Georgia Deed Real Estate Foreclosure
Description
How to fill out Georgia Administrator's Deed?
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FAQ
How does foreclosure work in Georgia? Georgia is a ?non-judicial foreclosure? state. That means the lender can foreclose on your home without filing suit or appearing in court before a judge. The procedures for foreclosure are spelled out in the Official Code of Georgia, Sections 44-14-162 through 44-14-162.4.
In Georgia, the average process takes between one to three months. Because Georgia laws permit non-judicial foreclosures, lenders can foreclose on homes by simply sending a notice of intent to foreclose and then selling the property at auction. This is known as exercising the ?power of sale.?
It can be very complicated, however, it may be broken down into four basic steps. Step 1 ? A 30-day Notice of Intent to Foreclose. A lender is required by law to notify the borrower 30 days prior to scheduling a foreclosure sale. ... Step 2 ? Publicized Sale. ... Step 3 ? Reinstating the Loan. ... Step 4 ? A Foreclosure Sale.
A deed in lieu means you and your lender reach a mutual understanding that you cannot make your loan payments. The lender agrees to avoid putting you into foreclosure when you hand the property over amicably.
inlieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process.