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Foreclosure in Atlanta : Real Estate Advice

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  • Home Buying1K
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Activity 218
Wed Oct 19, 2011
Cassandra Dennis answered:
Shortsaled, I know it has been a while since you asked this question, however, I am hoping your Realtor has fought for you and was able to aggressively present your case to the bank, the buyer or kept advertising your home.

I don't know your situation however, be mindful of the following:

1. Make sure a Short Sale Contingency was included in the Contract package.
2. Your Realtor can add verbiage that states you are forgiven the entire balance of the loan.
3. When submitting the offer to the lender your Realtor can add a letter & current supporting docs reminding the lender of your current financial information (meaning you currently have no funds to contribute to closing).

Please do not feel your dignity has been stripped. Having to have personally gone through a short sale due to divorce I have been where you are. Continue to persevere, be persistent and clear on where you are with the lender and your realtor. Make sure your Realtor is fighting for you and you are fighting for yourself - you all are team, communicate and market your home as one.

I hope the best for you and remember this is temporary.
Cassandra P. Dennis, Realtor
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Sat Oct 15, 2011
Melissa Stephens Rebekah Stephens answered:
Hello! We can help! We live in this area and have all of our lives. We know the area, and more importantly to you....we know the market. With over 60 sales this year alone, 2/3 of them were foreclosures. This is a specialty of ours and we'd love to help. Email us with your info and we'll set you up on our website to receive all the foreclosures that come to market in these areas in your price range based on the features you are looking for. We look forward to hearing from you!

Melissa Stephens
The Stephens & Stephens Group
Better Homes and Gardens Real Estate Metro Brokers
404-843-2500 Office
678-776-1895 Cell - Website

Comment on our blog:
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0 votes 3 answers Share Flag
Sun Oct 9, 2011
Phyllis FOX answered:
Hello Meagermon

You are protected under the tenant foreclosure act but , you need to be in contact with the bank and/or the attorney. Showing that you are on a month-to-month lease ,your payment record and your willingness to purchase may stop the foreclosurer. In some cases the bank will give you a lease and may work with you on the purchase .
I have several cases where the tenant was able to get a new lease and help with purchasing. I would be happy to assist you in obtaining further info . HAVE A GREAT DAY!!!
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Sat Sep 24, 2011
Aaron Mtuanwi answered:
I'll also suggest you talk with a knowledgeable attorney. Google may not properly guide in matters like these.
0 votes 3 answers Share Flag
Tue Sep 6, 2011
Yul Anderson answered:
The foreclosure is primary and the contract is null and void. I have had a few go this way, and I have purchased a few this way.
0 votes 9 answers Share Flag
Mon Sep 5, 2011
House answered:
Here is an article that may help.
0 votes 1 answer Share Flag
Mon Aug 29, 2011
Brian Rayl answered:
If you put 20% down, credit score can vary on a conventional loan, but not on FHA. You will be hard pressed to find a lender who is willing to do a home loan for less than $50,000. You may have to just take out a standard loan, but that will come with a much higher interest rate normally.

It is best to work on improving your credit and saving money for a down payment. When you feel you are comfortable, ready, and can afford to purchase a new home, speak with a lender who can guide you on your current situation.

Best of luck,

It's more than real estate. it's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
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Tue Aug 16, 2011
Lee Taylor answered:
Great tip from Jackie - you should give her a BEST ANSWER.

I believe that you need to subscribe to the Champion's online data service, for the online notices, but I tend to avoid that, and I just pick up a copy at my Decatur newstand whenever needed. ... more
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Wed Aug 10, 2011
Yes, HomePath financing only allows for a 3% down payment when the property will be owner occupied. For Second Homes, HomePath requires at least 10% down. If you currently own 4 or more financed proeprties, then the minium down payment will be 25%.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia
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Thu Jul 21, 2011
Unless you are a Realtor, I'd recommend using one. It will save you a lot of grief, time and stress relief using a licensed professional to work with you. If you haven't done this before, doing on your own the first time is NOT the way to go. ... more
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Tue Jul 12, 2011
Darrell Hess answered:
If you still looking for services I know of several that work in and around the metro area. Just send me a message for what you are trying to accomplish or details of the business model you are going by so I know who would be the better fit. ... more
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Thu Jul 7, 2011
Doreen Evans answered:
A good place to start would be with the realty companies. Many contractors advertise their businesses by leaving cards and flyers in local agency offices. Companies or agents who specialize in the bank foreclosure market are your best bet. What is your market area? I actually need someone with your expertise. for an upcoming listing. ... more
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Mon Jun 20, 2011
Sally W. Hamby answered:
As others have said, you need to contact an attorney. Trulia is not the correct format for a precise answer as the details would be too personal and too much for this type of forum.

