All Press Releases for May 18, 2015

Atlanta Lawyers Recommend these Steps to Stop Foreclosures

Is foreclosure impending? Atlanta lawyers tell you the best ways to stop it.



    ATLANTA, GA, May 18, 2015 /24-7PressRelease/ -- Are you dealing with a foreclosure in the Atlanta area? There are several ways to stop a foreclosure and find a new way to pay your mortgage - here are the most highly recommended solutions. If you aren't sure which is best for you, don't hesitate to call up Clark & Washington for more information!

Apply for Forbearance

A forbearance is a way of asking for a suspension of mortgage payments and the foreclosure process. You will still have to pay all your mortgage interest and the amounts you have missed, but the forbearance gives you space - usually six months to a year - to get your financial life in order and reach a place where you can once again make payments. Ask us if you can qualify for forbearance and how to apply for one!

Seek a Modification

A loan modification actually changes the terms of the loan, such as altering your interest rate or extending the total length of the loan. Often, a load modification will also add back in past-due payments and "reset" your mortgage to avoid foreclosure. If you're not sure if a lender will agree to a modification, ask your Atlanta lawyer if this is an effective approach.

Get Rid of the Home

Sometimes the best way to deal with a nasty foreclosure is simply to sell your home and use the proceeds to pay off the mortgage. There's also a deal called a short sale that allows you to reach a compromise with a bank or lender where the lender sells the house for you and agrees to forgive all or part of your debt if the sale succeeds. If you are not sure of the state of the real estate market in your area of Atlanta, ask for professional advice.

Bankruptcy

Both Chapter 7 and Chapter 13 can be used to deal with a foreclosure. However, bankruptcy is a very serious process that can have long-term effects on your credit and much more. If you are struggling with multiple debts that you cannot pay, a bankruptcy may be effective. However, you will need the help of an experienced attorney to help choose a type of bankruptcy and successfully complete it.

Take a Company to Court

If a foreclosure is unjustified, you may be able to sure the lender or responsible parties. Consult with an expert to see if you are in a position to go to court and if you have enough evidence to make the process a success. It is important that the costs of taking a company to court will help you decrease your debt problems, not add further financial pressure to your situation.

Visit Clark & Washington at www.clarkandwashington.com for more information.

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