Stop Foreclosure in Georgia

 


I. How to Stop Foreclosure in Georgia

A lot of homeowners in the state of Georgia are currently experiencing the effects of the recession especially in the housing market. Homeowners who are currently experiencing foreclosure problems have several options to stop this problem.

  • Step 1

    Investigate on what your deed of trust or mortgage has to say about foreclosures. First and foremost, read what it has to say and see if it will allow you to stop the foreclosure process by paying off the default amount as well as any fees that might be needed to pay.

  • Step 2

    If your mortgage permits it, then pay off the default amount. This can stop your foreclosure as long as you pay the default amount and any applicable fees that are stated in your mortgage. Get a hold of your mortgage lender to know the exact default amount you need to pay. Upon knowing the amount and acquiring the funds to pay for it, immediately pay off the said amount.

  • Step 3

    If it is not permitted by your mortgage, then you still have the option to pay off your entire balance. It doesn’t matter if your mortgage permits default amount payments or not, but by paying off the total balance, it will stop the foreclosure process for sure.

II.Synopsis of Georgia Foreclosure Laws

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, 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 in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure 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:

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.

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

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.

Lenders may seek a deficiency judgment in Georgia.

III. Where to go to for Foreclosure Help

HUD Atlanta Regional Office

Five Points Plaza Building
40 Marietta Street
Atlanta, GA 30303

Phone: (404) 331-5136
Email: GA_Webmanager@hud.gov
Fax: (404) 730-2392
TDD: (404) 730-2654

Jurisdiction: State of Georgia

Ed Jennings, Jr.
Regional Administrator

Office Hours: 8:00 a.m. to 4:30 p.m.,
Monday through Friday

IV. Stop Foreclosure Early

A & C Mortgage LLC
(678) 822-0400
3042 Oakcliff Rd
Atlanta, GA

Novation Mortgage
678-698-3557
2501 E. Piedmont Road
Marietta, GA

1st American Capital LLC
(404) 588-5500
191 Peachtree St Ne
Atlanta, GA

Aasent Mortgage Corporation
(770) 988-7000
100 Galleria Pkwy Se
Atlanta, GA

A Precise Process Company
(770) 892-4200
7107 Thoreau Cir
Atlanta, GA

Peachtree Mortgage Services
(770) 481-0052
5305 Claridge Square
Dunwoody, GA

Countrywide Mortgage Corporation
770-414-6600
100 Colony Square, 1175 Peachtree St.
Atlanta, GA

Option 1 Finanical
678-232-0828
2380 Buford Dr Suite 106-328
Lawrenceville, GA

First Choice Mortgage Group
(678) 643-3266
Douglasville, GA

Cummings Mortgage Co.
706-295-7165
111 Bridgepoint Plaza Ste 302
Rome, GA