Sally W. Hamby
Fidelity Bank Mortgage
Senior Mortgage Banker
404 644 7696
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Mon May 30, 2011
Househunter answered:
I lived in this neighborhood and had high although temperate hopes. But with the financial crisis/real estate bubble and foreclosures, it is obviously this area artificially escalated in value and has tumbled severely since 2008. Average sales price is about $40K mol. Some newer residents have mortgages !00K plus and now feel trapped. Many have rented out their homes and gone elsewhere.Some have walked away. It seems the area sliding even more and it will take many many years if at all to recover. Part of this is social-political in nature. Most of the houses being picked up in foreclosures are investors and that will create an even more unstable neighborhood with fewer and fewer owner occupied houses. This is a low income black neighborhood and the politicians fear their political power will erode if more neighborhoods like this keep gentrifying. Add to this that southwest Atlanta is the stronghold of black residents. This is an area that they don't want to see whites moving into. I have been involved in this neighborhood and have seen these things first hand. You really never know a neighborhood until you get into the nitty gritty of who, where the power lies. It is sad as this is such a quaint little place. I will that aspect of it but not much else. ... more
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Tue May 3, 2011
Akop Balayan answered:
Dear Merndoug:

No matter what any realtor writes here, you should absolutely consult a real estate attorney. The laws regarding foreclosure are intricate and vary state by state. Consequently, the best course of action differs greatly from person to person. A competent real estate attorney could end up saving you a tens of thousands of dollars, and your credit. From the information you have given us it would unwise and impossible to tell you anything.

Best of luck,
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Thu Apr 21, 2011
Sonya answered:

You have to have your home registered. Then you can put a preservation sign on the door and it increases the property. You also may be able to get special funding. Feel free to call Pat Griffin and tell her I sent you. She works for Wells Fargo. Her number is 404.863.2351. Also, in certain areas of Atlanta, there may be additional funding. Let's speak soon! ... more
0 votes 5 answers Share Flag
Mon Apr 18, 2011
Sonya answered:
Hi Dog,

We need to do a competitive market analysis, so when you meet with the owner we can make sure you are fully prepared to secure your deal. We will provide you with direction to ensure success. Let's talk at your earliest convenience. Our short sale team is on board to meet your immediate needs. All the best! ... more
0 votes 9 answers Share Flag
Fri Apr 15, 2011
Georgia can start foreclosure after 30 days without taking you to court. However, if you call the bank and tell them your situation, they will try to help you keep the house. I've seen some people go as long as 12 months without making a payment and some people lose the house after 90 days. Call them, talk to them, work with them. If they won't help you and you have an FHA loan, contact HUD ( If you have a conventional loan, see if you can rent your house and ask the renter for ? amount of months that you are behind. Your next option is to talk to the bank about doing a "deed in lieu of foreclosure". This will keep you from having a foreclosure on your credit report. It will damage your scores for 12 months but at least you will be able to buy after that. If you do a "short sale", it is equivelant to a foreclosure and you will not be able to buy for 3 years. Again, credit damaged for 12 months. Another option is to contact NACA ( and see if they can help you. Whatever you do, don't pay anyone thousands of dollars to modify your loan. You can do it yourself by working with the bank. Let me know if you need help (no fee). ... more
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Thu Feb 3, 2011
Isabel Elsesser answered:
This deal made my head spin. I can't believe all the work involved.
2 sets of different contracts and no instructions. And original broker signatures required.

No notifaction was sent to my email when contract was accepted!!

What are they thinking ?
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Tue Jan 18, 2011
Sally Grenier answered:
I'm confused by your question. You'd be better off if you actually sat down with a live person and spoke to a lender or mortgage broker to see what you qualify for now, or what you need to do in order to get qualified. Need names of someone? let me know!

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