Georgia Foreclosure Law

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Georgia Foreclosure Laws

Typical Georgia Foreclosure Time Frame – The length of time a Georgia foreclosure usually takes is 90 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – Varies

Georgia foreclosure laws allow for both judicial and non-judicial foreclosures.  A judicial foreclosure is required in Georgia if there is no Power of Sale clause or stipulation included in the mortgage contract or deed of trust.  The lender is required to sue the borrower in order to obtain a court order for a judicial foreclosure. 

In the event that a Power of Sale clause is included in the mortgage contract or deed of trust then a notice of sale must be published at least once a week in the public newspaper for a minimum of four consecutive weeks.  In addition, a copy of the notice of sale must be mailed by certified mail to the borrower at the last known address no less than 15 days prior to the date of the sale.

According to Georgia foreclosure laws, t he sale is required to be conducted as a public auction on the first Tuesday of the month.  The location is to be designated in the Notice of Sale and must be held between the hours of 10a.m. and 4p.m. However, if the sale is scheduled to occur on either January 1st or on July 4th then the sale will be held the next day.

In Georgia, the borrower is entitled to a right of redemption as set forth by either the Power of Sale clause, or the order of the court.  The lender is also entitled to a deficiency judgment if the sale amount does not cover the entire amount of the mortgage default.

For more information on Georgia foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.