My question involves a mortgage in the state of: Georgia
My husband and I purchased a home in GA and then were relocated across the country. We rented the home out for several years to try to keep it but it was draining us financially (couldn't charge rent for what mortgage was owed). The property is worth significantly less than what we purchased it for. We tried to do a loan mod on the house and was turned down.
We have not made payments for 11 months with the hopes that the bank would accept a deed in lieau or foreclose on us. We are wanting to get this whole nightmare over so we can rebuild our credit. We have constant contact with the bank (Wells Fargo) and constantly get 4000 different stories none of which are the same. We are wondering if there is anything to do to speed up the process to get a deed in lieau/foreclosure. The bank knows that our intent is not to keep the home, yet there is nothing they are doing to foreclose on it.
Is it possible to take litigious action against the banks for them not foreclosing in a timely manner and thus not allowing us the opportunity to rebuild our credit and move on with our lives?
Any advice would be appreciated as we feel like we are spinning our wheels with the bank and getting nowhere at all.