Walking/foreclosure in ga

[SHULING]

Hello everyone!! I am super frustrated...I have been unemployed since June 2010. I have been working with the mortgage company the entire time. They put me on half payments on July 2011- January 2012. I have tried several modifications all denied. I tried to see if my fiance could be put on as a contributor. They told they need his tax returns, pay check stubs, bank statements as if he is applying for the loan. I declined and informed them they are being too invasive for someone that is not on the loan. I asked the loss mitigation is there anything you can do to help me. I am still receiving unemployment benefits of 330 a week for 14 weeks...in GA. WELLS FARGO told me I was NOT approved for unemployment program because I am 9 months behind and is it possible to come up with 2400 dollars and they can put me on the unemployment program. I SAID WHATTTT! if I had 2400 dollars I could pay my mortgage and wouldn't be behind. I am behind because you set me up on half payments. I have been PROACTIVE the entire time. The loss mitigation rep said yes you have but you are behind. I have two kids 3 years old and 4 months old. I ok with walking away or foreclosing my home is wayyyy underwater. I paid 152k for the house in 2006. I recieved an inhouse modification in 2009 and they put the late payments on the end of the loan and extended it for 40 years so my balance on the loan is now 157k. The house is worth 51k and they are not reducing the principal or willing to work with us. It is as if I have not made any payments toward anything. They can have this AMERICAN DREAM...I meant NIGHTMARE! I was able to get an IN HOUSE modification in Sept. 2009 then I got laid off in June 2010. Also loss mitigation tells me you had a HAMP modification already in 2009. I said no I didnt it was an in house modification and not a HAMP (planning on submitting another QWR) to clear up the issue. oh in addition to all this I have an IRS TAX lien on the house for 50,000-is is non collectible. However when a bank forecloses on a home with an IRS tax lien they go thru the normal forclosure process. Then they have to request for the IRS to release the lien that takes 25 days. Then the IRS has 120 days to take over the property. I am so over this entire owning a home. We are looking at homes to rent for 830 which is the price of my mortgage but the banks REFUSE to help you...I need to vent....hopefully someone can benefit from my story. This is an AWESOME forum.

[Cat Damiano]

Hi SHULING,


Welcome to the forum and thank you for joining...........

Have you tried to look into the Hardest Hit Fund instead? Georgia is one of the states that received funds to help the unemployed and underemployed with their mortgage payments. If not, here is some information that may be able to help you.

https://www.homesafegeorgia.com/

[SHULING]

Hi Cat,
I have looked into this and faxed my paper work today. I may not qualify but I am seking all avenues and all they can say is NO. I also called HUD for assistance and we spoke with Wells Fargo on a conference call but since they only have a single point of contact. No one else is willing to help you. They want to try to get a payment plan approved for $2020 dollars a month for 6 months or 1486 for 12 months..neither of these I can afford.

[Cat Damiano]

Hopefully you can get accepted into the Hardest Hit Fund. Also when speaking to WF in the future, you may want to go through the executive team instead to see what other options there may be if you do not, for some reason, get into the HHF program.

They can be reached here;

1-800-853-8516

[SHULING]

Hello everyone,

Well after months of working with Wells Fargo I am now in the foreclosure process. I have a few questions because I am in Georgia.

I recieve a notice of acceleration on Feb. 14 and it states I have to become current on all pass due amounts by March 18th.

The next letter I received stated it has been referred to Wells Fargo attorney with instructions to begin foreclosure proceedings. The letter specifically states " THIS IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS NOT A DEMAND FOR PAYMENT."

I called home perservation and they told me I have a June 5th sale date. I thought that was pretty soon considering. Wells Fargo has not sent me a NOD -via ceritified mail, I have not received a notice of sale and they have to post it in the newspaper for 4 weeks. Also I have a 50k IRS tax lien on the house. I know they have to notify the IRS of the tax lien 25 days before the sale and then once it is sold the IRS has 120 days to redeem the property. Does this mean I have longer to stay in the house? I don't want to abandon the property or do I wait until the Sheriff comes to serve me. Also I have not received anything from the attorney directly.

