right steps can mitigate the process or even prevent it for some homeowners. Forbes explains what you should do if foreclosure is a possibility.

Understand the process

You’ll receive a lot of documents once the foreclosure process is initiated. In this case, make sure you fully read each correspondence and contact the issuing office if there are any questions. Also, make sure you understand the laws in your state, which can vary quite a bit. You may even want to hire an attorney, who can lend a hand during the process.

Contact your lender

Once you have a solid understanding, the next step is to contact your lender right away. There could be a number of options at your disposal, which could help you get right with payments before foreclosure actually takes place. For instance, a lender could allow you to refinance your loan or devise a new repayment plan. You may also be eligible for a loan modification, so the terms can be altered to decrease your financial burden.

Consider other options

If there is simply no way to avoid foreclosure, it’s time to think about some other options. Filing for bankruptcy is one possibility, which could either eliminate debt altogether or provide a reasonable repayment plan. You may also be able to do a short sale, which is when the lender allows you to sell your home for a lesser amount than your mortgage is actually worth. While you’ll still lose your home in this case, you will be able to mitigate some of the financial fallout.

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