Foreclosure Process
What do I need to Know About the Foreclosure Process in Georgia?
The main thing that you need to know about the foreclosure process in Georgia is that it can happen very fast – in as little as 37 days start to finish. Unlike other states, Georgia does not require mortgage companies to go to court to foreclosure on homes. Instead, the mortgage company need only give you written notice of the foreclosure, then advertise notice of the foreclosure for four weeks preceding the foreclosure. Foreclosure notices must be published in the legal newspaper of the county where the property is located. Once these notice requirements are met, your lender can sell your house on the courthouse steps and you will no longer own your house.
It may seem strange to you that your mortgage company can take possession of your home without having to go before a judge to do so, but that is how Georgia law is written. When you signed your mortgage loan papers you gave your lender the authority to foreclosure using this expedited notice procedure.
Georgia Foreclosures Only Occur on First Tuesday of the Month
You also need to know that foreclosure sales in Georgia can only take place on the first Tuesday of a month. Law firms like Clark & Washington prepare and file dozens of Chapter 13 cases during the week prior to “foreclosure Tuesday.” While we can handle last minute stop foreclosure cases, you are better off contacting us as far in advance as you can.
If you have a first and second mortgage, you should realize that either the first or the second lender can start foreclosure proceedings. In fact, second mortgage holders are often more aggressive than first mortgage lenders because in today’s market, many houses are worth less than the total of what is owed, and second mortgage lenders only get paid after the first mortgage is satisfied..
Unlike some of our competitors, Clark & Washington never charges a fee for a helpful telephone or office visit. Therefore, if you think that you may be in foreclosure but you are not sure, or even if you just need some planning advice, we invite you to call us.
Additional reading:
Click on the link to learn more about how you can determine whether your house is currently in foreclosure.