Homeowners in Georgia may experience difficulty making payments on their mortgages. At this point, it may make sense to sell the home and get out from the expensive home loan. The good news is that an individual can generally sell the home even if he or she is behind on the mortgage. As long as the lender hasn’t foreclosed on the home, the current owner can still attempt to sell and use the proceeds to satisfy the loan balance.
Generally speaking, selling a home is easier when a homeowner has positive equity. This means that the home is worth more than what he or she owes on the mortgage. Selling a home is generally better for a person’s credit compared to a foreclosure. This is often true even if a person goes through the process of a short sale. In some cases, a credit score can drop by as many as 300 points after a foreclosure occurs.
Furthermore, an individual will be forced to move out of the property. If the property is being sold in a traditional manner, the lender can’t stop the sale unless a foreclosure has already taken effect. However, if a homeowner wants to go through the short sale process, the lender will need to be part of the process.
Those who have questions about their mortgage or ability to sell their home may benefit from speaking with a real estate attorney, who may be able to answer any questions that a homeowner may have or take other steps to help guide a homeowner toward a favorable outcome with a lender. In addition to selling a home, an individual may be able to renegotiate a loan. That could result in missed payments being rolled back into the loan balance.