Georgia Mortgage Foreclosure & Short Sale

We own two home that we cannot afford in Georgia. What are our options?

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Bill's Answer: Answered by Mark Cappel

Please see the Bills.com resource Mortgage Foreclosure Georgia to gain an understanding of your rights and liabilities under Georgia law.

I sense you are not thinking outside of the box regarding your situation. First, you are giving up on a short sale without even trying. Talk to your mortgage servicer about a short sale now and see what you need to do to qualify. Short sales are common and thousands of homes are bought and sold as short sales each month.

Second, consider either you or your partner reoccupying your first residence to reduce your insurance and taxes. No one will be waiting outside of the property with a camera to determine if you actually spend the night there. Either you or your partner should change your address to the first property and declare to your local tax authority and your insurance company it is your residence. Doing so will not help you sell the house, but it will reduce your monthly cash bleed.

Third, do a thorough and objective comparison of your first property to others in the area to determine a fair market price. Stage the property so buyers will be wowed when they walk in the door. Be diligent about maintenance items so buyers will see picture-perfect property when they pull up to the curb and not a checklist of tasks they need to complete before moving in. In other words, offer a turn-key solution and not a problem.

I hope this information helps you Find. Learn & Save.

Best,

Bill

Bills.com

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