No Fees, No Commissions, No Repair Costs – 100% FREE. Get a Cash Offer Today!

house for sale

Giving My House Back To The Bank In Savannah

May 6, 2022

“I’m behind in payments. Will I have to give my house back to the bank in Savannah?”

No one wants to lose their home. Some financial circumstances, however, turn against you, resulting in too many financial commitments.

You may find yourself in the unfortunate situation of having to sell your house back to the bank in Savannah GA, leaving you temporarily without a place to live. There may also be long-term consequences, such as a dramatic and long-lasting effect on your credit (and your ability to buy a house in the future).

Everyone wants to avoid that. This isn’t the ideal scenario. There is, however, a strategy you can use right now to protect yourself and get back on track to financial solvency.

Here’s a brief overview of the foreclosure process

The foreclosure process can vary depending on location and the type of mortgage you have.

In most cases, your loan company will send you alerts and warnings if you miss a few mortgage payments. You may eventually lose your house to public auction if you fail to pay back the mortgage payments you missed.

In some states, you can remain in your house after it is sold at auction for a period of time. Eventually, you will have to find a new place to stay.

Fortunately, you have options!

Waiting until your home is foreclosed could be devastating for your credit rating. In order to safeguard yourself, you might be able to reach a settlement with the lender known as a “deed in lieu of foreclosure”.

The loan company gains ownership of your house in exchange for saving the money they would otherwise spend on foreclosure proceedings. It also helps prevent your credit score from getting damaged by a foreclosure.

In addition, you can avoid foreclosure by selling your house before it’s lost at auction. You won’t be subject to any more penalties and your credit score will be unaffected if you pay off your loan in full. (If you don’t pay your loan in full, you’ll have to make up the difference).

Consider this example: Let’s say you owed $100,000 on your home, and you sold your home to us for $90000. That money would be given to the loan company along with $10,000 to make up the shortfall, and the loan would be paid off. (If you contact a real estate attorney, you may be able to negotiate a deed in lieu of foreclosure deal in which the loan company agrees not to go after the difference in exchange for the deed to the house.

At 32Homes LLC, we’re professional real estate investors. Contact us today at (912) 421-9907 to find out what we can offer you for your house — even if it needs repairs.

I want to avoid giving my house back to the bank in Savannah!

Losing your home can be difficult but the impact on your financial situation and your credit is considerably less than if you simply wait out the foreclosure process. Going through foreclosure could impact your credit score by as much as 100 to 150 points. The short-term challenge of selling your house is still a better choice than the long-term pain of giving your house back to the bank.