With millions of homes entering foreclosure every year, it’s more important than ever for both homeowners and buyers to understand what pre-foreclosure means — especially in a market like Savannah, Ga.
What Is Pre-Foreclosure in Savannah, Ga?
Across the country and right here in Savannah, many homeowners are struggling to keep up with mortgage payments due to job loss, rising interest rates, or unexpected life changes. When payments fall behind — usually by 3 to 6 months — the lender initiates what’s known as the pre-foreclosure process.
During this time, the lender will issue a formal notice (often called a “Notice of Default”) giving the homeowner a final chance to catch up on payments before the property is foreclosed. This period is critical — and also offers opportunity.
Banks typically give homeowners about three months to resolve the delinquency, though this timeline can vary depending on the lender and situation. If no action is taken, the home may be repossessed and sold at auction, and the homeowner will likely face eviction and a major hit to their credit.
The good news? If you’re in pre-foreclosure, you still have options to stop foreclosure, protect your credit, and possibly even stay in your home.
Pre-Foreclosure Help for Savannah Homeowners
If you’ve received a Notice of Default or are behind on your mortgage, don’t panic. The worst thing you can do is ignore the problem. Instead, explore these options to prevent foreclosure and regain control of your financial future:
- Refinance your mortgage: If you have equity in your home (i.e., your home is worth more than you owe), you may be able to refinance to lower your monthly payment. Contact a trusted Savannah mortgage broker or reach out to us for a referral.
- Sell your home to a real estate investor in Savannah: We work with homeowners in pre-foreclosure and can often buy your house in cash, as-is, within days. You avoid the foreclosure, get relief from your mortgage, and move on with cash in hand.
- Request a short sale: This means selling your home for less than what you owe. With lender approval, this option can help you avoid foreclosure and limit damage to your credit. However, some lenders may pursue the balance due.
- Consider bankruptcy (as a last resort): Filing Chapter 13 can temporarily stop foreclosure and give you time to reorganize your debt. Be aware that bankruptcy significantly impacts your credit and should only be used if no other options are viable.
Lenders in Savannah understand the financial challenges many people are facing and are often open to working with borrowers. By being honest and proactive, you increase your chances of reaching a solution that works for both sides.
Keep in mind: a foreclosure can drop your credit score by 200–400 points and may disqualify you from securing another mortgage for 5 to 7 years. That’s why it’s so important to take steps now — before the bank moves forward with the foreclosure.
If your lender isn’t working with you or you feel out of options, connect with our team. We may be able to help you avoid foreclosure altogether and start fresh.
How We Can Help Homeowners in Pre-Foreclosure in Savannah
- We help with short sales: Submit your info through our website and we’ll evaluate your situation to see if a short sale is an option.
- We buy houses fast in Savannah: Get a fair, no-obligation cash offer on your property. We can close quickly — often within 7 days — so you can avoid foreclosure and move forward with peace of mind.
- Free resources and support: Not ready to sell? No problem. We can provide foreclosure prevention tips, connect you with experts, and offer free, no-pressure guidance to help you make the best decision.
If you’re in the pre-foreclosure stage, don’t wait. Every day counts — and the sooner you take action, the more choices you’ll have.
Reach out to your lender to explore your repayment or modification options, or talk to us if you’d like a cash offer, short sale guidance, or a friendly conversation about how to avoid foreclosure in Savannah, Ga.