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Georgia Foreclosure Laws |
Georgia Foreclosure Laws involve the process of foreclosure with the time line of almost 90 days. In the state both Judicial as well as Non-judicial foreclosures are there with the right of redemption and deficiency judgment. Deed of trust or mortgage is the primary instrument of security according to the foreclosure laws in GA.Non Judicial Foreclosure ProcessIn non-judicial foreclosure process, the clause related to power of sale is there in the deed of trust. According to this foreclosure law, borrower pre-authorized lender with the power to sell the property in case there is any default in the payment of mortgage. Now further if time, terms of sale and process is specified in the clause then the procedure will take place according to that but in case these things are not mentioned then the notice of sale regarding foreclosure is send to the borrower before 15 days of the sale. The notice should have time, location of the sale, date, mortgage information, description of the foreclosed property and names of borrower and lender. Along with this the notice must be published in the newspaper of county. Then according to the foreclosure laws in GA, the sale of the property takes place at the public place in the form of auction on the first Tuesday between 10:00 AM to 4:00 PM. The Tuesday should not be New Years Day or July 4. |
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Judicial Foreclosure ProcessNow the highest bidder at the auction will get the property after paying the full amount to the person who is conducting the auction.The price of the property according to the Georgia foreclosure law should be equal to the market value; if not then the sale will again takes place. Furthermore according to the Georgia foreclosure laws there also exist the provision for the judicial foreclosure. In this case there is no specification and power to sale clause in the deed of trust. So the court's invention is necessary and all the legal formalities are required to get completed before the auction of foreclosed property.
Realestatezing.com has also provided the list of websites displaying foreclosure laws in GA and firms that can help you in understanding these laws and offer help to stop the process.
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