Information about the Foreclosure Process in Georgia
Frequently Asked Foreclosure Questions
How to Stop Foreclosure in Georgia
Many people need foreclosure help when the bank finally decides to foreclose. We provide foreclosure assistance by offering information here and in many cases succeed in preventing foreclosure by buying houses.
A Brief Description of Foreclosure in Georgia
Foreclosures in Georgia are non-judicial, meaning that the borrower does not have to be sued by the lender, nor is there a court appearance related to the action.
Instead, the lender must make attempts to notify the borrower of the default. After giving the home owner thirty days to either reinstate the loan or pay it off, the lender must advertise a "Notice of Sale Under Power," in which it states intention to sell the property at public auction in order to satisfy the debt.
Foreclosure sales in Georgia are held on the first Tuesday of each month between the hours of ten and four, and are conducted on the steps of the courthouse in the county where the property is located. The opening bid will be from the lender in the amount of the indebtedness, plus interest and attorney fees. Anyone is free to bid, but the offers must be in cash or bank money order.
This fact makes bidding on foreclosures somewhat dangerous. In many cases, the bidder has not ever seen the inside of the property on which he is bidding. Even so, a visit to any courthouse in Georgia on a first Tuesday will reveal that there is an active investor community in this state.
After the auction, the high bidder becomes the owner of the property, the loan is paid off, and any excess proceeds go to satisfy other debts owed by the property, such as second mortgages. It is interesting to note that any unpaid junior mortgages or other debts against the property are simply wiped out at the sale.
This does not mean that the borrower is no longer liable for these debts. It simply means that the property sold at the foreclosure auction is no longer encumbered by liens or mortgages for those debts.
Foreclosure sales in Georgia
Property no right of redemption. When a home is sold at a foreclosure auction, the sale is final. If the occupant refuses to vacate, he can be evicted.
Here is a brief Foreclosure list of Frequently Asked Questions
Tulip Investment Group can not offer Legal or Accounting advice. The information on this page is believed to be correct, but no warranty is implied. Please contact your Lawyer or Accountant for legal or accounting advise or contact us for a good
referral. The author specifically disclaims any personal or corporate liability for any loss or risk incurred as a consequence of any use, direct or indirect, of advice or information contained in this publication.