Even though, foreclosures operate differently depending on the state that you live, foreclosed homes in Lawrenceville, Georgia are part of the inventory that the bank undeniably has to inherit. Everyone should already be aware of what causes foreclosures. It is a standard occurrence when the homeowner begins to miss their monthly mortgage payments that they will receive a notice from the bank reminding them to pay.
It might get to the point where a delinquency notice no longer has meaning to the homeowner because they have reached the stage where paying the mortgage has become very difficult. If the bank sees that the mortgage loan agreement has been defaulted, the bank will go into taking action towards taking back the property. This is what is happening to a lot of families in the United States and the foreclosed homes in Lawrenceville, Georgia tell the same story.
The foreclosure process sometimes takes only a few weeks, but in some instances, it can go up to months. Homeowners that have access to a lawyer representing them may be able to keep the bank at bay for up to a year or more. The homeowner, during this time, is able to make it right with the bank.
In the city of Lawrenceville, some homeowners are trying to sell their homes to private buyers and real estate investors to escape the embarrassment of foreclosure. However, the homeowner has to be able to sell the home for the price that the remaining bank loan suggests or they have to opt for a short sale, which will involve the bank in the process.
Most foreclosed homes in Lawrenceville, Georgia have sold for a discounted price below the current market value, but those were short sales and indicated that the housing prices are too low to cover the mortgage balance. If the home ends up in an auction, then the homeowner will have that foreclosure on their credit and still be obligated to pay the bank.
Real estate investors usually come in and rescue these homeowners by offering to do the short sale and negotiation with the bank. However, homeowners have to be aware that there are scammers out there and this is their life that they are putting in someone else’s hand. The best thing is to talk to the loss mitigation department of the bank personally to see if they will work with you to come up with an amicable solution.