Foreclosures on the rise in Dalton, Calhoun, and Chatsworth, Georgia.

With the federally imposed foreclosure and eviction moratorium over, foreclosure filings are increasing in Dalton, Georgia (Whitfield County), Calhoun, Georgia (Gordon County), and Chatsworth, Georgia (Murray County). Some large banks and mortgage companies have self-imposed further delays due to the ongoing pandemic, but those are set to expire in 2022.

Georgia residents struggling with mortgage payments have few options. Forbearance agreements with mortgage companies can delay a foreclosure, but as we previously posted, homeowners should beware of any agreement that requires the skipped mortgage payments to be paid in lump sum at the end of the forbearance period. Instead, a deferment can move payments to the very end of the loan, but these are hard to come by.

Another option is the filing of a chapter 13 bankruptcy petition, which immediately stops a looming foreclosure, and the approval of a debt adjustment plan. Through the chapter 13 process, the court can require a mortgage lender to let a homeowner stay in their home while catching up missing mortgage payments through their chapter 13 plan payments. A traditional chapter 13 plan can go up to 5 years, which allows struggling Georgia homeowners plenty of time to reinstate their mortgage to good status.

If you are facing foreclosure in Dalton, Calhoun, Chatsworth, or anywhere else in northwest Georgia or have questions about mortgage relief, call us today for a free and confidential consultation with one of our experienced attorneys.