The State of Georgia has one of the highest foreclosure rates in the country. Many people do not know what to do when they fall behind on their mortgage or find themselves "upside down" in property value. Obviously, the most important thing is to have a plan of attack.
Hollingsworth & Associates has developed such a plan and has been extremely effective in implementing that plan. The first question of course is whether the property in question is your primary residence and whether you plan on staying in your home. If so, a loan modification may be the best course of action to help get you through these difficult times. However, if your income is too much or too little to justify a loan modification, then keeping your Property may not be the best option.
If you are not sure what to do, it is important to remember that the quicker you get rid of your Property, the quicker you are free of the burden of the Property. Interest continues to tick, real property taxes continue to accrue, utility bills and taxes must get paid as well as various homeowner association fees. Sometimes the best thing to do is just give the Property back to the Bank or in the alternative to sell the Property, even if it is for less than what you paid or less than the outstanding mortgage on the Property.
Of course, that all requires time. That is why it is important to determine if your best plan is to defend against the foreclosure thereby allowing you to effectively "Buy Time" giving you and your professional team enough time to sell the Property.
If you are falling behind on your mortgage and need to plan a strategy, please feel free to call us and we will help you assess your situation.
Please feel free to email us or call 770-263-9993 so we can discuss your particular situation.