Are You Underwater On Your Georgia Mortgage?
Even if you were not directly affected by the housing market crash of the late 2000’s, perhaps you can recall its devastation, as homeowners lost a considerable portion of their home’s value. In effect, many found that they were “underwater” relating to their mortgage, as the balance of their loan became higher than the market value of the home. Needless to say, some continue to experience difficulties in the aftermath of the market crash. Are you underwater on your Georgia mortgage?
To better understand, when the market value of one’s home is less than what is owed on the home in a mortgage agreement, it is not easy for homeowners to sell their home. This is because buyers generally purchase based on market value, and this sale price is simply not enough to pay off the debt associated with the mortgage. What’s more is that homeowners attempting to refinance at a lower interest rate are not able to, because the value of the property is not enough. When a homeowner is in a position where he or she needs to sell the home or refinance it, and they cannot do so, they are often left to foreclose on the home.
Given the large number of underwater mortgages across the state, advocates have come up with ways to help homeowners keep their heads above water, so to speak. Some of these include loan modification or a short sale, as well as renting out one’s home or renovating it to increase its value. Even so, many decide to walk away from their mortgages when they feel as though foreclosure is the only option.
The Fresh Financial Start That You Need And Deserve
At Gingold & Gingold, LLC, we understand that the thought of losing one’s home is devastating. As experienced bankruptcy attorneys, we commit to helping clients stop foreclosure, so that they can get the fresh financial start that they need and deserve. To evaluate your opportunities in a free initial consultation, call Gingold & Gingold, LLC today.