Will I receive a NOD in GA? Will I recieve a NOS? Is the sale date tenative? How much time do I have until I have to move? I am in one of the highest county for foreclosures. I went on zillow.com today and my house or should I say soon to be Wells Fargo house is worth 62,800K my balance on the loan is 157k and the house next door is on the market for 51k. I am glad to be getting away from this bad investment. However, I would like to know more about georgia foreclosure process. Will I qualify for cash for keys since I have a tax lien? I have found plenty of rental property and people willing to work with me. Finding a home will be easy. I just want to have an idea about when I should put my deposit down and start moving.

[Cat Damiano]

SHULING,


In GA, the certified notice will come around 15 days before the date of sale.

• Prior to initiating a foreclosure, the lender must send a demand letter requesting the payment of all past due amounts, which gives the borrower ten (10) days to pay these amounts otherwise foreclosure proceedings will begin. If payment is made at this stage no attorney's fees are assessed.
• The lender must then publish the notice of the scheduled foreclosure sale in the county newspaper in which the property is located for four (4) consecutive weeks before the sale. The borrower must also receive bycertified mail notice at least fifteen (15) days before the date of the proposed sale.

Georgia Foreclosure Laws - Foreclosure.com



Georgia is a “non-judicial foreclosure” state. That means the lender can foreclose on your home without filing suit or appearing in court before a judge. The procedures for foreclosure are spelled out in the Official Code of Georgia, Sections 44-14-162 through 44-14-162.4.

Foreclosure begins with a default under the terms of the original promissory note or deed to secure debt. Usually the default is your failure to make the required payments on the loan. A default can also occur due to things such as failing to maintain property insurance or pay your property taxes.


Next, the holder of your mortgage must send notice to the borrower of its intent to foreclose. The borrower will not get much advance notice – Georgia law requires that the notice be sent at least 30 days before the date of the proposed foreclosure sale. The notice must be in writing and include the name, address, and telephone number of someone who has authority to negotiate, amend, and modify the terms of the mortgage with the borrower. The notice must also be sent to the borrower by registered or certified mail or statutory overnight delivery, return receipt requested, and include a copy of the advertisement of the foreclosure sale that will be published in the official county newspaper for public announcements. Refusing to accept a notice sent by registered or certified mail is a bad idea; it will not invalidate the notice.


The holder of your mortgage must publish notice of the foreclosure in the official county newspaper for public announcements where the real property is located for four consecutive weeks prior to the scheduled foreclosure.
If it has not already done so, the holder of your mortgage must file proof that it owns title to the security instrument related to the real property with the clerk of the superior court of the county in which the real property is located, prior to the start of the foreclosure sale. This proof is usually in the form of an assignment of the promissory note and deed to secure debt. Since mortgages are often sold or assigned, this requirement may assist the borrower with identifying the current holder of their mortgage.


The foreclosure sale will take place on the courthouse steps in the county where the property is located. By law, foreclosure sales take place on the first Tuesday of the month between the hours of 10:00 a.m. and 4:00 p.m. Bidding is open to the public, but the mortgage holder often is the only bidder. The mortgage holder will sign a deed of foreclosure to the winning bidder, which may well be itself. At that point, the winning bidder becomes the new owner of the property.

[SHULING]

Well I received the NOD from the attorney today for the full amount of the loan and back payments for a total of 163k. WOW well per the letter date April 10, 2012. I have 30 days to pay or face foreclosure preceedings. I call Wells Fargo and they still have my sale date as June 5, 2012. I am starting to feel more relief because their are sooo many properties ready for rental and it looks like I have found at least one but there are so many more. I look everyday so I wont miss anything. I may have to file Chapter 7 if the attorney office tries to go after me personally will the Debt Relief act help me?

[Cat Damiano]

If you are talking about deficiency after foreclosure, it isn't the foreclosure attorney that pursues a deficiency.