Georgia Foreclosure Process and Laws
Quick Facts About the Georgia Foreclosure Process
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instruments: Deed of Trust, Mortgage
Timeline: Typically 90 days
Right of Redemption: Varies
Deficiency Judgments Allowed: Varies
In Georgia, the judicial and non-judicial process can be used by lenders on deeds of trust in default.
When there is no power of sale in the mortgage, the judicial process of foreclosure is used to obtain a court order for foreclosure. The property will consequently be sold to the highest bidder.
When a power of sale exists in a mortgage, the non-judicial process of foreclosure is used. Here, the borrower has already pre-authorized the sale of the property in case of their default. The power to sell the property is in the hands of the lender, or a representative that is often referred to as a trustee.
Power of Sale Foreclosure Guidelines
If there are no specifics of time, place and date of sale on the power of sale clause, then the judicial foreclosure process is done as follows:
A foreclosure notice must be sent by mail to the borrower at least 15 days before the date of the foreclosure sale. No waiver or release of rights can be considered valid if it is of the same date as the original documents. The time period starts on the day that the letter is postmarked.
A notice must be published in the county newspaper once a week for four weeks, informing the public about the foreclosure sale. The sale must take place on the first Tuesday of the month from 10am to 4pm in front of the courthouse.
Lenders can sue to obtain a deficiency judgement in Georgia.
Foreclosure Avoidance Counseling
HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.
If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.
Atlanta Regional Office
Five Points Plaza Building
40 Marietta Street
Atlanta, GA 30303
Phone: (404) 331-5136
Fax: (404) 730-2392
TDD: (404) 730-2654
Jurisdiction: State of Georgia
Ed Jennings, Jr.
Office Hours: 8:00 a.m. to 4:30 p.m.,
Monday through Friday