It is a bit complicated.  

Here in Georgia we are 'non-judicial' meaning the bank does not have to go to court to foreclose.

Hey guys,As I get more serious about bigger (and more complicated) investment opportunities, I'm trying to figure out how to structure my team.

In response to @Jay Hinrichs comments regarding leasing the property prior to completion of the foreclosure:While the default rule is that the mortgagor has possession of the property until confirmation of the judicial sale, a mortgagee CAN rent the property prior to the end of the foreclosure, but will first need to be deemed a "mortgagee in possession."

If on the other hand you have no belief your are right or that the courts will not support you then a investor cuts his losses and pays the crook.It is a surprisingly simple decision complicated by a individuals lack of confidence or resolve. 

One out of 859 homes are still facing foreclosure even with the Silver State being a faster, non-judicial foreclosure state and having over $202 million in HHF.

I know it does A LOT of work for a free program, but it seems like in their efforts to make budgeting foolproof, they've over-complicated it. 

Now the scariest thing that even if one decides to pursue this, this is complicated enough that the agent can possibly screw the person in some aspect, since the agent makes less money setting up this design.  

This subsection does not apply to a lien or encumbrance placed on the property that is:(1) placed on the property because of the conduct of the purchaser;(2) agreed to by the purchaser as a condition of a loan obtained to place improvements on the property, including utility or fire protection improvements; or(3) placed on the property by the seller prior to the execution of the contract in exchange for a loan used only to purchase the property if:(A) the seller, not later than the third day before the date the contract is executed, notifies the purchaser in a separate written disclosure:(i) of the name, address, and phone number of the lienholder or, if applicable, servicer of the loan;(ii) of the loan number and outstanding balance of the loan;(iii) of the monthly payments due on the loan and the due date of those payments; and(iv) in 14-point type that, if the seller fails to make timely payments to the lienholder, the lienholder may attempt to collect the debt by foreclosing on the lien and selling the property at a foreclosure sale;(B) the lien:(i) is attached only to the property sold to the purchaser under the contract; and(ii) secures indebtedness that, at no time, is or will be greater in amount than the amount of the total outstanding balance owed by the purchaser under the executory contract;(C) the lienholder:(i) does not prohibit the property from being encumbered by an executory contract; and(ii) consents to verify the status of the loan on request of the purchaser and to accept payments directly from the purchaser if the seller defaults on the loan; and(D) the following covenants are placed in the executory contract:(i) a covenant that obligates the seller to make timely payments on the loan and to give monthly statements to the purchaser reflecting the amount paid to the lienholder, the date the lienholder receives the payment, and the information described by Paragraph (A);(ii) a covenant that obligates the seller, not later than the third day the seller receives or has actual knowledge of a document or an event described by this subparagraph, to notify the purchaser in writing in 14-point type that the seller has been sent a notice of default, notice of acceleration, or notice of foreclosure or has been sued in connection with a lien on the property and to attach a copy of all related documents received to the written notice; and(iii) a covenant that warrants that if the seller does not make timely payments on the loan or any other indebtedness secured by the property, the purchaser may, without notice, cure any deficiency with a lienholder directly and deduct from the total outstanding balance owed by the purchaser under the executory contract, without the necessity of judicial action, 150 percent of any amount paid to the lienholder.

It is possible but complicated.