Georgia Foreclosure Law: How The Foreclosure Process Affects You

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This section will review foreclosure laws in Georgia. Because foreclosure laws vary from state to state, it is important to understand how the Georgia.foreclosure process works. Remember, when you consider buying a foreclosure, the state in which the property is located determines the laws regarding the property, not the state where the buyer may reside. In many cases buyers of foreclosed homes located in Georgia also live in Georgia. Be aware of how state foreclosure laws may impact your personal situation. You can learn a lot about the system for foreclosure in Georgia in this section, but our information is not a substitute for professional legal advice. And because every state’s laws are subject to change without notice, we recommend you consult a real estate lawyer to gain a professional opinion of our information, and your interpretation of the information, as it applies to your specific real estate investment or home purchase situation. Visit the Georgia law details below to learn about how Georgia foreclosure handles aspects of judicial or non-judicial availability, primary security instruments, foreclosure timelines and foreclosure filing milestones, guidelines for Power of Sale in Georgia, and application of deficiency judgments. We’ll help you understand these foreclosure law terms and how Georgia applies them to the process. You may or may not need to navigate through Georgia’s laws in great detail during your purchase process, but smart foreclosure buyers find that learning a lot might help save a lot on a discount home purchase.
Judicial Foreclosure Available:
Yes
Non-Judicial Foreclosure Available:
Yes
Primary Security Instruments:
Deed of Trust, Mortgage
Timeline:
Typically 90 days
Right of Redemption:
Yes
Deficiency Judgments Allowed:
Yes
Information on Georgia foreclosure laws.
In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below.

Power of Sale Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
1. A foreclosure notice must be mailed by certified mail, return receipt requested to the borrower no later than 15 days prior to the date of the foreclosure sale. The time period begins the day the letter is postmarked. The notice must be mailed to the address given to the lender by written notice from the borrower. No waiver or release of the rights to notice is valid if it was signed at the same time as the original documents.

2. The notice must be published in a newspaper of general circulation in the county where the sale will be held once a week for 4 weeks proceeding the date of the foreclosure sale.

3. The sale must be made by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse.

4. Lenders may seek a deficiency judgment in Georgia.

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