Leander Loan Default in Atlanta Ga

12 Replies

Hello all. The borrower defaulted on a loan that I'm involved in. I'm the only investor and I have the security deed stating I will have rights to the property if the borrower defaults. I also have the buyer's agreement. The house isn't fit to live in. What is my next step? I've hired a real estate attorney to ensure the title gets recorded in my name.

I'm not sure what to do with the property after the title transfer is finalized. Please advise. Thanks in advance ūüėä

Corrected Subject Heading Should Read BORROWER LOAN DEFAULT IN ATLANTA GA

Sounds like a straight up foreclosure.  You may want to insure the property, and make sure it doesn't go to a tax sale.

You'll either need to get the borrower to sign a deed-in-lieu of foreclosure or go through the process of foreclosure.

I might be interested in buying it from you as-is once you have title. message me if you want to talk about it. 

What part of town is it in ?

Originally posted by @Wayne Brooks :

Sounds like a straight up foreclosure.  You may want to insure the property, and make sure it doesn't go to a tax sale.

 Thanks Wayne. This is something I need to do AFTER the title has been transfered to me correct? 

Originally posted by @Jeff Dimock :

You'll either need to get the borrower to sign a deed-in-lieu of foreclosure or go through the process of foreclosure.

I might be interested in buying it from you as-is once you have title. message me if you want to talk about it. 

 Hi Jeff. Thanks I will keep you posted.

You will have to go through foreclosure in order to get the title into your name. But it also depends on what the loan is versus the value. If your loan is low, you'll may have investors bidding for the property at the courthouse steps. If noone bids, then you'll be able to get the title in your name. 

Best suggestion would be to track down the borrowers and have them sign the title over to you, in order for them to avoid having a foreclosure on their record. And it would save money on your end. "Deed in lieu of foreclosure'.

@Lachionte Culpepper No, foreclosure is How you may get title in your name, assuming no one bids more than you are owed at the auction. To be clear, you can't just "get the title back in your name" because they are in default.  The alternative as mentioned above, would be a Deed In Lieu, if the borrower is willing.  But, a DIL is not the answer if there are other liens/judgments against the house,maps they would stay. Foreclosure is the only way to wipe out junior liens.

Ok great. I have an attorney handling the foreclosure case. I just wanted to make sure I was headed in the right direction.

From what you guys are telling me this matter cannot move forward until we know what happens on the courthouse steps right?

Originally posted by @Wayne Brooks :

@Lachionte Culpepper No, foreclosure is How you may get title in your name, assuming no one bids more than you are owed at the auction. To be clear, you can't just "get the title back in your name" because they are in default.  The alternative as mentioned above, would be a Deed In Lieu, if the borrower is willing.  But, a DIL is not the answer if there are other liens/judgments against the house,maps they would stay. Foreclosure is the only way to wipe out junior liens.

Ok great. I have an attorney handling the foreclosure case. I just wanted to make sure I was headed in the right direction.

So it appears that this matter cannot move forward until we know what happens on the courthouse steps right?

Projected outcomes would be that someone buys the property at the courthouse and I get the amount owed.

No one buys and the title is transferred to me.

Am I on the right track?

Yep.

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