Foreclosure Process in Georgia

by : Kathy Swift

Georgia is both a judicial and non-judicial state; meaning the foreclosure process can occur both in court and out of court.  A non judicial foreclosure can be completed in less than 2 months.

A judicial foreclosure can occur in the state of Georgia, when the trustee deed or mortgage lack the clause that permits the non-judicial proceedings.  The foreclosure process begins when the lender files a petition.  This petition will describe the default amount, property, and situation.  A written notice is sent to the borrower, letting him/her know that they need to pay the default within 30 days. If this is not resolved, a sale date is scheduled.

Most mortgages and trust deeds these days have a clause permitting out of court proceedings.  This makes the non-judicial way more prevalent in this state. 

Georgia has no law that requires the lender to warn the buy before it begins the process of foreclosure.  But, the deed of trust or mortgage might state they should.

Georgia law does not give a reinstatement “right” to the borrower.  But, if the deed of trust or mortgage states the borrower has the right to stop their foreclosure by paying of the default amount and any extra costs, a  borrower can always stop the foreclosure process by paying the loan balance.

Four weeks before the sale, a notice about the sale is published, once a week.  Around fifteen days before the sale, a notice is sent is sent to the borrower.  This notice includes; lender and borrowers names; mortgage info, the location of the sale, a description of the property, a date and time.

The auction or foreclosure sale is at the county courthouse.  This occurs the 1st Tuesday of every month.  It is usually held between 10 and 4 pm.  The winning bidder must have the full amount to give to the person conducting the sale.  If the sale is cancelled, the process starts all over again.

There isn’t a right of redemption in Georgia, after a foreclosure sale.

Integrity 1st Consulting is your specialist- Kathy Swift