Frequently Asked Questions
Georgia Foreclosure & Homeowner Options
Facing financial difficulty with your home can raise many questions. F.A.S.T. (Foreclosure Alternative Specialist Team LLC) created this resource to provide clear, straightforward information about foreclosure, mortgage hardship, and alternatives that homeowners may want to explore.
Every situation is different, and eligibility for an option depends on factors such as your loan type, financial circumstances, property, timeline, and requirements established by your mortgage servicer or other applicable parties.
GENERAL QUESTIONS
What does F.A.S.T. do?
Foreclosure Alternative Specialist Team (F.A.S.T.) helps Georgia homeowners understand potential foreclosure alternatives and homeowner resources.
We provide educational information, help homeowners identify options worth exploring, and help them understand potential next steps. Depending on the situation, we may also recommend working with a mortgage servicer, HUD-approved housing counselor, attorney, tax professional, or other qualified professional.
Our goal is to help homeowners make informed decisions rather than push them toward one particular outcome.
Do I have to be in foreclosure to contact F.A.S.T.?
No.
You do not have to be in foreclosure to contact F.A.S.T.
In fact, reaching out before foreclosure begins may give you more time to understand your situation and explore potential options.
  Having difficulty making your mortgage payments
  Already behind on your mortgage
  Concerned that you may fall behind
  Experiencing a financial hardship
  Considering selling your home
  Looking for alternatives to foreclosure
Is a consultation an obligation to sell my home?
No
As soon as you recognize that you may have difficulty making your mortgage payments.
The Consumer Financial Protection Bureau recommends contacting your mortgage servicer as soon as you know you may have difficulty making a payment. Homeowners can also seek assistance from a HUD-approved housing counselor.
If you have already received a foreclosure notice, the timeline may be more limited, so prompt attention is especially important.
FORECLOSURE IN GEORGIA
How does foreclosure work in Georgia?
Georgia generally uses a nonjudicial foreclosure process when the loan documents contain the appropriate power-of-sale provisions.
According to the Georgia Attorney General, the lender generally must provide written notice of its intent to foreclose at least 30 days before the proposed foreclosure sale. The foreclosure notice must also be published in the official county newspaper for four consecutive weeks before the scheduled sale.
Because individual circumstances can vary, homeowners should review their specific documents and seek qualified legal advice when appropriate.
How long does foreclosure take in Georgia?
There is no single timeline that applies to every homeowner.The timing depends on the loan, the borrower's circumstances, the lender or servicer, applicable requirements, and the stage of the foreclosure process.Once a foreclosure sale has been scheduled, the available time to evaluate alternatives may become limited. Georgia generally requires at least 30 days' notice before the proposed foreclosure sale.
What happens if I ignore calls or letters from my mortgage servicer?
Ignoring communications generally does not make the problem go away and may cause you to miss important information about available options or deadlines.
The CFPB recommends communicating with your mortgage servicer and asking about options for avoiding foreclosure when you are having difficulty making payments.
Keep copies of letters, notices, applications, and records of your conversations.
Can foreclosure be stopped?
There may be alternatives that could prevent a foreclosure sale, but no company can guarantee that foreclosure will be stopped.
Depending on your circumstances, possible alternatives may include loss mitigation, reinstatement, forbearance, loan modification, repayment plans, selling the property, a short sale, deed in lieu of foreclosure, or other available solutions.
FORECLOSURE ALTERNATIVES
What foreclosure alternatives might be available?
Potential options may include:
  Forbearance
  Loan modification
  Repayment plan
  Reinstatement
  Refinancing, if available
  Partial claim programs for eligible loans
  Short sale
  Deed in lieu of foreclosure Â
  Selling the property before foreclosur
  Bankruptcy, with qualified legal counsel
  Housing counseling
Not every option will be available or appropriate for every homeowner.
What is forbearance?
Forbearance may temporarily reduce, suspend, or otherwise adjust mortgage payments during an eligible financial hardship.
It is important to understand that missed or reduced payments generally do not simply disappear. Your servicer will explain how the amount is expected to be addressed.
What is reinstatement?
Reinstatement generally means bringing a delinquent mortgage current by paying the amount required by the servicer, which may include past-due payments and applicable fees or charges.
This may be an option when a homeowner has access to sufficient funds to resolve the delinquency.
What is a loan modification?
A loan modification changes one or more terms of an existing mortgage. Depending on the loan and circumstances, a modification may change the payment, interest rate, loan term, or other terms.
Eligibility and available terms are determined by the mortgage servicer or applicable program requirements.
Can I refinance if I'm behind on my mortgage?
Possibly, but refinancing is not available to everyone.Lenders generally consider factors such as income, credit, equity, debt, property value, and other qualification requirements. Being seriously delinquent can make refinancing more difficult.
A qualified mortgage professional can determine whether refinancing may be realistic for your circumstances.
What is a partial claim?
Certain government-insured mortgage programs may offer partial claim options for eligible homeowners. A partial claim can involve placing an amount owed into a separate subordinate lien that is generally repaid later under the applicable program rules.
Eligibility depends on the type of mortgage and current program requirements.
What is a short sale?
A short sale generally involves selling a property for less than the amount owed on the mortgage, with the mortgage servicer's approval.
The specific requirements and consequences can vary. Homeowners should understand how a proposed short sale could affect their remaining debt, taxes, credit, and other financial considerations before proceeding.
What is a deed in lieu of foreclosure?
