Foreclosure in GA

[bobingeorgia]

Georgia.

I was leasing to own a house from my father who has a mortgage on it with the bank. My father gets pissed at me and decides to stop paying the mortgage and let it go to forclosure. I am current up to January with the rent so there is no business issue there...only personal family issues

I find out last week that house is set to forclose Feb 7th. Only found this out from the legal advertisments. Father is not speaking to me and it's evident he does not give a damn about his credit.

My question is in this short period of time can I say or do anything to the bank so that the bank will give me time to get a mortgage on it so I can buy it. Doubt my father will give me quit claim. My goal is to stay in the house since I have pseudo equity in it...I have been here for 11 years.

I need to know how to talk to the bank so that I can stall and work this out. Foreclosure is probably eminant and I actually dont mind that since it takes father out of the picture. If nobody buys it on the 7th I need to know what I can do to stay and eventually buy it. I was thinking bank would rather work with me rather then deal with headache of inventory.

[pojo2]

Dumb question but why are you wasting time here instead of actually picking up the phone and calling the bank?

The actual selling of the property will not occur for several months to come. The actually process in my neck of the woods take many months and even then the person can redeem the property after several more months.

Though this is family this is why one needs many layers of protection in such arrangements when buying a house.

So what are you waiting for, call the Mortgage Co. BUT it will probably cost you one way or the other.

To refi if his name is on the deed he will have to quit claim it to you. In fact to even take over the loan he will have to sign it over to you. Looks like he pretty much holds all the cards in your getting this property and 11 years of equity.

[bobingeorgia]

I was "wasting time here" in the hopes that somebody would tell me the best way to approach the bank? As a renter they dont have to talk to me at all so I did not want to get shut down by saying the wrong thing

I actually want it to go to forclosure. The landlord is not going to do a quit claim so I want him out of the picture. My main question is one of process and how to go about buying the house at this point

There is no right of redemption in Ga so on Tuesday the house is pretty much up for grabs if somebody wants to buy it.

[High&Low]

Unless your house is pretty shabby and nobody wants to touch it, I doubt the Bank would want to work with you. If you had good enough credit to buy your own house, I'm sure you would have done that by now without your father. The bank is not interested in working out any deals with people who don't have money.....sad and harsh, but a reality...

[pojo2]

Originally Posted by bobingeorgia

My main question is one of process and how to go about buying the house at this point

There is no right of redemption in Ga so on Tuesday the house is pretty much up for grabs if somebody wants to buy it.

Go talk to the bank face to face no one here can tell you word for word what to say!

NO the house is NOT pretty much up for grabs on Tuesday and I suspect it will not be for many months to come.

>> find out last week that house is set to forclose Feb 7th<<

If they foreclose on Tuesday it means they will seek court action and add several thousand in lawyer expenses etc. and then a court date is set etc. etc. etc.

Unless they have already gone through this process and what you REALLY mean is it is up for sale on Tuesday.

Soooooooo call the bank Monday Morning or better yet go to the bank Mon. and talk with them.

[bobingeorgia]

Thanks for your advice pojo2. The house is set to be auctioned on Feb 7th

I'm cool with whatever happens, if I have to move so be it. But I will do as you suggusted and go to this national mega bank Monday moning. I called them last Friday but without all of the correct numbers and SS#'s it was hard to get anywhere. I have a credit score just below 600 so that may get me some kind of high interest loan. There should be around 100g's of equity in the house so it's worth trying to save.

The deal was to always refinance the house under my name and when I approached my father last fall and told him I was ready was when the problems started. I would not accept and sign away my rights to his "illeagal terms so he called me an ingrate and decided to teach me a lesson by not paying the mortgage I was turning over to him.

We'll see how it goes monday

[pojo2]

Tell us what happened!!!

[bobingeorgia]

Went to WAMU yesterday to see what could be done. I did not expect anything and thats exactly what I got. The loan specialist knew nothing about forcloseures and did not know where to point me. I think he was honestly trying but I understand it's not his job. He said nobody would talk to me anyway since its not my loan.

So I suppose the house is being rattled off as I write this. I will call the lawyer tomorrow and see if anybody bought it then I will contact the new owner and see if something can be worked out if not for buying it back then at least a short term rental while I fine another house. Either way I know I have 30+ days till I'm evicted. If the bank has it then I will work with them to buy it WITHOUT having to move. If I have to move and then try to buy it I'm going to throw in the towel.

Also gonna look into a lawsuit on the former landlord for breach of contract on the lease purchase and all the money I have put into the house.

I'll keep those of you that give a curious damn posted