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Foreclosure in 30041 : Real Estate Advice

  • All73
  • Local Info5
  • Home Buying46
  • Home Selling7
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Activity 6
Thu Feb 9, 2012
Ken D'Ademo answered:
Hi Charlene, not sure how you ended up in a portfolio loan. If you refinanced conventionally then your conventional mortgage rules apply which are spelled out in your loan docs. A lender can sell your loan to another servicer but cannot change the terms of the loan. Review your original loan docs to find out the terms of your refi loan. If your terms are conventional loan, you can probably resolve the issue using your documentation, but if the lender won't listen, you should contact an attorney. There may be recourse for bad lending practices that were going on at that time which has led to the mortgage fiasco, but again you need to talk to an attorney. A portfolio loan is different than conventional mortgage, it is more likely you won't be able to do a short sale without still having to pay on the balance, and foreclosure is not going to be a good idea either as it will kill your credit and you will not qualify for other loans or mortgages. Let me know if I can help you to locate an attorney, or do a market analysis on the property. ... more
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Mon Nov 29, 2010
davidwbrower answered:
Great question. There is no set answer. It all depends on who the bank is that is foreclosing and how soon they react to the post foreclosure procedures. Normal procedure is to determine occupancy after the foreclosure. This could take anywhere from 1 day to 3 months. When they assign it to real estate, the agent will do an initial inspection. They will report to the bank that it's occupied and seek to contact you. Since you are not the owner and you most likely do not have a lease agreement in place with your ex, they will ask you to leave. Do you have a lease agreement in place? Best option is to begin looking for a place to live. Doubtful you will be able to remain there much longer. If you have a lease agreement in place with your ex then you have options. Several banks offer a relocation plan if you are cooperative and can get $500-$2000 depending on the value of the home in exchange for you vacating and leaving the property clean. Just a lot of variables and there is no exact time frame as to when you will need to leave. Worst case scenario Wednesday morning an agent shows up and determines you are in it and tells the bank and they begin an eviction proceeding. I would start looking now for a place to live. I don't work Cumming area rentals but I could refer you to an agent from our Cumming, GA office if you like. Just contact me if that helps. good luck. ... more
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Mon Mar 29, 2010
Mark Lackey answered:
Contact Dickenson GIlroy. They are real estate experts. Call 770-518-5514 to reach them.

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Top 1% Producer 2009
Associate Broker

Home Buyers & Sellers -
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Thu Mar 5, 2009
Scott Godzyk answered:
you should speak to a real estate attorney there in Georgie to see if there are any state laws that are different from the nromal. usually the bank will send you a notic after foreclosure of what the deficiency is, they will try and determine if you have the ability to pay and ither start collections or write it off and send you a 1099 and you would be responsible for the taxes on that amount that was written off. there are other options with the bank, if you are bent on giving it back do a deed in lieu of foreclosure and ask to negotiate out what will happen to the deficiency as part of your deal. you can also try and save your house by calling the home retention dpet of your mortgage co and ask for a forebearance or loan modification, i wish you luck in working it out. ... more
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Thu Jan 10, 2008
Don Tepper answered:
The properties listed in ads as going to auction as a result of foreclosure do go to auction on that day. It's a legal process that must be complied with. As to whether they sell, it depends on the property and the people, if any, bidding on the property. ... more
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Thu May 14, 2009
Joshua Jarvis answered:
EVERYTHING is negotiable, now more than ever. There are some pockets of Alpharetta that are still HOT, so a good Realtor is a must, plus it doesn't cost the buyer anything.
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