Foreclosures Discussion Archive 11

Foreclosure in GA

Posted by jay on November 30, 2004 at 13:48:54:

I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.

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: I own a house in Georgia, and I recently moved to another state.  The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind.  I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all.  Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure.  It's too late to rent it out (we'd have to catch up too many payments), so are there any other options?  If they foreclose, what are the ramifications (it's an FHA loan)?  I'm ready to walk away from it at this point. 


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