Behind on Your Mortgage? Your Options in Georgia

Please read: this page is general information, not legal or financial advice. I’m a real estate agent with Main Street Realty, not a lawyer or a lender, and I can’t stop a foreclosure. For advice about your specific situation, talk with your lender or a Georgia attorney.

Start here: two good calls

• Your lender or loan servicer. Call the number on your mortgage statement and ask what help is available. Keep notes of who you talked to and when.
• An attorney. If you have questions about your rights, the sale date, or bankruptcy, a Georgia attorney can explain where you stand.

How foreclosure timing usually works in Georgia

Most Georgia foreclosures are “non-judicial,” which means they usually don’t go through a court case. In general:

• The lender must send the homeowner written notice of the sale at least 30 days before the sale date.
• The sale must be advertised in the county’s legal newspaper once a week for four weeks before the sale. These notices also appear on GeorgiaPublicNotice.com.
• Sales are held on the first Tuesday of the month, during set hours, at the county courthouse.
• Sale dates can be postponed or cancelled, for example if the loan is brought current or another arrangement is reached.

The timeline can move quickly once the ads begin. Your lender or an attorney can tell you exactly where you stand.

Options people commonly look at

Every situation is different. Here are common paths, in no particular order. Your lender or an attorney can help you weigh them.

• Catching up (reinstatement). Paying the past-due amount plus fees to bring the loan current.
• Repayment plan. Spreading the past-due amount over several months, if the lender agrees.
• Forbearance. A temporary pause or reduction in payments, if the lender offers it.
• Loan modification. Changing the loan terms to make payments more manageable, if you qualify.
• Refinancing. Replacing the loan with a new one, if your credit and equity allow.
• Selling the home. If you have equity, selling before a sale date may let you keep some of it. You can list the home or, depending on the home, consider an as-is sale.
• Short sale. If you owe more than the home is worth, the lender may agree to accept less. This needs lender approval and can take time.
• Deed in lieu of foreclosure. Giving the home back to the lender by agreement. Ask an attorney about any balance you might still owe.
• Bankruptcy. A legal process with serious pros and cons. Talk with a bankruptcy attorney.

Where I can help

If selling is on the table, I can show you your two options: my estimate of what the home could sell for listed, with prep tips, and, depending on the home, an as-is cash price. I’ll explain my role up front, and it’s spelled out in the Georgia paperwork. There’s no pressure to decide anything, and it’s always smart to talk with your lender or an attorney too.

Learn how the two options work.

Watch out for scams

The Georgia Department of Banking and Finance warns homeowners about foreclosure “rescue” scams. Read their tips. Red flags include:

• Upfront fees to “save” your home
• Guarantees to stop a foreclosure
• Being told to stop talking to your lender or to send your payments to someone else
• Pressure to sign over your deed, or to sign papers you don’t understand

My promise to you

• No upfront fees
• No guarantees I can’t keep
• No pressure, and I’ll stop contacting you if you ask
• No hassle: plain answers, on your schedule
• Ready to help when you are, and it’s fine to talk with your lender or an attorney first

Questions