Georgia Foreclosure Law

Georgia foreclosures take place both in courtyard and out-of-court. In Georgia state foreclosure process period takes normally 90 days. Georgia foreclosure law supports deed of trust and mortgage as primary security instruments. Georgia  foreclosure law permit statutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. Deficiency Judgments are also permissible by Georgia foreclosure law.

The foreclosure process in state of Georgia may be exercised by means of judicial or non-judicial foreclosure on the deeds of trust or mortgages.

The judicial foreclosure
The judicial foreclosure process necessitates the filing of a lawsuit by lender to obtain a court order to foreclose on a particular property. The property is auctioned off to the uppermost bidder condition the Court orders to foreclose. The judicial foreclosure process is mostly practiced when mortgage or deed of trust holds the clause “No power of sale”.

Non-Judicial Foreclosure
In case of default Georgia foreclosure law authorizes to carry out the process of non-judicial foreclosure if a power of sale clause exists in the deed of trust or mortgage documents. Deed of trust or mortgage containing the “Power of sale” allows the lender to sell the property in favor of paying off balance of the loan in the case borrower defaults. Lender and their representatives can sell the property bearing the mortgages or deeds of trust having power of sale clause.

The modus operandi for this Non-Judicial Foreclosure is elucidated in the “Power of Sale Foreclosure Procedure” listed below”:

Power of Sale Foreclosure Procedures
If the mortgage or deed of trust contains of the “power of sale clause”, which specifies time, place and the terms of sale in that case the specified course of actions must be followed. If power of sale clause does not state the specifications of time, place and terms of sale then non-judicial foreclosure would be followed as bellow:

• It is obligatory for the concerned ones to email a foreclosure notice not later than fifteen (15) days prior to the date of the foreclosure sale, notice must be mailed via certified mail along with the request of return receipt to the borrower

• Mail must be posted at the address given by borrower by means of written notice to the lender.

• Georgia foreclosure law puts the accountability on lenders for publishing notice. The notice must be published every week up to (4) consecutive weeks past to the date of the foreclosure sale in the newspaper in the county where the sale will be held.

• At the courthouse sale will be carried out by public auction on the first Tuesday of the month between 10:00 am  to 4:00 p.m.

The lender has the opportunity of seeking deficiency judgment.
Right of redemption is also available in Georgia