Real Estate Law
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Answered in 20 minutes by:
6/17/2010
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4,666
Experience: 18 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
VerifiedHello, I am happy to assist you today.
Yes, foreclosure is an option, but keep in mind that it will cost you a lot of additional money in the end and ruin your credit.
If that is how you decide to proceed, you just stop making mortgage payments and it will happen on its own within a few months. The entire process will take longer than that.
Your other options would be a refinance, payment plan, deed in lieu of foreclosure, or short sale.
I hope this helps,
Kimberly
Yes, foreclosure is an option, but keep in mind that it will cost you a lot of additional money in the end and ruin your credit.
If that is how you decide to proceed, you just stop making mortgage payments and it will happen on its own within a few months. The entire process will take longer than that.
Your other options would be a refinance, payment plan, deed in lieu of foreclosure, or short sale.
I hope this helps,
Kimberly
When you go into foreclosure, there are so many fees and attorneys fees, etc that get tacked onto your account. So in the end if you currently owe for example $200,000, after the foreclosure that total could be $240,000. If the house does not sell for the full amount due, you will still owe the remaining deficiency.
Good news is, in Georgia, they only have 30 days from the date of the foreclosure to file a collection action for the deficiency.
Good news is, in Georgia, they only have 30 days from the date of the foreclosure to file a collection action for the deficiency.
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4,666
Experience: 18 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
VerifiedKimberlyLaw and 87 other Real Estate Law Specialists are ready to help you
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