Colli Real Estate

Is it possible to stop foreclosure in Georgia?

My mother’s home is currently under foreclosure because she passed away a year ago, and I couldn’t afford to pay the mortgage. I lived in the house for a few months, before realizing that it was too painful for me to stay there. The house has been on the market now for a year, with no offers. Now, foreclosure attorneys have made contact. A trusted friend asked me if I’d consider moving back in the house, since it’s been a year, and the pain of my mother’s death isn’t as acute. He says that it would be a shame to see it foreclosed on, as it is a really beautiful home. However, I’m not currently working, as I just graduated with my Master’s degree…I’m job hunting.
Is there any feasible way to keep the house…other than paying the deliquent amount?

A year is way too long to try and sell. Your price is too high for current market conditions. If bank knew you were lowering price they may give you more time.

Consider reducing asking price 5% each 4-5 weeks. You will find you will ultimately generate offers that way. You may need short sale approval this way but it beats foreclosure.

After a year the bank is making a determination you will likely not pay this loan off. You need to show them a change in your strategy that gives them some hope.

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