Here is a summary of foreclosure laws and rules for the State of Georgia:
- Lenders use a security deed and foreclose using a non-judicial foreclosure.
- Lenders are only required to provide one notice--the "Notice of Sale." The notice can be delivered by certified or statutory overnight delivery mail, just 15 days prior to the sale.
- There is no right of reinstatement.
- There is no right of redemption.
- The lender can pursue a deficiency if it gets court approval within 30 days of the sale. The court will not give its approval unless the lender establishes that the property sold for its true market value.
- Georgia has special rules for loans that charge extraordinarily high interest or fees. These loans are covered by the Georgia Fair Lending Act which requires the lender to provide additional notices. The special rules concerning these loans are covered by the Georgia Fair Lending Act, Ga. Code Ann. sections 7-6A-1 to 7-6A-11. You need to speak with a Georgia attorney regarding the possible application of these rules to your situation.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Georgia those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
