With the pandemic and Black Lives Matter riots affecting the US economy badly, thousands of Georgia residents may find themselves in debt traps and face a threat of losing their homes to foreclosure. Sadly, Georgia is listed among the top 10 states with the highest foreclosure rates in the first half of 2020, according to ATTOM Data Solutions. However, you have the power to protect your home from greedy creditors by taking up a proactive attitude and learning how to stop foreclosure in Georgia. Here are a few tips on how people of Atlanta can protect themselves from a foreclosure sale.
Tips To Protect Your Home From Creditors
When holding a mortgage in Georgia, you need to be aware of the local foreclosure specifics to protect your property from changing hands. Georgia belongs to states with a nonjudicial foreclosure scheme, meaning that your lender doesn’t need to go to court for starting foreclosure. So, Georgia residents have only 120 days after a missed payment under federal mortgage servicing rules and 30 days upon receiving a notice of sale under the laws of Georgia – not so much time to save their belongings. It is a good reason to jump to action as soon as the problem of missed payments emerges, without waiting for a foreclosure warning.
Stay In Touch With Your Lender
In fact, lenders in Georgia are obliged to follow certain procedures to protect borrowers facing foreclosure. Offering a loss mitigation plan is among the steps they must take, and it can be the way out depending on your financial circumstances and conditions offered. The above-mentioned foreclosure statistics show that lenders across the US are more inclined to allow for longer grace periods; so, Georgia residents can take advantage of this trend. In the worst-case scenario, keeping communication channels open serves to buy some time, which can be used to protect your dwelling from foreclosure.
Filing For Bankruptcy Under Chapter 13
Bankruptcy may sound scary, but if you want to stop foreclosure and protect your family from losing their sweet home, you do need to consider this option. Actually, Georgia tops the list of the states with the highest number of Chapter 13 bankruptcy filing, based on Statista. With so many Georgia residents trying to protect themselves by constructing a customized repayment plan, you are at least in a good company.
When filing under this chapter, Georgia residents have the right to stop foreclosure as well as protect their assets from other collection actions. You can forget about creditors putting pressure on you for 3 to 5 years depending on the plan. Keep in mind that Georgia’s federal bankruptcy courts are believed to be more than friendly and protect those who seek legitimate ways to avoid a foreclosure sale. The only problem that remains is finding a helpful hand in Georgia to create a feasible repayment plan with affordable monthly payments.
You can find it at Debtstoppersatl, which is an online platform of a bankruptcy law firm in Atlanta, specializing in foreclosure cases and helping Georgia residents protect themselves from other debt traps. If you see foreclosure creeping up on you, don’t hesitate and give them a call.