While the majority of people in foreclosure find themselves interested in buying more time, once in a while there is someone who might wish to have their foreclosure over with sooner than later.
Being in foreclosure is very stressful and perhaps you would like to walk away and never look back.
While the majority of people going through a foreclosure in Atlanta find themselves interested in buying more time, once in a while there is someone who might wish to have it over with sooner. Being in foreclosure in Atlanta is very stressful and perhaps you would like to walk away and never look back. This may not be the best move for your future credit, but there are times when this will work out better for homeowners under specific circumstances.
Talk to your lender right away. Let him know what you are thinking and why you might want the process to be hurried along. You may be allowed to give the bank the deed in lieu of foreclosure. A common practice when this occurs is for the lender to ask the homeowner to list the property for sale for 3 months or 90 days.
You’ll move out of the home if you have somewhere else to go. You must tell your lender that you will be leaving. This is one way of giving a clear message that you aren’t interested in the property at all. When you leave, be sure to clean up the house so buyers are more likely to be interested. Don’t trash the place as it will be harder to sell and the buyers will have to clean up your mess.
The court will send you a notice announcing the foreclosure attempt by the lender. By not responding to the notice you’ll give another clear message that you wish to be placed in default by the county clerk. The foreclosure will then go forward to completion.
This is not the ideal scenario and shouldn’t be done if there is absolutely anything else you can do. You credit will suffer a great deal with the foreclosure on your record. While there are times when this might be the only option and a last ditch effort, another solution might be to call an investor. Real estate investors buy houses just like yours that are in jeopardy of foreclosure, it creates a win-win situation.
By contacting an experienced real estate investor in Atlanta means you’ll answer a few questions about the property, and then you should get a quote, which can often be done right over the phone or in an email. The quote might appeal to you and cold help to get the mortgage paid off instead of just turning it over to the lender. Lenders participate in short sales often and are familiar with their legalities and terms.
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