What are the different options available for stopping a foreclosure?

When facing foreclosure in the state of Georgia, homeowners have several options available to them that can help stop the foreclosure process. The most common option is to contact the lender. Most lenders are willing to negotiate a repayment plan or loan modification in order to avoid the costs associated with foreclosure. Homeowners should work with the lender to create an equitable solution and make sure they understand the details and agree to the terms. Homeowners can also apply for a forbearance agreement, which suspends or reduces mortgage payments for a certain period of time. The forbearance agreement can also extend the term of the loan and reduce the amount of outstanding principal. In Georgia, the Department of Community Affairs provides homeowners with financial counseling, budget counseling, and debt management counseling and services. The Department of Community Affairs may be able to negotiate with a lender on behalf of a homeowner for a loan modification, payment extension, or other arrangement to forestall foreclosure. Homeowners may also file for bankruptcy in order to proceed with a foreclosure defense. Bankruptcy will put a hold on the foreclosure process and give the homeowner time to either restructure the debt or sell the home. However, homeowners should consult with a bankruptcy attorney first to determine if filing bankruptcy is the right option. Finally, homeowners who need legal assistance may contact a local attorney specializing in foreclosure defense law. An experienced attorney can help advise homeowners of their legal rights and work with the lender to reach a resolution.

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What are the different options available for stopping a foreclosure?

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