Georgia Foreclosure
Georgia Foreclosure allows lenders both judicial and non judicial foreclosures and deficiency judgment.
Deed of Trust and Mortgage are Primary Security Instruments.
Borrower enjoys Right of Redemption and typical time line is 90 days.
A judicial foreclosure is opted for by the lenders in the absence of
power of sale clause in either of the security instruments.
Once the court declares the sale, lender can auction the property in bidding.
Non judicial foreclosures are governed by Power of Sale Foreclosure
Guidelines in case they do not specify details of time, place and procedure
to be followed for foreclosures. Notice is sent to the borrower by
certified mail and the notice period (15 days) starts the day it is signed by the borrower.
Waiver or release of rights to the notice is rejected if signed simultaneously as the original document.
Notice is also published in local news papers for four weeks before the
sale and at the rate of once a week. Sale is held in the court house on first
Tuesday between 10.00 AM and 4.00 PM.
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