How To Stop a Foreclosure in Georgia: 5 Tips

Foreclosure can seem inevitable and unstoppable, but in some states, like Georgia, it is important to consider all options before accepting defeat.

Odds are good that there are many more ways to stop a foreclosure for your Georgia property. Read on to discover five tips you can leverage as you work to stay in your home.

1. Speak To Your Mortgage Lender

The first key thing to remember is that your mortgage lender does not want you to go into foreclosure.

The truth is, your lender stands to make more money by working with you, even if that means modifying your loan or stalling payments, than they do by forcing foreclosure and requiring you to move. If foreclosure concludes, the lender will have to take possession of the house, clean it up, put it on auction to recover some of their costs, and much more. All in all, lenders worry about foreclosure just as much as homeowners.

With that in mind, speak to your mortgage lender right away if you think you won’t be able to make mortgage payments for the foreseeable future. You may be surprised at just how many allowances your lender will provide to help you get your payments back on track.

2. Open All Mail and Respond Promptly

Of course, your lender has to know you are invested in avoiding foreclosure, as well. To demonstrate this, you need to open all mail you receive from your lender and respond promptly to inquiries or questions.

If your lender thinks you are ignoring them, or if they believe you aren’t doing everything you can to avoid foreclosure, they may think that you aren’t worth working with. This may prompt them to accelerate the process.

3. Pursue All Available Options

Avoiding foreclosure should be your primary concern. If foreclosure concludes, you’ll lose not only your home but also your options as your credit score plummets. Even worse, you’ll be unable to purchase another property for the next seven years or so.

There are plenty of ways to potentially avoid foreclosure, especially if you work with your mortgage lender. 

For example:

  • You can ask your mortgage lender for forbearance. With forbearance, your lender agrees to stall mortgage payments for a set amount of time, after which you have to pay back what you owe. This can be good if you know you’ll only face temporary financial difficulties.
  • Ask for a loan modification. Your lender might agree to change your loan terms. For example, they may offer a lower interest rate. They’ll get their money in the long run, but in the short term, you make more affordable monthly payments
  • Refinancing your loan with a different lender. Another lender might pay off your current loan, then replace it with a new mortgage. Keep in mind that you always need to read the terms and conditions of your new loan carefully to maximize your financial safety.
  • Offer your lender a deed in lieu of foreclosure. In this way, you give your lender the opportunity to take possession of your property without trouble. In exchange, you won’t have any debt following you, though you will lose your status as a homeowner.

4. Consult a Counseling Agency

Dedicated foreclosure avoidance or counseling agencies are staffed by finance and advisory professionals who can provide you with strategic tips and advice. In some cases, they can connect you to solutions like specific loan modifiers, debt consultants, and private lenders who may help you get out of the shadow of debt.

If you have specific questions or need help formulating an actionable plan to stop a foreclosure in Georgia, a counseling agency could be just the ticket.

5. Co-Own Your Home With Balance

If all else fails, you can consider co-ownership. If approved for Balance's homeownership program, your mortgage loan will be replaced with an equity investment — effectively trading money now for a share in the appreciation of your property later.

Instead of mortgage payments, you make affordable monthly payments to us so you can save money and avoid having to take on additional debt. We become co-owners of your property, taking responsibility for our share of monthly expenses including HOA, taxes, and insurance. In short, we reduce the burden of homeownership while allowing you to keep the perks of owning your own property.

With the money you save, you can pay down your current debts or save for something else. You retain control of your property and can even buy us out of the equity share later on.

Working with Balance can help you potentially stop foreclosure, stay in your home, and save money all at the same time. In this way, it’s the superior choice if you can’t modify your mortgage or get your lender to ease up on regular payments in some other way.

Contact Balance Today

At the end of the day, Balance makes it easy for you to stop your Georgia foreclosure and remain a homeowner. Over the years, we’ve helped many homeowners like you keep their homes and stay in their properties, all while saving money and stabilizing their finances.

Want to know more about how it works? Get in touch with one of our representatives today.


Foreclosure: Definition, Process, Downside, and Ways to Avoid | Investopedia

What is Mortgage Forbearance? | Consumer Financial Protection Bureau

What is a Mortgage Loan Modification? | Consumer Financial Protection Bureau

What is a Deed-in-Lieu of Foreclosure? | Consumer Financial Protection Bureau