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The Judicial Foreclosure process in Georgia is followed if the original loan documents do not contain a “power of sale” clause. The lender must sue the borrower in court to obtain a court order to foreclose.
The Non-Judicial Foreclosure process is followed if the original loan documents do contain a “power of sale” clause, authorizing the lender to sell the property in the event of a default. For four (4) consecutive weeks, notice of the sale must be published in a newspaper of general circulation in the county that the property is located in. A copy of the notice of sale must be sent by certified mail to the borrower. This must be done at least fifteen (15) days before the scheduled sale date.
In Georgia, the sale of the property is conducted on the first Tuesday of the month between 10:00 am and 4:00 pm at the place designated in the notice of sale.
The borrower does not have the right to redeem the property after the sale, and the lender can sue the borrower seeking a deficiency judgment if the sale proceeds are not enough to pay the loan balance due plus costs. |
