What Is Preforeclosure in GA?
When you miss mortgage payments, lenders initiate preforeclosure—a critical window to act before full foreclosure. In GA, this process can take as little as 120 days, but you have multiple solutions:
✔ Sell fast for cash (close in 7–14 days)
✔ COVID-19 mortgage relief programs (extended protections)
✔ Deed in lieu of foreclosure (avoid credit damage)
✔ Loan modification/forbearance (temporary relief)
Understanding Preforeclosure in GA
The Standard Timeline
- Notice of Default (NOD) after 3+ missed payments
- [X]-day preforeclosure period (varies by state)
- Foreclosure auction if unresolved
Why Act Now?
Foreclosure stays on your credit for 7 years, while alternatives like cash sales or deed in lieu cause less damage.
4 Ways to Stop Preforeclosure in GA
1. Sell to We Buy Houses in Atlanta GA for Cash (Fastest Solution)
Best for: Homeowners who need speed and certainty
✅ Close in 7–14 days
✅ No repairs or lender approval
✅ Get cash to pay off your mortgage
How it works:
- Call (470) 369-5727 for a no-pressure offer
- We inspect your home (or skip it!)
- Close on your timeline
2. COVID-19 Mortgage Relief (CARES Act Protections)
Key provisions (2020–2021):
- Foreclosure moratoriums for government-backed loans (extended to July 31, 2021)
- Forbearance options: Pause payments for up to 18 months
- Loan modifications: Lower payments for qualified borrowers
⚠️ Note: Most protections have expired, but some lenders still offer pandemic-related assistance. Call your servicer to ask.
3. Deed in Lieu of Foreclosure
How it works: Voluntarily transfer your home’s deed to the lender to avoid foreclosure.
Pros vs. Foreclosure:
| Deed in Lieu | Foreclosure |
|---|---|
| Credit score drops 50–100 points | Drops 200+ points |
| Process completes in 30–90 days | Takes 6+ months |
| No public auction | Home sold at auction |
⚠️ Important:
- Lenders may require you to attempt selling first
- Some states allow “deficiency judgments” (you owe the remaining debt)
👉 Always consult your lender before pursuing this option
4. Mortgage Forbearance or Modification
Forbearance = Temporary payment pause (usually 3–12 months)
Modification = Permanent loan term changes
Ideal for: Borrowers with temporary financial hardship
Drawbacks:
- Forbearance requires lump-sum repayment
- Only 25% of modifications get approved
- Private lenders aren’t required to participate
COVID-19 Relief: What Homeowners Should Know Now
While CARES Act protections have expired, you may still qualify for:
🔹 Extended forbearance (ask your servicer)
🔹 Refinancing (if rates are lower than your current loan)
🔹 State-specific programs (check GA housing authority)
Tip: Private lenders are often more flexible now—always negotiate!
Conclusion: Choose Your Best Path Forward
If you’re in preforeclosure:
- For immediate solutions, sell to We Buy Houses in Atlanta GA for cash (call (470) 369-5727).
- Explore COVID-19 relief if you have a government-backed loan.
- Consider deed in lieu if you can’t sell but want to avoid foreclosure.
- Ask about forbearance if your hardship is temporary.
We Buy Houses in Atlanta GA has helped 500+ GA homeowners avoid foreclosure. We buy homes:
✔ In any condition
✔ With no fees
✔ On your timeline
Time is critical! Preforeclosure moves fast in GA.
☎ Call (470) 369-5727 now for a same-day cash offer
💻 Visit We Buy Houses in Atlanta GA’s website to start online
Don’t risk foreclosure—explore all your options today!
