Best Options when you can't afford your new Mortgage Payment

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An illustration of a fence with a sign reading foreclosure

How to Save Your Home and Possibly Stop Foreclosure 

Homeownership struggles are real, even while the country gets back to work.  That is clearly evident in the increases in Metro Atlanta Foreclosures lately.  If you are struggling to keep your home, please read this answer offered to an inquirer recently for valuable insights that may address some questions that you may have about home preservation. 

The first step should be a heart-to-heart discussion with your loan servicer about the options available for your type of loan. The FHA loan takes a lot of hits because of the PMI associated with it with no regard for the benefits offered through the insurance. Unlike conventional mortgages, lenders are usually more likely to work with FHA borrowers who purchased or refinanced into one of these products. The Department of Housing and Urban Development offers programs such as loan modifications, partial claims, and even reductions in the principal all designed to help you keep your home and most lenders are required to evaluate the borrower against one of them before taking any other action.

State Resources that May Be Available to Distressed Homeowners

Also, check with your state’s Department of Community Affairs about the Homeowners Assistance Fund Program and find out about HUD-certified housing counseling services. As you may know, I am a Metro Atlanta Associate Broker of Real Estate and Real Estate Agent, and the most ethical among us wants you to keep your home if that is what you want. But if all else fails and you know of no more options, please consider selling your home with someone before letting your property go to the bank with all of the equity (which could translate into real cash) built up over the years.

Plan for Future Success once a Foreclosure is Prevented

Finally, evaluate that county estimate of value notification very carefully when it arrives early next year announcing the estimated value of your home. As you may know, a portion of that risen escrow was likely due to an increase in the insurance premium or your property tax, even with no change in the millage rate. Home values have skyrocketed lately, largely due to the price increase on similar home sales near yours and some municipalities often guess about what a property may be worth rather than actually appraising each one. Rather than think about how much more well-off you are (if you do) when that notification arrives next year, please look at the stated value and be sure it makes sense. Ask a trusted Metro Atlanta Real Estate Agent to run the comps to see if the stated value needs to be challenged. If it does, challenge so that you are paying no more than your fair share of property taxes.

While you are checking, check with your county about any exemptions that may be available to you (senior, homestead, etc.). And confirm with your insurance agent that you’re paying the best premium on your homeowner’s insurance. These tasks may lower your insurance premium, tax bill and, ultimately, your escrow.

Should the time arrive to consider the sale of your Metro Atlanta Home, please write or call me for an interview at (770) 271-2156.  Otherwise, please follow me on Facebook, Twitter and LinkedIn.


Location: Atlanta, GA, USA

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