Georgia Foreclosure Laws

Lenders in the state of Georgia may foreclose on deeds of trusts or mortgages in default using either a non-judicial or judicial foreclosure process. They may do this using either a Deed of Trust or a conventional mortgage as the primary security instruments and it usually takes about ninety days to do so, which is becoming fairly standard in most states in the country these days.

The state does allow the foreclosed party to have the right of redemption, which quite simply gives the borrower the right to reacquire property lost due to a foreclosure. On the other side of this coin, the lender also has the ability to file what is known as a deficiency judgement against the borrower, which is a personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale. This means you could be held liable for the difference between what you owed on the property and what it sold for.

The actual foreclosure sales are held by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse in the town where the property is located.

Notice must be published in a newspaper in the county where the sale will be held once a week for four weeks prior to the date of the foreclosure sale.

No later than fifteen days prior to the date of the foreclosure sale, a foreclosure notice must be mailed by certified mail with return receipt requested to the borrower to the address given to the lender by written notice from the borrower.

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