Hi, All --
I'm in a foreclosure mess here in Georgia, and I'm having trouble finding straight answers to even the most basic questions. I'm hoping that there are a few people from Georgia that visit this forum and can offer some info and advice. Here's my back story:
Lost my job in July 2008. I stopped paying my mortgage and credit cards in Feb. 2009. In June, got a notice of pending foreclosure from MetLife. I applied for a loan modification in early July. The house was initially scheduled for sale on the courthouse steps on August 4. It's been delayed twice since then -- current sale date is November 3rd. The house is worth about $40,000 less than I owe on it (I owe $150,000), due to tanking home values and some structural problems with the house that I was trying to fix when I lost my job. I have a first mortgage with MetLife only, no 2nd, liens, etc. I can't get anyone at MetLife to tell me when I'll hear back about the modification request, but it's been almost three months since I sent in my application, so it's got to be soon.
Here are my questions:
1) If the house ends up selling on the courthouse steps, how long do I have (according to Georgia law) before I have to leave? I saw another poster that said the lender changed the locks BEFORE the house was sold -- is that legal?
2) If I do receive a modification offer from my bank, how long do I have to approve it, reject it, or negotiate the terms before they foreclose? Since the foreclosure auction is currently scheduled for November 3rd, what's the latest date that they can send me an offer at this point?
3) I'm hoping to stay in the house until the first of the year, if possible. Would it make sense to request a short sale at this point, so I can postpone the foreclosure on November 3rd? I don't want to keep the house long-term unless the bank agrees to a serious principal reduction (which I doubt).
Sorry for the long post, and thanks in advance for any suggestions or advice you might have!!!
Maud (not my real name, of course)
I'm in a foreclosure mess here in Georgia, and I'm having trouble finding straight answers to even the most basic questions. I'm hoping that there are a few people from Georgia that visit this forum and can offer some info and advice. Here's my back story:
Lost my job in July 2008. I stopped paying my mortgage and credit cards in Feb. 2009. In June, got a notice of pending foreclosure from MetLife. I applied for a loan modification in early July. The house was initially scheduled for sale on the courthouse steps on August 4. It's been delayed twice since then -- current sale date is November 3rd. The house is worth about $40,000 less than I owe on it (I owe $150,000), due to tanking home values and some structural problems with the house that I was trying to fix when I lost my job. I have a first mortgage with MetLife only, no 2nd, liens, etc. I can't get anyone at MetLife to tell me when I'll hear back about the modification request, but it's been almost three months since I sent in my application, so it's got to be soon.
Here are my questions:
1) If the house ends up selling on the courthouse steps, how long do I have (according to Georgia law) before I have to leave? I saw another poster that said the lender changed the locks BEFORE the house was sold -- is that legal?
2) If I do receive a modification offer from my bank, how long do I have to approve it, reject it, or negotiate the terms before they foreclose? Since the foreclosure auction is currently scheduled for November 3rd, what's the latest date that they can send me an offer at this point?
3) I'm hoping to stay in the house until the first of the year, if possible. Would it make sense to request a short sale at this point, so I can postpone the foreclosure on November 3rd? I don't want to keep the house long-term unless the bank agrees to a serious principal reduction (which I doubt).
Sorry for the long post, and thanks in advance for any suggestions or advice you might have!!!
Maud (not my real name, of course)
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