The Fundamentals of Georgia Foreclosure Law
73The Fundamentals of Georgia Foreclosure Law
Georgia foreclosure law, being much like the laws of other states, is quite simple. Georgia foreclosure law, like many other states, allows for judicial and non-judicial foreclosures. These also involve power of sale foreclosures. Georgia foreclosure law is usually considered effective, yet is easy to understand.
Judicial Foreclosure
In Georgia foreclosure law, the process of judicial foreclosure involves filing a lawsuit to gain a court order to foreclose. It is used when no power of sale is present in the deed of trust or the mortgage. Usually, the property will be auctioned off to the highest bidder when once the court declares a foreclosure.
Non-Judicial Foreclosure
In Georgia foreclosure law, the non-judicial method of foreclosure is used when a power of sale does exist in a deed of trust or mortgage. A “power of sale” clause pre-authorizes the sale of the property to pay off the balance due on a loan in the event of a default. In deeds of trust or mortgages where a power of sale exists, the power that is given to the lender to sell the property may be executed by the lender or representative, who is typically referred to as the trustee.
Power of Sale Foreclosure Guidelines
In Georgia foreclosure law, if the deed of trust or mortgage contains a power of sale clause and specifies the place, terms, and time of sale, then the specified procedure must be followed. However, otherwise, the non-judicial power of sale foreclosure is carried out using the following method.
Following Arizona foreclosure law, the trustee must record a record of sale in the office of the recorder of the county where the property is located. Within five days after the notice is recorded, the trustee must mail a copy of the notice of sale to each of the parties to the trust deed. Additionally, the notice must appear in a county newspaper where the property is located once a week for four consecutive weeks, with the last notice published not less than ten days previous to the date of sale.
Optionally, however, if it can be done without a breach of the peace, the trustee can post the notice at least twenty days before to the date of sale, in some conspicuous place on the property to be sold. He or she can also post the notice at the courthouse or at a specified place at the place of business of the trustee in the county which the property is located.
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eric i agree with you.
i THINK THIS WHOLE COUNTRY IS BEING RIPPED OFF BY THESE SO CALLED LENDING INSTITUTIONS. yOU SHOULD NEVER LOSE YOUR PROPERTY IN THIS COUNTRY NO MATTER WHAT. uNLESS YOU JUST DONT HAVE A WAY OF MAKING ANY INCOME AT ALL !!!
Eric i agree. Joshua's law would help to prevent that
I believe if you agree to pay a certain amount each month and cant, the lender should be compensated. After all, they're the ones who put out the large sum in the beginning of the mortgage - and are only asking to be repaid. If repayment is hampered or impossible, the lender shouldnt have to lose even more by a defaulting debtor. That being said, I do not think a person should lose everything they've put into the house as far as equity, especially if the person is 10-15 years into a 30 year mortgage. In that respect, I agree they shouldnt lose all their $$ either.
L2Law,
An owner doesn't necessarily lose all of their equity. Little known to most owners...and the banks don't tell...is that once a property is auctioned, any amount over, and above, what the bank is owed is rightfully that of the foreclosed owner. They typically have 12-24 months to claim that money. So, for example, you are 15 years into a 30 year fixed mortgage. You owe $200,000, get foreclosed on, and the home yields $260,000 at auction. As the former owner of that home, you can contact the bank and claim the $60,000 that is rightfully yours.
Hey, Neil- how does that work?- getting back some equity when the bank makes more than is owed? This is true in Georgia, right?
I AM RENTING A HOUSE THAT IS BEING FORECLOSED NAD IS DUE TO BE SOLD NEXT MONTH..WHAT ARE MY RIGHTS AS A RENTER? SHE HAS SAID NOTHING TO US ABOUT HER HOME BEING SOLS NEXT MONTH BUT WE KNOW ABOUT THE FORECLOSURE BECAUSE THE MORTGAGE COMPANY INFORMED US....WHAT ARE OUR RIGHTS???
I am a USAF an about to loose my home to Countrywide, They did not help at all. Instead they are eager to foreclose on my house. I am working two jobs and due to vehicle mechanical problems and other financial issues fell behind on payments.
Is there a way to refinance within the same lender? I thought Countrywide was going to do so. Refinance the balance with a 40 year mortgage.
NO FORECLOUSURES IN GEORGIA. NO ONE SHOULD BE HOMELESS
There needs to be a moratorium on foreclosures until congress can make this a priority. This would take time and give many Americans a roof over there heads. It breaks my heart my neighbors disappearing and homes foreclosed on. Children in school and living in there backyards in tents it is horrible a teacher asked a student why were they not going on a trip with the band the student stated don't you know I just got evicted don't you understand man and was so embarrassed and left the classroom. These are hundreds and thousands of families. We need an answer America should be ashamed.
eric 4 years ago
The non-judicial method of foreclosure used in GA makes it very easy for a lender to foreclose on a property, when the owner is in default even just for a few weeks. That's one of the reasons why there are so many Georgia foreclosures, especially in the Atlanta area