If you’re buying a home, you likely won’t deal with a landlord who takes you to court about an eviction if you miss a payment. Instead, if you’re behind on your mortgage payments you’re going to receive a foreclosure notice asking that a payment be made before you have to move. There are a few ways that you can work with real estate agents and other associates to prevent foreclosures in Cobb County if you’re able to act quickly enough to stop the process.
Make Contact
If you know that there could be an issue with getting your payment made on time, you need to contact your lender to try to make arrangements to make the payment at a later date. If you stay in contact with your lender and keep the agent aware of your financial situation, then you’ll usually be able to get through a delay in your payments or even be able to get a deferment so that you can get caught back up instead of beginning the foreclosure process.
Selling
In the event that you’re unable to become current with your payments, then you need to consider other avenues that are available. Find out the value of your home so that you can try to sell it in order to make enough money to pay off your debt and move to another home. This can usually keep the foreclosure off of your credit record, which means that it will be easier for you to rent or buy another home in the future. If you’re looking for a new home, then you might want to consider foreclosures in Cobb County that are available as some might be below the market value.
Signing Back
Another option that you have would be to sign your home back to the lender. If you’ve only recently started making payments on the home and find that you are unable to afford the house, then this might be the best option to consider so that you don’t risk losing a lot of money or hurting your credit record.
Contact Ryan Lewis and Associates for more information about how you can avoid a foreclosure.
