Falling behind on mortgage payments can make it difficult to decide what to do next. If you own a Stone Mountain house and are considering selling, start by establishing the current loan status and any deadlines.
A buyer’s offer is only one part of the process. Your mortgage servicer and legal advisers need accurate information about the situation.
Contact the mortgage servicer
Ask about your account status and the options available for your circumstances. Keep copies of notices and record important conversations.
If you receive foreclosure correspondence, seek qualified legal advice promptly. Do not assume that discussing a sale or signing a purchase agreement automatically postpones an announced sale.
Obtain current payoff information
The balance on a monthly statement may differ from the amount needed to pay off the loan at closing.
Ask your closing professional how an authorized payoff request will be handled. Review other known obligations so your estimated proceeds are based on the complete transaction.
Compare the price with the amount required
A proposed purchase needs to be evaluated against the payoff and transaction expenses.
If the sale would not produce enough to satisfy the mortgage and other obligations, discuss the shortfall with your servicer and attorney. A short sale requires lender approval; a buyer cannot grant that approval.
Review the buyer’s conditions and timing
Ask what inspections, title work, and other steps remain before closing. Explain known deadlines early and have the professionals involved assess whether the proposed schedule is workable.
Avoid relying on a verbal promise that the buyer can resolve every loan or foreclosure issue.
TBK Buys Houses can review your Stone Mountain property and discuss a possible purchase. Share the current condition and known timing requirements while continuing communication with your servicer and advisers.
Visit TBK Buys Houses to discuss the property.