Get answers to questions our clients ask frequently.
Why am I set for foreclosure?
Typically, lenders will start the foreclosure process once a borrower becomes a full 3 months delinquent on the mortgage. Some lenders will wait until the borrower is much more delinquent than 3 months. In Georgia, all foreclosure sales happen on the first Tuesday of the month (unless it’s a holiday) and the sale is conducted on the courthouse steps of the county in which the property is located.
Can I still keep my home after the sale date?
No. Once the sale happens, the property is lost and there is no “Right of Redemption” in Georgia. However, the owner doesn’t have to immediately move out in the dead of night. Whether the home is sold to an investor at the foreclosure sale or it goes back to the lender, either of them is required to send the owner or occupant a notice to vacate and by what date. If the owner fails to move out, the investor or lender will be required to file a “Dispossessory Action” with the magistrate court to begin legal eviction proceedings. Depending on the county’s process and backlog, this process could buy the homeowner a few weeks of more time before they will be forced to move out.
With a foreclosure sale on my credit, when will I be able to purchase another home?
Most lenders and loan programs require a 3 to 7 year time frame from the completion of a foreclosure in order to qualify for another mortgage. However, some sellers are willing to provide "owner financing" whereby they make the mortgage to the buyer and thus eliminate the need for bank financing.
What if I owe more on my home than its value?
If this is the case and you want to sell your home, then the only way to sell your home is by short sale.A "Short Sale" is when the home is sold for less than what the balance of the mortgage is. Typically, the lender will want to find out what the owner’s hardship is and determine that they truly can no longer afford the home before approving a short sale.
If I’m behind on my mortgage payments or set for foreclosure, can I refinance?
No. In order to refinance, lenders require a perfect payment history within the past 12 or 24 months. Sometimes 1 late payment in the past 12 months is allowed if the homeowner is current at time of application.
If you buy my house, when do I get the cash to move?
You will receive ½ of it once the sales transaction is complete and the other ½ once you’ve vacated the house.
How is the Equity Share Plan calculated?
If the property and numbers work out where this can be offered, it is calculated by starting with the ARV (After Repair Value), which is what the house would be worth in tip-top condition, less out-of-pocket costs to acquire and hold the property, less the balance of the current mortgage, less repairs, and less costs associated with reselling the property. This would all be outlined on paper for you to review and understand.
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