Foreclosure occurs when a homeowner is unable to make their mortgage payments on time and has no way to catch up on the missed payments. Because a mortgage is a legal agreement between you and your lender, once you’ve defaulted on the loan, the lender can auction off the property to cover any outstanding debts, leaving you homeless and with terrible credit.
No one wants to receive a notice of foreclosure and yet, in a nationwide study, nearly 1 million Americans were afraid of losing their homes (U.S. Census Bureau Household Pulse Survey, fielded from July 27 to Aug. 8, 2022). Foreclosure can occur from a number of reasons, including:
- Job loss and loss of income
- Divorce or death of a spouse or partner
- Mounting debt, including medical and credit cards
- Moving without being able to sell the home
- Natural disaster
Martin Legacy Holdings is a local company operating in GA that has built their business by buying distressed houses and properties in the area for cash. They promise competitive cash offers without the hassle of dealing with real estate agents, title companies, traditional bank financing, and more!
What is Foreclosure?
Let’s say you or your spouse recently lost your job. Despite your best efforts, the bills keep coming—and without steady income, you may quickly fall behind on your financial obligations, including your monthly mortgage payment. So, what happens when your mortgage becomes unaffordable? Even if you secure new employment, the accumulated debt during that gap may feel insurmountable. If you can’t recover quickly enough, your lender may begin the foreclosure process on your home in Augusta .
How Long Do You Have To Get Out of Your House After Foreclosure?
The timeline for foreclosure and eviction depends on your state’s laws and whether your foreclosure is judicial or non-judicial. In most cases, the foreclosure process follows several key stages:
- Missed mortgage payments
- Notice of default (or notice of intent to foreclose)
- Formal foreclosure proceedings
- Public auction or trustee sale
- Eviction from the property
Depending on the laws in your state, homeowners in Augusta may have as little as 120 days or up to nine months or more before the foreclosure is finalized. During this time, your lender is legally required to contact you through mail, phone calls, and official notices, giving you an opportunity to explore your options, including loan modifications, repayment plans, or selling the house before it goes to auction.
Acting early is critical. The sooner you speak with your lender—or a trusted local homebuyer like Martin Legacy Holdings—the more control you retain over the situation and the better your chances of avoiding foreclosure damage to your credit.
The Different Types of Foreclosure
There are two different types of foreclosure you may experience: nonjudicial foreclosure or judicial foreclosure.
What Is Non-Judicial Foreclosure?
A non-judicial foreclosure is a streamlined and cost-effective method lenders use to foreclose on a property in GA. Unlike traditional foreclosure proceedings, this process doesn’t require court involvement, which significantly speeds things up. It’s permitted only in states that allow for a “power-of-sale” clause—a provision written into the deed of trust that gives the lender the authority to sell the property without court approval.
When a homeowner in GA defaults on their mortgage, the lender initiates the foreclosure process by following state-mandated steps, including issuing a notice of default and notice of sale. Since non-judicial foreclosure avoids court costs and delays, it’s typically the preferred route for lenders—especially in states where this process is legally permitted.
What Is Judicial Foreclosure?
In states where judicial foreclosure is required, the lender must take legal action by filing a lawsuit in court. This legal process starts when the lender petitions the court for permission to sell the property. Homeowners are formally served a notice and given a deadline to respond.
If the homeowner fails to answer the lawsuit in time, the court will likely grant a default judgment, giving the lender the right to move forward with the foreclosure sale. Once the property is sold—often at auction—the borrower may still owe the lender if the sale price doesn’t fully cover the outstanding loan balance.
This leftover debt is referred to as a deficiency, and if the lender pursues collection through the court, it’s called a deficiency judgment. In many cases, auctions result in homes selling for less than market value, leaving the former homeowner on the hook for tens of thousands of dollars—even after losing the home.
Because this legal route is time-consuming, costly, and often burdensome, lenders generally prefer to avoid it when non-judicial foreclosure is a viable alternative.
Get an offer today, sell in a matter of days.
