Foreclosure with a pending lawsuit
Hello everyone,
A newbie here and I just won after bidding on a property. Did a record search and found no liens, however there was a lawsuit made by the owner against the lenders/debt collectors, that was ruled in favor of the defendants and closed. This was 2 years ago. I found after the foreclosure sale, that the owner had filed another lawsuit, (just the day before the auction), against the lenders/debt collectors, disputing the debt, asking for a re-validation and essentially stating that the property should not have been foreclosed. The owner occupies the home.
I contacted the law firm representing the lenders, and they said that they are addressing the lawsuit, shared a copy of the filed lawsuit, but did not share any other information. I was told that the checks were sent to the lender and I am yet to receive the deed.
Am looking for help from those who have dealt with these scenarios, on my options
1) Is this foreclosure considered legal? The property is in Fulton county, Atlanta, GA. Since GA is a non-judicial state, and the lawsuit was filed prior to the foreclosure, would the sale be considered not valid?
2) Typically how long do these sorts of lawsuits take?
3) Since the deed has not been drafted/sent, can I rescind this transaction, as I won't have the appetite if this turns out to be a long drawn out court drama?
Appreciate any advice on how I should proceed!!!
Thanks a lot in advance.