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Questions About Foreclosure Help In Georgia

Georgia Foreclosure/Bankruptcy Issue?

I am one of those facing foreclosure. Due to being unemployed, I cannot save the house, and I was unable to sell it. So now it is in foreclosure and scheduled to be sold July 7.

We moved out of the house nearly 6 months ago, which is in GA, and into a rental house in Alabama. Now that the house is in foreclosure, I’m not sure what to expect. The foreclosure is from the primary lender, and I know the house won’t sell for enough to pay both the primary and the secondary lenders. Does anyone know if a deficiency judgment can be issued against an unemployed person? If so, would a lender seriously do that, knowing they couldn’t get a dime? It would seem to be a waste of time.

And does anyone know, should it come down to this … if I need to file Chapter 7 bankruptcy after the foreclosure (due to deficiency judgments), do I have to file it in Georgia or my current residence of Alabama?

Thanks for any help.

Industry Expert answers:

I would say that you can file in the state that you live in now. When you file BK you have to list all of your debts and the house would be one of them. The bank will eventually come after you for the balance if they sell the house or have it auctioned off. You may think long and hard about filing BK or you may be faced with a large debt for the remaining balance of your house loan.

Does the bank have to respond to a formal offer with a formal response?

I placed a formal offer on a foreclosure in Georgia and was told within 48 hours that my offer was declined and was verbally told a counter offer.

A few weeks later I gave a verbal offer and again within 48 hours was verbally told no.

A few weeks after that i gave a formal best and final offer with a list of reasons why the property is not worth the last counter offer. Thus helping to bridge the gap between me and them.

All of a sudden it has taken them two weeks to respond. I have a feeling the listing agent never submitted my offer to the bank the first two times and was doing the negotiating for the bank.

So here’s my questions:

1-Is there a way to find out if my offers were submitted to the bank?
2-If my best and final is declined, can I request a formal response from the bank instead of just a verbal?
3-Typically, how long does it take for a bank to respond?
4-Could the bank be stalling to wait for a better offer to come along? And if so, is that legal?

Industry Expert answers:

1. Call the listing agent.
2. You can always request. They are not obligated to do so.
3. Who knows. Depends on the bank, the staff, etc.
4. Yes. And yes.

Just to add, here is my advice. If you are tired of waiting around, then withdraw your offer and move on. You may withdraw your offer at anytime, provided it has not yet been accepted. Two weeks is ridiculous. They probably have already accepted another offer, and just did not tell you. If you want, rather than withdrawing your offer, you can send notice that your offer will expire in 48 hours, if notice of acceptance is not received by then.

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