What is a non-judicial foreclosure?
A non-judicial foreclosure occurs when a borrower misses mortgage payments and the lender reclaims the house to sell. Generally, there is a “power of sale” clause in a mortgage contract that allows the lender to sell a property to recover what’s left of the loan amount, if the borrower gets behind on payments. The difference between a judicial versus a non-judicial foreclosure is that the court is not involved with a non-judicial foreclosure.
A streak of bad luck can happen to anyone. Sad to say, almost anyone can get behind on mortgage payments. Injury, divorce, various money problems, loss of a job, or illness can strike at any time. It doesn’t take long to get into financial hot water and behind on payments.
To make matters worse, besides losing your house in Atlanta and the equity you’ve put into it, if the house is sold in a non-judicial foreclosure, your credit could be in such bad shape that it may be difficult or impossible to get another home loan, or even rent a property, for years.
To add insult to injury, if your house doesn’t sell for enough money to pay off the loan, you will still owe the difference to your mortgage lender after the foreclosure. This is a common occurrence. Foreclosed houses in Atlanta are sold by auction to the highest bidder at foreclosure auctions, and many foreclosed houses sell for less than they’re worth.
Can you sell a house in foreclosure and avoid these consequences?
A house in Atlanta can be sold before the non-judicial foreclosure is completed. It’s known as a “pre-foreclosure sale,” and it must be done in a specific time frame. Foreclosures in Georgia generally take from 90 to 120 days, from the date the lender issues a Notice of Default until the foreclosed house sells. If you sell in that time, you could avoid damage to your credit score and a foreclosure eviction.
How to sell your house fast to avoid foreclosure.
A good solution can be to sell a house to a cash buyer because they specialize in buying houses and closing fast.
America’s #1 home buyer is We Buy Ugly Houses®. We’ve helped countless people who have faced foreclosure, and we can help you, too. We’ve been in business since 1996 and have learned how to cut through red tape. We also know that each house and homeowner is unique, so we tailor our buying process to fit the situation.
When you sell a house to We Buy Ugly Houses, you don’t have to do anything to your house. No repairs, no paint, not even any cleaning. We don’t charge commissions or service fees, and we cover typical closing costs. If you have unwanted possessions that you don’t want to move, you can leave them behind and we’ll take care of them.
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Contact us for a free, no-obligation consultation with one of our friendly Atlanta property specialists. We’ll meet you at your house, take a tour, and answer questions about foreclosures in Georgia and what we can do for you. We can frequently give you a fair cash offer the same day. If you accept our offer, you’re on your way to a fast closing—frequently in as little as 3 weeks.
Give us a call today at 866-200-6475 or click for our online form to sell your house fast and avoid foreclosure and all its implications.