How to Sell Your House Before Foreclosure in GA
Let’s break down a few ways you can sell your house, depending on your time frame and situation:
Hire A Real Estate Agent
The first instinct many homeowners have when they need to sell a house is to contact a local real estate agent. While this is the traditional route to selling property, it’s not always the best fit—especially if you’re dealing with financial distress, pending foreclosure, or the threat of eviction. A licensed agent can certainly list your home on the MLS, schedule open houses, and coordinate showings, but at a cost: you’ll be paying 5% to 6% in agent commissions at closing. That’s a significant chunk of your proceeds—money you may urgently need to pay off your lender or get back on your feet financially.
When you’re already drowning in debt and looking for fast relief, giving up thousands in commission fees can feel like a step backward. And that’s not the only challenge. Even with professional marketing and good intentions, agents can’t guarantee how quickly your home will sell—or if it will sell at all. You’ll still need to find a qualified buyer, go through inspections, appraisals, negotiations, and wait 30 days or more for a traditional closing.
If you’re at risk of foreclosure or your property is heading toward auction in Augusta , you may not have time to wait. Every day counts when you’re trying to stop foreclosure or avoid eviction. For many distressed homeowners, listing with a realtor just isn’t fast enough.
Short Sale
If your mortgage balance exceeds your home’s current market value, your real estate agent may suggest pursuing a short sale in Augusta . A short sale becomes necessary when your property is considered “underwater”—meaning your outstanding loan is greater than what the home could realistically sell for in today’s market. For example, if you owe $200,000 on your mortgage but your home is only worth $150,000, you’ll need to consider a short sale to move forward.
While it may seem like a reasonable solution to escape crushing mortgage debt, a short sale is rarely quick or straightforward.
Lender Approval and Financial Documentation
The short sale process begins with securing approval from your lender. To qualify, you must demonstrate genuine financial hardship. This may involve submitting W-2s, pay stubs, bank statements, medical bills, or a hardship letter explaining why you’re no longer able to make payments. If the hardship stems from job loss or a reduction in income, your lender will require evidence that your financial situation won’t improve in the near future.
Once approved, you’ll need to hire professionals who specialize in short sales in Augusta , including a licensed real estate agent and possibly an attorney. These experts will still charge standard commissions and fees, similar to a traditional real estate sale.
Will the Bank Approve a Short Sale?
If your mortgage is delinquent but the foreclosure process hasn’t gone too far, and you’ve maintained open communication with your lender, there’s a strong chance the lender will agree to a short sale. Lenders typically prefer a short sale over foreclosure because it allows them to recover part of their losses without the lengthy legal process involved in taking ownership of the home.
How a Short Sale Affects Your Credit
While a short sale might offer relief from overwhelming mortgage debt, it’s important to understand the long-term consequences—especially when it comes to your credit. A short sale can negatively impact your credit report for 5 to 7 years, making it difficult to:
- Qualify for a credit card or personal loan
- Secure a car loan
- Rent a new property
- Obtain another mortgage
In many cases, a short sale affects your credit similarly to a bankruptcy or foreclosure. Even though you’ve avoided a formal foreclosure, credit reporting agencies may still flag the delinquent mortgage and the short sale, reducing your chances of securing new lines of credit for several years.
Know Before You Decide
A short sale can be a valuable tool for homeowners in Augusta who owe more than their property is worth—but it’s not without trade-offs. Make sure you fully understand the financial and credit implications before moving forward.
If you’re facing mortgage trouble and considering a short sale, reach out to Martin Legacy Holdings. Our experienced team can offer you a cash offer for your home as-is, helping you avoid the complications of traditional sales and sidestep the lengthy short sale process altogether.
Call Martin Legacy Holdings at (706) 397-3727 to find out how we can help you move on with peace of mind and financial clarity.
Sell Your House AS-IS to A Cash Buyer
If you’re under a strict time restraint to sell your house before a foreclosure progresses to auction and eviction, you do have options! You can try to sell your property with a real estate agent, work with your lender to complete a short sale, or – best of all – turn to a trusted and reliable cash investor to help you with your situation.
Some of the benefits of selling to a direct cash investor include:
- A quick and pain-free closing process.
