If you have received a “Notice of Intent to Foreclose” in the mail, you are likely feeling a sense of panic. In Georgia, the foreclosure timeline is fast—often taking as little as 30 to 60 days from the first notice to the auction on the courthouse steps.
But you still have options. Even if the auction is scheduled for next Tuesday, there are ways to pause or stop the process.
1. The “Reinstatement” Option (The Hardest Way) In Georgia, you have the right to “cure” the default by paying all missed payments plus late fees and legal costs. However, if you had the cash to do this, you probably wouldn’t be in this situation.
2. The Bankruptcy Option (The “Pause” Button) Filing for Chapter 13 bankruptcy triggers an “Automatic Stay,” which legally forces the bank to stop the foreclosure immediately.
- The Downside: It wrecks your credit for years and costs money to file. It doesn’t erase the debt; it just reorganizes it.
3. The Cash Sale Option (The Clean Break) This is often the best option to save your credit and your equity. By selling your house to a cash buyer before the auction date, you can pay off the loan completely.
- Speed is Key: At WE BUY ESTATE, we can often verify your payoff amount and close in as little as 7 days.
- The Result: The foreclosure is cancelled. The “Foreclosure” stamp never hits your credit report. You walk away with any remaining equity in cash.
Don’t wait until the Monday before the auction. Call our Atlanta team at 678-242-9032 immediately. We can explain your rights and make you an offer today.