How long does foreclosure process take in GA?

[akim1972]

I am discharged from Ch7 bk and will be missing my 3rd payment as of today. I already received loan modification package from BAC loan servicing but I did not apply since I cannot qualify for the program.

Anyway, does anyone have any clue how long does foreclosure process take in GA these days?

Q2. Do we have to move out of our house prior to the public auction (Trustee sale) date?

Q3. How long do we have from the Trustee sale date if house is sold from auction?

Q4. What happens if house is not sold in auction?

Q5. Is BAC moving fast with their foreclosure process?

Thank you in advance for sharing your insights.

[ccsjoe]

I can answer some of your Q's.

Q2-No, not unless it is convenient for you, e.g. you found a new place quicker than thought.
Q3-That depends, you need to look up your state's civil code regarding evictions. In CA technically the homeowner can be served with a 3 day notice immediately after title has recorded. Normally though, assuming the sale fails (as is the norm nowadays) and the house reverts to lender, the lender will attempt to determine occupancy status of house after the sale. You can at that time engage them in negotiating a surrender, perhaps even some cash for keys. When this will happen is anyone's guess though. It may happen a couple weeks after the sale or a few months, not telling when it will hit the lender's radar screen. If however the sale goes to a third party (anyone but lender) then they have to follow state eviction rules set forth in your civil code.
Q4-House is always sold at auction unless auction is postponed. If there are no third party bids, house reverts to lender, meaning is sold to lender.

[ryan]

The overwhelming majority of all foreclosures in Georgia are accomplished by the use of the power of sale in the Deed to Secure Debt. This is a non-judicial sale, wherein the lender declares default, follows the statutory notice and sells the property on the courthouse steps.

2 to 3 months would be typical since it is a Non-judicial state.

[akim1972]

Thank you so much for your insights and good luck with your 341.

[akim1972]

Thank you so much for your response.

I know someone who stopped paying for the mortgage more than 1 year ago and person still lives in the house. House is 1 mile from my neighborhood.

How can that happen?

[ryan]

Thank you so much for your response.

I know someone who stopped paying for the mortgage more than 1 year ago and person still lives in the house. House is 1 mile from my neighborhood.

How can that happen?

If the Deed To Secure Debt did not contain a Power Of Sale, that may allow it to take much longer.