- Avoid paying any commissions or fees.
- You won’t have to worry about marketing your house and waiting for a buyer.
- No need to clean-up or complete any repairs!
When you sell your home as-is to a direct cash buyer, you not only can avoid losing your home to an auction, but you also may be able to sell the property for enough money to get out of financial debt. Moving on with your life without the burden of a monthly mortgage payment and debt hanging over your head is one of the best gifts you can give yourself!
Can You Stop Foreclosure Once it Starts?
Pay Off Your Loan & Fees
If you’re facing financial hardship, rising debt, and the looming threat of foreclosure in Augusta , now is the time to act decisively. When your monthly income no longer covers your debt obligations, it’s critical to explore every possible avenue to regain control.
Start by evaluating what personal assets you might be able to liquidate—vehicles, electronics, collectibles, or unused real estate. If you have supportive friends or family, consider asking for a temporary loan or financial gift to help bridge the gap. It may also be time to speak with a certified financial advisor or debt counselor who can help you restructure your finances and prioritize your debts effectively.
Whether you pursue one of these strategies or combine several, the goal is to take meaningful action to pay off your mortgage arrears, late fees, and penalties—and ultimately stop foreclosure before it’s too late. Taking initiative today could be the difference between saving your home and losing it at auction.
Declare Bankruptcy
Bankruptcy is a powerful, yet serious option for homeowners in Augusta who are unable to catch up on missed payments. When all other solutions have failed, filing for bankruptcy can pause foreclosure proceedings, giving you a temporary reprieve through an automatic stay. However, this legal process should never be taken lightly.
Bankruptcy requires professional legal assistance, extensive paperwork, and court approval. If your filing is accepted, you’ll be enrolled in a government-approved credit counseling program, and the bankruptcy will remain on your credit report for up to 7 years. It can severely impact your ability to qualify for credit cards, auto loans, bank accounts, or rental housing in the future. It may buy you time—but at a long-term cost.
The Homeowner Affordability and Stability Plan (HASP)
For homeowners whose mortgage payments are unaffordable due to job loss, reduced income, or other financial hardship, the Homeowner Affordability and Stability Plan (HASP) may provide the relief you need. This federal loan modification program helps qualified borrowers avoid foreclosure by restructuring their loan terms to lower monthly payments.
If your debt-to-income ratio is too high to maintain your current mortgage, you may qualify for HASP assistance. This program was created to help struggling homeowners stay in their homes and reduce the number of foreclosures across the U.S.
You can check your eligibility and apply for HASP through official government channels. Click here to learn more about the program and see if you qualify.
Sell Your House Fast to a Cash Buyer
Are you trying to sell your house fast in Augusta but don’t have the luxury of waiting 30, 60, or even 90 days for a traditional buyer to close? Does the thought of a short sale damaging your credit make you uneasy? Want to eliminate debt quickly and finally get your lender off your back? If so, working with a reputable cash home buyer or direct investor could be exactly what you need.
When you partner with a local, experienced cash investor with a proven track record, you’re dealing with a company that can buy your home as-is for cash—no banks, no inspections, and no delays. Cash buyers in Augusta have the funds available immediately and are prepared to close on your timeline—sometimes in just a few days. You can skip the uncertainty of foreclosure, eviction, or property auctions, and walk away with cash in hand—all while protecting your credit.
While it’s true you may not receive full market value for your property, the speed, convenience, and zero out-of-pocket costs often make up for it. There are no commissions, no repair expenses, and no closing fees when you sell directly to a cash buyer. Best of all, in many cases, you can close the deal before the bank has a chance to foreclose or list the property at auction, which often results in it selling for far less than its worth.
A fast, hassle-free cash sale gives you control, helps you avoid further credit damage, and lets you move forward on your terms.
We Buy Houses in Foreclosure & Pre-foreclosure–
Get Your Offer Today!
Does the idea of finally walking away from a property without the storm cloud of foreclosure hanging over your head? Contact a real professional at Martin Legacy Holdings to find out more and get a fair cash offer for your property today.