What physically happens to me when the bank actually forecloses?
After the public auction on the courthouse steps on the first Tuesday of the Month the bank or the successful bidder will take steps to evict you from your home. The sheriff or marshal comes to your house and physically removes your belongings from the premises. This can take from a few days up to a month and you can’t plan on a certain number of days before the eviction happens. Do not let this happen!
Can I stop the foreclosure with Bankruptcy?
Chapter 13 Bankruptcy stalls the foreclosure action, but it does not completely stop it. Once you are in Bankruptcy you still are on the hook to make mortgage payments. If you don’t make the payments the bank can get “relief of the stay” and proceed with the foreclosure. This puts you back in the same trouble, but now you have a bankruptcy on your record and you have paid some attorney money that you could have used better.
Can I stay in the house if you buy it from me?
state of Georgia has passed laws to protect the consumer from fraudulent activities relating to Distressed sales of properties.
Foreclosure falls under these rules and any investor that promises to make arrangements for you to stay in your house is potentially running afoul of the fraud laws in Georgia. Because of these laws, under no circumstances can you sell your house in a distress situation to us and remain in the house.
For reference, here are excerpts from the laws which govern Fair Business Practices regarding Real Estate transactions in the state of Georgia:
O.C.G.A section 10-1-393.
(a) Unfair or deceptive acts or practices in the conduct of consumer transactions and consumer acts or practices in trade or commerce are declared unlawful.
(b) By way of illustration only and without limiting the scope of subsection (a) of this Code section, the following practices are declared unlawful:
(20)(C) Failing to comply with the following provisions in connection with the purchase of property used as a dwelling place by a debtor whose loan for said property is in default and who remains in possession of this property after said purchase: