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Georgia

Foreclosure Laws

Attorney General's Office
40 Capitol Square. SW
Atlanta, GA 30334-1300
Ph: (404) 656-3300
Fax:(404) 651-9148

Foreclosure

 The foreclosure begins when a borrower/homeowner defaults on loan payments (mortgage payments) and the lender files a public default notice, and starts actions to take the property.

Foreclosure Process

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan.

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Judicial Foreclosure:

In the absence of a power of sale clause in the loan document that authorizes the lender, in event of default, to sell the property to pay off the loan balance, the lender must sue the borrower in court to obtain a court order to foreclose.

Non-judicial foreclosure

Requires that a notice of sale be published weekly in a newspaper of general circulation in the county in which the property is located for four consecutive weeks and mailed by certified mail to the borrower at least 15 days prior to the sale date.

Sale

The sale shall be conducted as a public auction on the first Tuesday of the month  at the place designated in the notice of sale between the hours of 10:00 AM and 4:00 PM. If the day is January 1st or the July 4th, the sale will be conducted on the following day. 

The defaulted owner has the right to redeem the property, and deficiency judgments are allowed.

Notice of Sale