A deed in lieu of foreclosure generally involves voluntarily transferring ownership of the property to the mortgage holder in an effort to resolve the mortgage default.
The mortgage holder must agree to the arrangement, and eligibility and consequences vary.
Can I sell my home before foreclosure?
Possibly
Selling before a foreclosure sale may be an option depending on your property value, mortgage balance, equity, timeline, and other circumstances.
If you're considering selling, it is important to understand your mortgage payoff amount, the foreclosure timeline, transaction costs, and whether additional approval is required.
LEGAL & PROFESSIONAL QUESTIONS
Should I consider bankruptcy?
Bankruptcy is a legal process with significant consequences and should not be treated as a general foreclosure solution.
If you're considering bankruptcy, speak with a qualified bankruptcy attorney who can evaluate your circumstances and explain whether bankruptcy may be appropriate.
F.A.S.T. does not provide bankruptcy or legal advice.
Should I talk to my mortgage servicer?
Yes
Your mortgage servicer is an important source of information about your specific loan and available loss-mitigation options.
The CFPB recommends contacting your servicer as soon as you know you may have difficulty making your mortgage payment.
What is a HUD-approved housing counselor?
HUD-approved housing counseling agencies provide independent housing counseling and can help homeowners address issues such as mortgage delinquency, default resolution, budgeting, and foreclosure prevention.
HUD maintains a directory for locating participating housing counseling agencies.
Is F.A.S.T. a HUD-approved housing counseling agency?
F.A.S.T. should not represent itself as a HUD-approved housing counseling agency unless the company actually has that designation.
We encourage homeowners to use HUD-approved housing counselors when independent housing counseling is appropriate.
Does F.A.S.T. provide legal or financial advice?
No
The information provided by F.A.S.T. is educational and should not be considered legal, tax, accounting, investment, or individualized financial advice.
For specialized questions, we encourage homeowners to consult the appropriate qualified professional.
DOCUMENTS & PREPARATION
What should I have available when seeking help?
If available, consider gathering:
  Your most recent mortgage statement
  Correspondence from your mortgage servicer
  Foreclosure or default notices
  Information about your past-due balance
  Property information
  Recent income and expense information
  Important deadlines listed in your notices
You do not necessarily need every document before beginning to seek information.
What questions should I ask my mortgage servicer?
Consider asking:
  What is the exact amount needed to bring my loan current?
  What loss-mitigation options may be available?
  What is the deadline to apply?
  What documents are required?
  Has a foreclosure sale been scheduled?
  Who is my assigned point of contact?
  How should I submit my application?
  Where should I send supporting documents?
Keep written records of your communications.
CREDIT & MOVING FORWARD
Will foreclosure affect my credit?
A foreclosure can have a significant negative effect on credit, although the specific impact depends on your individual credit history and circumstances.
Other alternatives may also have credit or financial consequences. Before choosing an option, consider discussing the potential impact with a qualified financial professional.
Is avoiding foreclosure always the best option?
Not necessarily
The best path depends on the homeowner's circumstances, goals, finances, property, timeline, and available alternatives.
For some homeowners, remaining in the property may be the goal. For others, selling or transitioning from the property may be a more practical solution.
The purpose of exploring alternatives is to understand the available choices before making a significant decision.
What if staying in my home is no longer realistic?
There may still be options to explore.
Depending on your circumstances, selling the property before foreclosure, pursuing a short sale, considering a deed in lieu, or exploring other transition strategies may be worth discussing.
The objective is to understand your circumstances and available choices rather than assume foreclosure is the only outcome.
FORECLOSURE SCAM AWARENESS
How can I recognize a foreclosure assistance scam?
Be cautious of anyone who:
  Guarantees they can stop your foreclosure
  Guarantees a specific mortgage modification
  Tells you to stop communicating with your mortgage servicer
  Tells you to stop making mortgage payments
  Requests payment before explaining what services will be provided
  Asks you to sign over ownership of your property
  Pressures you to sign documents you do not understand
The CFPB specifically warns homeowners about foreclosure-relief scams and recommends using caution with companies making guarantees or requesting money upfront.
How can I verify information I receive?
Whenever possible, confirm important information directly with your mortgage servicer, a government agency, a HUD-approved housing counselor, or another qualified professional.
Do not rely solely on information received through an unsolicited call, text, email, or social media message.
GETTING STARTED
What happens when I contact F.A.S.T.?
We'll begin by learning about your situation and what you're hoping to accomplish.
We can then discuss potential foreclosure alternatives and resources that may be relevant to your circumstances.
Depending on your situation, we may also recommend contacting your mortgage servicer, a HUD-approved housing counselor, attorney, tax professional, lender, or another qualified resource.
Is there a cost to contact F.A.S.T.?
There is no charge for your initial Homeowner Options Review. Any services beyond the initial review will be explained before you make a decision.
What if I don't know what option is right for me?
That's okay
You don't need to know the answer before starting the conversation.
The purpose of exploring your options is to understand what paths may be available and determine which questions should be addressed with the appropriate professionals.
READY TO EXPLORE YOUR OPTIONS?
Start With Information.
Move Forward With Confidence.
Your circumstances are unique. Understanding your options can help you make more informed decisions about what comes next.
Schedule Your FREE Homeowner Options Review
Important Information
The information on the F.A.Q. page is provided for general educational purposes and is not legal, tax, financial, or accounting advice. Foreclosure laws, lender requirements, government programs, and individual circumstances can vary and change over time. Homeowners should consult appropriate qualified professionals before making significant financial or legal decisions.