A lender in Georgia has the right to start foreclosure proceedings as soon as a homeowner fails to make a single mortgage payment. However, this is doesn’t mean that the home is going to be taken back. A homeowner has the option of selling the property or asking the lender to agree to a short sale. If an individual owes less on the mortgage than the home is worth, it can generally be sold like any other property.

This would involve the owner hiring a listing agent, listening to offers and closing on the deal in a timely fashion. In this scenario, the lender would not need to give its permission for the sale to go through. If a property owner owes more on a mortgage than the house is worth, it can be a good idea to ask the lender to agree to a short sale.

Short sales are often preferable to a foreclosure for both the seller and the lender. For the lender, a short sale generally means keeping its losses to a minimum while also saving time and money reselling the property. For a seller, this could mean avoiding a significant hit to his or her credit score. In some cases, a credit score can go down by 300 points because of a foreclosure.

Selling a home may help to avoid a foreclosure, but that assumes that there is an interested buyer. Asking for a short sale may help a home sell faster and allow a homeowner to get out of a mortgage that he or she cannot pay. An attorney may explain the process of a short sale and how to get a lender to agree to it. An attorney may also explain how it may be preferable to a foreclosure.