What is Foreclosure? | Information for Those Facing Foreclosure
With mortgage rates as expensive and high as they currently are, many homeowners are realizing that they just cannot afford to live in their homes any longer. This is a very scary reality for many people, and the residents of Bryan County GA are no different from the rest of the country. Mortgage rates and payments are at an all-time high, making it very difficult to actually afford to live in a home. If you have been late on mortgage payments or simply cannot pay any longer, you are inevitably facing foreclosure. There are many things you will want to know when it comes to actually facing and going through foreclosure, as well as some tips on how to prevent it if you can.
Preventing Foreclosure in Bryan County GA
One of the best ways to avoid the damage that comes with foreclosure is to prevent it altogether. While your current mortgage rate might be too expensive for you to afford, there are ways for you to lower it. One way would be to refinance your home and get a lower rate because of an extended mortgage term. If you currently have 15 years left on your mortgage but the payments are too high, you can refinance and have 30 years to pay off the home with lower payments. This might be the next best option to foreclosure for you, despite the fact that you have a longer period of time to pay off the home.
Another way for you to prevent foreclosure would be to budget a little better and possibly consider obtaining more income, if you can at all. Many people find that in order to prevent foreclosure, they or their spouse needs to get another job or find a different job that pays better. Budgeting your money better may also help to ease the burden of mortgage payments. Making simple cuts in your daily life as far as money is concerned can be a lot more helpful than you even think.
Going Through a Foreclosure
For many homeowners, they are either already facing foreclosure or their finances are too far gone to get any type of assistance or help. In this case, foreclosure is almost an inevitable thing because of current Georgia law. The best thing to do in this circumstance is to work with an experienced attorney who is specialized in foreclosure law. This expert is essential because they will walk you through the process of dealing with a foreclosure and what you might want to expect out of the whole ordeal. Many people who are losing their homes to foreclosure just don't know what the whole thing is about or what they should expect from it, and it's good to know that a professional attorney will be there to walk you through it and explain to you what is foreclosure.
It is absolutely essential that you work with an attorney who is completely experienced with foreclosure when going to court for it. If you get an attorney who is quite generalized in what they know, they may not be able to get you the best outcome that is possible because they are not as experienced as someone who devotes their whole career to both foreclosure and bankruptcy in Savannah and Hinesville, GA. The attorney is the one who will help your case to be heard in court so that you can receive a better outcome. It is never a good idea to represent yourself in court, especially if you are going to be dealing with losing a home to foreclosure.
Understanding what is foreclosure and how to either avoid or deal with it in a smooth manner is essential to having a better outcome for your situation. It is never fun to deal with a foreclosure or anything where you could potentially lose your home. It is, however, important to remember that having an experienced attorney is the next best thing for you when dealing with this type of legal situation.
For more information on what is foreclusure and how to deal with your unique case, contact us for a free lawyer consultation today! John E. Pytte has offices in both Savannah and Hinesville, GA, serving Bryan County GA, Chatham County, and the surrounding areas.