Michael & Brittany Ovbey Home Selling Team
Michael & Brittany Ovbey
Michael & Brittany Ovbey Real Estate

Georgia Foreclosure Process



The primary method of foreclosure in Georgia is known as non-judicial foreclosure. This type of foreclosure does not involve court action to initiate a foreclosure sale. When you closed on your home, you signed a deed to secure debt which typically contains a power of sale clause. This clause allows the lender to sell your home once you default in order to satisfy the loan. The sale will occur as an auction on the first Tuesday of the month at county courthouse.
 
Power of Sale Notice Requirements

1. You will receive a demand letter from your lender requesting past due payments and late fees and you will be given 10 days to resolve.

2. The foreclosure sale will be published in the county newspaper (legal organ) for 4 consecutive weeks before the sale. Fifteen days prior to the proposed sale date you should receive notice by certified mail.

3. The foreclosure auction will take place the first Tuesday of the month after the sale has been published for 4 weeks.
 
Typical Georgia Foreclosure Timeframe

Day 1 - You missed a mortgage payment.
Day 16 - 30 - Your late charge will be assessed and the Collection Department will contact you to attempt to collect and find out your situation.
Day 45 - 60 - You will receive a demand letter which typically gives you 30 days to resolve.
Day 45 - 120 - The loss mitigation department will take over your file and hire an attorney to start formal foreclosure proceedings. The attorney will publish the foreclosure sale in the county newspaper for 4 consecutive weeks prior to the sale.
Day 75 - 180 - The foreclosure sale will take place as an auction at the county courthouse the first Tuesday of the month after the notice was published.
 
Do Not Delay in Getting Help

As you can see from this timeline, the foreclosure can happen fairly quickly. Non-judicial foreclosure is usually a "faster" process. Therefore, it is important that you seek help sooner rather than later. There are several options that can save you from a foreclosure. Please go to www.ForeclosureOptionsFreeReport.com to download a free list of the options you can consider.

Also know that you are not alone. One in ten Americans with a mortgage are behind on their payments. These are hard economic times for everyone. We sincerely want to help you resolve your situation.

We will always keep your information strictly confidential. We can't help until you let us know you need us. Call us today for a confidential consultation at (770) 410-0327.
 
The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.