Fast and Furious: The Foreclosure Process in Georgia
For homeowners struggling to make their mortgage payments, the possibility of foreclosure can be frightening. In Georgia, the prospect of foreclosure becomes even scarier due to the short timelines involved in the process. Georgia implements a non-judicial foreclosure process, meaning there is no court involvement. This allows Georgia to have one of the fastest foreclosure processes in the country. Once your mortgage company refers your loan to an attorney to begin the foreclosure process, things move very quickly. In fact, it can take as little as 30 days from the attorney’s first notice to you to the public sale of your property.
The notice requirements for a Georgia foreclosure are fairly straightforward. Debtors must be sent notice of the initiation of foreclosure proceedings at least 30 days before the scheduled foreclosure sale date. For purposes of Georgia foreclosure law, a “debtor” is the grantor of the Security Deed or, if the property has been transferred to a new owner and that new owner is known to the lender prior to the 30-day notice deadline, the new owner is considered the “debtor” and is entitled to notice. Generally, law firms will send notice to both the borrower on the Security Deed and any new owner. The notice must be sent by certified mail, return receipt requested, to the property address or another address that has been provided to the lender in writing. The notice must include contact information for the person or entity with “full authority to negotiate, amend, and modify all terms of the mortgage with the debtor.”
Notice must also be given by publication. The notice is published in the designated legal newspaper for the county wherein the property is located. This notice must run once a week for 4 consecutive weeks prior to the foreclosure sale date. A copy of this notice must be sent to the debtor. Foreclosure firms typically include this notice with their 30-day letter.
Foreclosure sales are held on the first Tuesday of each month, unless that Tuesday is a federal holiday, in which case the sale is moved to the first Wednesday. The sale must occur any time between the hours of 10:00 a.m. and 4:00 p.m. on the steps (or other designated area) of the courthouse in the county where the property lies. This is a cash sale, meaning potential buyers must have funds on hand to purchase the property. The lender on the other hand is allowed to submit a credit bit at the sale to purchase the property back.
Because the foreclosure process is so quick, it is important to act as swiftly as possible to stop a pending foreclosure sale. The attorneys of Weber Pierce have over 40 years of combined experience working for the largest Georgia foreclosure firms and now utilize that expertise to assist debtors who are navigating the foreclosure process. Contact us today for a free consultation.
*This post is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog, you understand that there is no attorney-client relationship between you and Weber Pierce, LLC.