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Bankruptcy And Your Home: What You Need To Know

If you are facing foreclosure, contact an attorney who has experience handling bankruptcy in Georgia.

Falling behind on your mortgage payments can make it impossible to catch up, particularly if late payments were the result of a cut in pay, fewer work hours, or because of an accident or illness. Because mortgage payments are often difficult to make up, facing foreclosure is a real possibility for a homeowner. When a mortgage foreclosure notice arrives in the mail, you need to take immediate action since Georgia foreclosure laws tend to favor the lender.

Non-Judicial Foreclosure in Georgia

Georgia foreclosure does not require the lender holding your mortgage to go to court to start a foreclosure action. The lender must notify you in writing they intend to foreclose on your home, publish such information in the newspaper and then schedule a foreclosure sale. This means you have very little time to act once you receive notification.

Immediately upon being contacted by the bank and being informed you are facing foreclosure you should reach out to an attorney who can help you understand what options are available to you. If you file for immediate relief under Chapter 13 bankruptcy, you will be able to stop the potential sale of your home and reorganize the late payments.

Mortgage Debt and Bankruptcy

If you are facing foreclosure, you need to contact an attorney who has experience handling bankruptcy in Georgia. Taking these steps immediately can ensure you understand your rights as well as the lender's obligations under the law. If you contact us at Woodall & Woodall, you will find an experienced attorney who is a certified debt relief agency and has experience filing over 2,000 individual bankruptcy filings.

Late Mortgage Payments and Bankruptcy

Immediately upon filing for bankruptcy protection, all foreclosure actions will stop. Your lender must cease any attempt to sell your home at auction or take any other action. Your attorney will help you develop a plan for repayment of mortgage payments which are in arrears. Any mortgage payments which are delinquent at the time of filing bankruptcy will be consolidated into your court-approved repayment plan.

Before filing for bankruptcy protection because of late mortgage payments, it is imperative to make sure you will be able to make your regular mortgage payments. If your job has changed and your income no longer is enough to meet your obligations, you may have to consider other options including deed in lieu of foreclosure. We will discuss your options with you and help you make the right decision for you and your family.

Woodall & Woodall has experience helping families protect their homes from foreclosure and help them get their debt under control. When someone has taken the time to rebuild their credit after using debt consolidation, they are often ready to move forward and start considering home ownership.

How You Can Afford to Buy a House

Statistically speaking, home ownership allows you to build wealth better than renting. One of the challenges facing many renters is understanding how they can afford to buy a house. Most potential homeowners understand the more money they can put down on a home, the less they will have to repay over time. Before being concerned about your down payment however, you first must make sure your credit is in order.

Your Credit Report and Home Ownership

Your credit report will determine whether a lender will be willing to take the risk of offering you a mortgage loan. In some cases, you may need to consolidate your debt, you may need to have errors on your credit report corrected, or you may simply need to work on increasing your credit score so you can qualify for a lower interest rate on your home mortgage. Once you have done everything to make sure your credit report is as accurate as possible, it will be time to consider down payment options. What many Georgia residents are unaware of is the statewide programs available to help them with down payment assistance and more.

Georgia Down Payment Programs

If you are a first-time home buyer there are many options for you to get assistance affording a new home. Some of the options available include:

  • Down Payment Assistance – there is a standard program in Georgia which all borrowers can qualify for up to $5,000 in cash assistance towards their home purchase. You must contribute $1,000 out of pocket to be eligible for this program.
  • PEN Program – this program is limited to Georgia residents who are in the health care field, serve as educators, are in the military or are first responders. This program helps by providing up to $7,500 towards your down payment.
  • Choice Program – borrowers who have a disability and wish to be a homeowner may qualify for up to $7,500 towards their home down payments.

There are numerous programs which are available to help you afford your first home including low interest rate loans from the FHA, USDA and Veteran's Administration. However, before you are able to take advantage of any of these programs, you want to make sure you have done everything possible to improve your credit score. Remember, some first-time home buyer programs consider anyone who has not owned for a specific period of time a new buyer which means even if you have lost a home to foreclosure in the past, you may still be able consider purchasing a new home.

Bankruptcy does not mean you will never recover financially even if you have lost your home to foreclosure. If you are facing overwhelming debt and you are uncertain where to turn, contact Woodall & Woodall at 229-247-1211 or fill out our simple contact form. We have helped South Georgia regain a solid financial footing either through debt consolidation or by filing bankruptcy.

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