More Homeowners Face Foreclosure Despite Making All Payments As Seller-Financed Home Purchases That Left Existing Mortgages Unpaid Go Sour

In Milledgeville, Georgia, WMAZ-TV Channel 13 reports:

• Andrea Wright takes pride in her decor. This year Andrea and her husband Henry bought their first home. "It was just like a dream come true," said Henry Wright of Milledgeville. A lifelong dream they say got cut short. Now, the couple faces foreclosure. "We trusted him because we saw it as an opportunity for us as well as an opportunity for him," said Andrea Wright.

• Andrea means Jason Gallacher, LLC. She says they didn't have the credit to buy the home on their own so they bought the home in January from Gallacher through a seller finance purchase agreement where they paid Gallacher and he paid the bank.(1) They say they didn't know he still owed money on the property. "Our names were in the paper stating that this address as well as our name was being foreclosed, it was being auctioned off," said Andrea Wright.

• Jason Gallacher says four homes in the Logan Bluff's subdivision are under foreclosure. Gallacher says he did sign seller finance purchase agreements with each of the four buyers and maintained payments through July but says after July his bank BB & T stopped accepting payments because partners in other projects he was involved in filed bankruptcy.

For the story, see Home Purchase Goes Sour for Milledgeville Couple.

(1) This type of seller-financing arrangement is commonly referred to in some states as a "wraparound mortgage." In other states, it is generally referred to as an "all-inclusive trust deed." rent to own lease purchase option scams yellowstone