1. What is the foreclosure process in Georgia?
Georgia uses a non-judicial foreclosure process, meaning lenders can foreclose without needing court approval. The process starts with missed payments and ends with a foreclosure sale, which can happen quickly compared to other states. If you’re behind on payments, it’s important to act fast.
2. How long does the foreclosure process take in Georgia?
The foreclosure timeline in Georgia is typically 90 to 120 days, depending on how quickly the lender moves forward. After just a few missed payments, the lender can send a notice of intent to foreclose, and the property can be sold within weeks. Don’t wait—exploring your options early can make all the difference.
3. Can I stop a foreclosure in Georgia?
Yes, you can stop a foreclosure. Some of the most common ways include reinstating your loan by catching up on payments, negotiating a loan modification with your lender, or filing for bankruptcy to delay the sale. You still own the house until the house is bought at the courthouse steps. If you’re unsure about your options, reach out—Book a call with us now.
4. What steps are involved in a Georgia foreclosure?
The process usually looks like this:
- The homeowner misses payments. Notice of late mortgage payment are sent to the homeowner.
- After 2 or more missed payments, the lender sends a notice of intent to foreclose.
- The foreclosure notice is also published in a local newspaper for four weeks.
- The foreclosure takes place at the county courthouse steps on the first Tuesday of the following month.
Understanding these steps can help you stay ahead of the process and explore alternatives before it’s too late.
5. What rights do homeowners have during foreclosure?
Georgia homeowners have the right to receive a notice of intent to foreclose and must be informed of the foreclosure sale at least 30 days in advance. Unfortunately, Georgia does not have a “redemption period,” meaning you cannot reclaim the property after the foreclosure sale. You can, however, bring the mortgage in default back in good standing (catch up the back payments) before the courthouse outcry and the foreclosure will be stopped. Acting quickly is crucial to protect your rights and explore options.