Cumming, GA Foreclosure. Foreclosure Help

Help Avoid Foreclosure on Your Cumming, GA Home with a Short Sale

If you are facing difficult times and are behind on mortgage payments, or if your lender has contacted you in regards to foreclosing on your Cumming, GA home, there are several options available to you, including contacting FOX Realty at (678) 332-6927, or simply click here to send us an email, to see if a short sale may be the answer.

Don’t feel alone.  Many homeowners in the Cumming, GA Area are facing difficult times due to falling home prices, rising food and energy costs, job losses, and adjustable-rate loans resetting to higher rates.  Unfortunately, Georgia has one of the highest foreclosure rates in the nation.  Georgia had a total of 11,047 new foreclosures in March, 2008, and one in every 351 Georgia households received a foreclosure filing during the month — ranking its foreclosure rate # 6 among the states.

Commonly asked questions about Cumming, GA foreclosures and short sales:

What is a foreclosure?  Foreclosure is a process that allows a mortgage company to recover the amount owed on a defaulted loan by selling or taking ownership of the property securing the loan. The foreclosure process begins when a borrower defaults on loan payments and the lender files a public default notice, called a Notice of Default or Lis Pendens. There are two types of foreclosures in Georgia:

1. Judicial Foreclosure:  The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
2. Non-Judicial Foreclosure:  The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

Georgia foreclosure facts:

• Judicial Foreclosure Available: Yes
• Non-Judicial Foreclosure Available: Yes
• Primary Security Instruments: Deed of Trust, Mortgage
• Right of Redemption: No
• Deficiency Judgments Allowed: Yes, in Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

What is a short Sale?  When a mortgage company accepts less than full pay-off on the mortgage to avoid a possible foreclosure auction or bankruptcy. Short sales can be the helping hand for those who are divorcing, have serious health issues, become unemployed, or find that the property value has dropped below the loan balance.

How will a short sale help the homeowner?  A short sale will provide financial relief, and the homeowner will avoid severe damage to their credit. The homeowner has more control over the timing of the transaction and the date they will have to vacate, rather than a forced eviction.  The costs associated with the short sale will be completed at no cost to the homeowner. 

How will a short sale help the mortgage company?  A short sale allows the mortgage company to avoid losing more time and money by avoiding a foreclosure.

Who is a good candidate for a short sale?  Homeowners cannot simply decide that they want to sell a home with a short sale.  The mortgage company must agree to it.  The criteria the lender will want to see are:

• The homeowner has no other financial resources to pay the mortgage.
• The homeowner is behind on payments and have been notified of their default.
• The fair market of the home will likely not cover all liens, commissions, and seller’s concessions.

Do mortgage companies agree to all short sales?  The answer is no.  It is essential to have a Realtor® who understands how the short sale process.  By understanding the complex short sale process, the mortgage company will be much more receptive to negotiating with the listing agent.  The #1 reason mortgage companies deny short sales is because of poor presentation on the part of the listing agent.

What is the down side of a short sale?  The process of a short sale is complex.  The buyer rarely has an opportunity to affect the decision makers.  The final sales price is determined by the mortgage company, not the homeowner.  Mortgage companies will not likely negotiate with the homeowner, so its important to hire a Realtor® who understands the complexities involved so they will better able to negotiate in their best interest.

Are You Facing Foreclosure?  Let FOX Realty Help Sell Your Cumming, GA Home at NO COST to You!

Due to increased interest rates and higher mortgage payments, many Cumming, GA homeowners are losing their homes to foreclosure and many more are falling behind on their payments. Don't let this happen to you!  One of the actions you can take is to contact a short sale specialists like FOX Realty.  FOX Realty specializes in negotiating and marketing Cumming, GA short sales. We do our best to generate offers that are beneficial to you and, yet, fair to the lender.. 

If you have recently had an interest rate adjustment, are behind on mortgage payments, have been contacted by your lender about a foreclosure, or are considering selling your Cumming, GA home to avoid a foreclosure, call FOX Realty about conducting a short sale for you.  To contact us, you’re always welcome to call (678) 332-6927, or simply click here to send us an email. 

Click on any of the following links for more information about Cumming, GA real estate:

• Cumming GA Real Estate / Lake Lanier Real Estate / North Georgia Real Estate
• Cumming GA Real Estate and Visitor's Guide
• Homes for Sale in Cumming GA by Amenity, Feature and Price
  
• New homes for Sale in Cumming GA by Amenity, Feature and Price
• Foreclosures in Cumming GA by Amenity, Feature and Price

www.Cozy-Cabin.us is owned by Ronald William Keaton who is a licensed REALTOR® of Fox Realty, 133 Prominence Court, Suite 140, Dawsonville, GA 30534 (706) 216-2110. Fox Realty is licensed in the state of Georgia, is an Equal Opportunity Employer and supports the Fair Housing Act. Terms and Conditions apply. Information deemed reliable but not guaranteed. Data provided by FMLS®.