BANKS AND LENDERS WANT TO WORK WITH YOU AS GEORGIA MORTGAGE CRISIS WORSENS – THE BANKS ARE IN TROUBLE TOO – MAYBE MORE THAN YOU KNOW

Everyone knows that times are tough for homeowners right now, especially here in the Atlanta, Georgia area where there are unprecedented amounts of foreclosures. As a real estate lawyer in Atlanta, I have certainly seen a dramatic change in my own practice. Until fairly recently, I was able to help many clients become homeowners by reviewing and writing contracts and agreements for their new homes. Unfortunately, a large part of my real estate practice has now shifted to helping homeowners with financial problems avoid foreclosure by negotiating with the banks and lenders that hold their mortgages. In fact, we are seeing remarkable and unprecedented times as banks and lenders are in trouble, confused about where their institution will end up next and with no viable help from the government.

I believe that part of the problem is that some homeowners don’t realize that there is a foreclosure process — and that it offers several opportunities to work things out with a lender. Banks don’t like to foreclose because they often lose money on foreclosures, and because maintaining and selling homes is not really part of their business. They are open to working with you to keep your payments current, especially if your financial problems are temporary. There several ways banks and lenders are engaging in this loan workout process as the banks and lenders know that getting something is better than nothing. They oftentimes will forestall payment requirements, work out different interest rate percentages, mortgage loan types and terms.

If you are behind on your mortgage payments in GA, you will get only get certified letters and maybe phone calls. If your having trouble paying your mortgage or have already missed payments, it is well worth the money to hire an experienced attorney to stall or re-negotiate your loan terms and the before the bank or lender begins the foreclosure process. At any point during that time, an experienced real estate loan workout attorney can call your bank or lender, explain your situation and ask about your options. You may be able to get a temporary break from payments, refinance or supplement partial payments with a loan. Even after foreclosure proceedings have started, in this unprecedented market and time, are likely still be able to have an experienced attorney negotiate with your former bank or lender to re-instate your mortgage or stay the official proceedings of removing you from your home.

Many people don’t realize these opportunities to save their homes exist or feel so financially strained they are afraid to take action. The fact is, the banks and lenders are in trouble to and don’t want anymore more foreclosure homes. All the banks and lenders know for sure when they foreclose on a home in this real estate market, is that they will own a home nowhere near the mortgage due on this home, which is often referred by the banks as collateral. Additionally, the banks and lenders are well aware that they are without any means of recourse because of insolvency, bankruptcy or the lack of their ability to find and hold the former homeowner liable for the “deficiency”. As such, they are willing to negotiate and let you have the chance to stay in your house if you can some sort of effort. However, it does take an experienced GA real estate law firm to handle these matters on your behalf and to get through to the right departments and persons at these banks and lenders.

If you are serious and dedicated to getting results from a bank or lender to save your home, The Libby Law Firm likely can assist you. We are conveniently located in heart of Buckhead .2 miles from the interesction of Roswell Road and Peidmont. Our Georgia real estate lawyers can step in at any point during the process, from the first missed payment to after foreclosure begins. We can represent your interests in foreclosure talks directly to a bank or lender in a GA non-judicial foreclosure. To speak with an experienced Atlanta real estate attorney, call us at (404) 467-8611 or send us a confidential e-mail.