Coming to your state
In Georgia, they have some fairly interesting foreclosure laws. Seems if you decide to refi your home, the refi process takes a bit more time than the amount of time it takes to foreclose. No biggie, right? you’d know if you were being foreclosed on, wouldntcha?
Seems your current lender can start foireclosure proceedings even as you are refinancing, and they can fasttrack the foreclosure so you can lose your home before your refi comes through.
And then, once you have lost your equity and credit rating, they will generously offer to let you stay there and rent YOUR home.
Remember the way the Soviets were forced or starved out of their homes and into gummint housing? Maybe you’re too young. Still. Watch this carefully. If they start talking about changing foreclosure laws in your state, make damned sure you understand what they’re doing and don’t let them do it.
Sadly, Og is correct.
A lender can foreclose on a house and have the sheriff come in three weeks.
That is not a typo.
Now it’s not always this fast but it can be. More often it’s a few months … but if your refi gets hung up anywhere, including, oh, say, the bank losing your paperwork, that sort of thing, you may very easily be in peril.
Georgia is a state with very little consumer protection; everything is written for the benefit of every other party except me and thee. The average guy/gal is their meat.
Jenny
The consumer it get it in the shorts big time before it is all over. All big business wants to run the world, so if they have to control the government to do it, so be it.
We are in for a very bumpy road.
Am I missing something here? If your payment is due on the 3rd, it is still due until the loan is payed off. You keep making payments until the bank tells you the loan balance is ZERO.
Yes. Once a refi is started you can stop making payments under ga law. Some refi programs force it, i know mine did. But my refi was done in 12 days.