How can I prevent foreclosure from occurring?

Foreclosure is a daunting prospect for homeowners in Georgia. Fortunately, there are steps you can take to prevent it if you act swiftly. The Balance offers the following tips to homeowners so they can maintain their most precious investment.

Loan modification

High-interest rates make repayment a lot more difficult. If this is true for you, you can request a modification from your lender. You may be able to lower the interest rate, which can make payments a bit more manageable. If there’s a risk of your interest rate getting higher, which is the case for adjustable rate loans, your lender may also keep the current rate. The sooner you contact your lender, the better the chance of modification.


Your monthly payments could also be getting in the way of your ability to pay. Forbearance occurs when lenders create a new repayment plan to meet the loan holder’s needs. Forbearance usually occurs when foreclosure is likely, which means a few payments may have been missed. You can also request loan forgiveness, in which the lender will dismiss those missing payments. However, many lenders are unwilling to grant loan forgiveness unless the circumstances are extreme.

A short sale  

If you’ve already received a Notice of Default, which means the foreclosure process is in motion, you might want to consider a short sale. You qualify for a short sale if your mortgage is more than your home’s current wealth. Your lender will also have to sign off on a short sale since they will be losing money on the home. While you won’t be able to keep the home, the effect on your credit will be less damaging when compared to a foreclosure.

No Comments

Leave a comment
Comment Information
  • State Bar of Georgia - Lawyers Serving the Public and the Justice System
  • Gainesville, Georgia - Since 1821
  • TOBA - Thoroughbred Owners & Breeders Association
  • Fenway-Foundation

Tell Us About Your Legal Need

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

The Roberts Law Firm, P.C.
604 Green Street
Gainesville, GA 30501

Toll Free: 866-594-7535
Phone: 404-537-2796
Fax: 404-841-0775
Gainesville Law Office Map