I've been unable to pay my mortgage for the past 4 months. The bank has sent foreclosure notice and sale date. I can't come up with the money what I owe to keep the house. I have to let it go. The sale date is July 3,2012. I need time to save up enough money to rent.
Divorce / Separation Lawyer
Potentially, if a 3rd party buys it and wants possession right away, they can be demanding you to vacate on July 3. It is also possible that it might be months before anyone tries to get you out.
You would benefit a great deal by seeing a lawyer ASAP (preferably a bankruptcy one). A Chapter 7 might make sense here. It would eliminate the possibility of you later being sued for a deficiency (which isn't routine but can happen). But the filing also would stop the July sale and likely put it off for at least a few months. That would buy you time, and also may help with other bills. Since I have not seen your finances I don't know if that's a good move but if spending $1200 or so and getting to stay a few extra months could be financially savvy.
Chapter 13 also might be an option. There may even be ways to keep the house with a 7 or 13. (You may also have some non-bankruptcy options such as "cash for keys.")
If you'd like to set a consultation to look at these (and other) options, feel free to call me at 404-768-3509. Don't wait until the last minute. Now is the time to evaluate options, several of which may be better than just letting foreclosure happen.
If you find this answer helpful, please mark it here on AVVO as helpful. In answering you, I am attempting to communicate general legal information and am not representing you. Do feel free to call me at 404-768-3509 if you wish to discuss actual representation (the phone call also does not retain counsel; that requires an office visit and appropriate paperwork). In that a forum such as this provides me with limited details and doesn't allow me to review details and documents, it is possible that answers here, while meant to be helpful, may in some cases not be complete or accurate, and I highly recommend that you retain legal counsel rather than rely on the answers here. (You can also email my office at email@example.com . An email also does not retain my office, but can help you get an appointment set if you prefer not to call). Any information in this communication is for discussion purposes only, and is not offered as legal advice. There is no right to rely on the information contained in this communication and no attorney-client relationship is formed. Nothing in my answer should be considered as tax-advice. To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein. I am also required to advise you, if your question concerns bankruptcy, that the U.S. Congress has designated Ashman Law Office as a debt relief agency that can help people file bankruptcy.
1 lawyer agrees
I agree that a bankruptcy would be the easiest way to buy you time in the house, but it may end up costing you whatever you would be saving unless you have other debt. Typically, if there is no equity in the house, the mortgage company will be the one to purchase your house at the foreclosure sale. If so, they may hire an agent to list the house or sit on it for months. If they have an agent, and they find you in the house, they still cannot just throw you out. Instead, they would have to file a dispossessory in magistrate court to have you evicted as if you were a tenant. When they file this, the sheriff will either hand it to you at the door, or tack it to the front door of the house. You then have 7 days to file an answer. If you file an answer, a hearing will be set in about a week, and the Judge can give you 24 hours from the hearing date to get out. If you don't file an answer, after 7 days the mortgage company can have all of your property placed at the nearest public street. I have seen people stay in the house for months, or be forced to move in 7 days.
The above information is general in nature. In order to obtain more specific and legal advice upon which to base your important decisions, please contact our office directly for a free phone or in person consultation. Robert M. Gardner, Jr. Hicks, Massey & Gardner, LLP firstname.lastname@example.org 53 W. Candler St. Or 718 Oak St. Winder, Ga. 30680 Gainesville, Georgia (770) 307-4899 (770) 538-0555 gadebtlaw.com hicksmasseyandgardner.com serving metro Atlanta and all of Northeast Georgia Bankruptcy, Divorce, Personal Injury, Worker’s Compensation, Medical Malpractice, Adoption, Civil and Criminal Litigation