There are circumstances when a bank will work with troubled homeowners in Atlanta to change the terms of their mortgage to get them through their time of crisis.
If the Atlanta homeowner is facing an increase in their payment due to a mortgage rate reset and is not capable of paying the higher payment, the bank may lower the reset rate or extend the term of the loan to keep it affordable. In some cases, banks may lower the amount of the loan all together. Many banks will work with their current customers to keep them in the home. Taking the Atlanta home back in foreclosure is the last thing banks want to do. It costs them far too much money.
For a modification to work, the borrower’s problems usually need to be short term in nature. Perhaps they found a new job or have returned to work after an illness and just need some time to catch up. However, there are many situations where a modification will not work. This is where a short sale is one of the options you may want to consider.
Contact us for more information on loan modifications, looking into federal programs to help you stay in your Atlanta home or the option of listing your home in Atlanta as a short sale.