For homeowners facing foreclosure in Georgia, the following is a summary of the state’s foreclosure laws:
When foreclosures are nonjudicial foreclosures in Georgia, the bank must sue the homeowner in court in order to foreclose.
In Georgia, the bank will provide the following notices during foreclosure:
- A notice of intent to foreclose will be mailed 30 days before the sale date.
- A copy of the foreclosure advertisement published in the official local newspaper.
- The name, address, and telephone number of the individual or entity with full authority to negotiate, amend, and modify all terms of the mortgage.
- The bank must advertise the foreclosure sale in a local newspaper for four consecutive weeks before the scheduled sale date.
- The bank must also mail a notice informing the homeowners that they have ten days following receipt of the notice to pay the principal and interest in order to avoid liability for attorney’s fees.
- In Georgia, the bank must file a lawsuit in court to begin foreclosure proceedings and serve the lawsuit notice to the homeowner with a summons and complaint.
- The homeowner has 20 days to respond to the complaint with the court.
- If the court determines that the homeowner has defaulted, it will enter a judgment of foreclosure and mail a copy to the homeowner. The foreclosure sale must take place 20 to 35 days after the judgment date unless the court order decides otherwise.
- The bank must publish foreclosure sale notice in a local newspaper once a week for two consecutive weeks and five days before the sale.
Georgia Foreclosure Protections
Georgia law provides protections in accordance with the federal Service Members Civil Relief Act.
Georgia law has specific rules for high-cost home loans. For such loans, the bank must give the homeowner a notice that allows 30 days to cure the default. In addition, the bank must send the intent to foreclose notice on the home 14 days before publishing the notice of sale.
With a high-cost home loan, a homeowner has the right to reinstate up until the time title is transferred by means of foreclosure by paying the principal amount due, fees, escrow deposits in arrears, and interest.
Reinstatement and Redemption
There is no legal right to reinstate the loan prior to the sale in Georgia, but most Security Deeds ensure this right.
In Georgia, there is no right of redemption after the foreclosure.
In Georgia, the bank cannot get a deficiency judgment from the homeowner without a court confirmation of the sale.
If the homeowner does not move out after a Georgia foreclosure sale, the buyer is required to demand possession to begin eviction proceedings. For information regarding how to avoid foreclosure in Georgia, visit HUD.gov.