​Pre-Foreclosure News Flash

Conventional wisdom suggests that you take time to repair your credit and consider purchasing again at a later date. Typically, the foreclosure will remain on your credit report for 7 years; you can purchase a home again with most lenders after approximately 3 years of the foreclosure. So where do you go from here to get back on track?  Make sure that when you rent a home or apartment, the property management company keeps track of your monthly payments.  You want to make sure when you are ready to submit for a mortgage, that your landlord is able to produce your rental history when it is time to provide it.    

You now have the time to correct any incorrect information on all three credit reports, as well as, make arrangements to pay off liens, outstanding credit card debts, and items in collections. If unemployed, try to negotiate collection debts, especially medical, based on your financial situation.  Don’t allow this major task to overwhelm you.  Focus on one at a time.  By the end of the first year, you will be impressed and pleasantly surprised with the progress you have made.

​GETTING BACK ON TRACK TO BUY AGAIN!  

By Terri Copeland, Realtor

Post Foreclosure – News Flashpe 

HARDEST HIT FUNDS NEEDING TO BE USED IN GEORGIA
By Terri Copeland, Realtor

Hopefully you have heard by now about the Hardest Hit Funds that the Georgia Department of Community Affairs received from the Federal Government.  The program was highlighted in the media Tuesday because the state is not on target to help the number of people expected.  The new plan to meet the target appears to improve the marketing of the program to increase awareness as well as increase staffing of the program to move more people through the process in a timely manner.

This program is for homeowners that are unemployed or underemployed and there is no cost to apply.  Georgia property requirements are: must be owned by the applicant, must be the primary residence of applicant, must be a single-family home; condominium; townhome; or a two, three, or four family dwelling unit, must be classified as real estate and affixed on permanent foundation if manufactured or mobile home, the total unpaid principal balance including all mortgages and lines of credit must be less than or equal to $417,000.

Visit the website www.HomeSafeGeorgia.com to apply online and get more information on participant eligibility requirements and other details.  Move quickly while the money is still there!