Georgia Election of Option (Personal Property Foreclosure) is a legal proceeding in which a lender takes possession of a borrower’s personal property in lieu of payment of a debt or loan. It is a type of foreclosure available in Georgia that allows a lender to repossess a borrower’s personal property, such as their car or boat, if they can’t make their loan payments. The lender will then sell the personal property to pay off the loan. There are two types of Georgia Election of Option (Personal Property Foreclosure): Judicial and Nonjudicial. Judicial foreclosure requires a court order and is a more formal process than Nonjudicial foreclosure. Nonjudicial foreclosure is a quicker process and does not require a court order. Both types of foreclosures require notification to the borrower prior to the sale of the personal property.
Georgia Election Of Option (Personal Property Foreclosure)
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FAQ
That Writ of Possession means the Sheriff has a court order to remove the people, pets, and things in the home and put them out of the house. And if your tenant files an appeal at just the right moment, that Writ of Possession may get stopped.
Once a writ of possession is issued, an eviction must be requested within thirty (30) days of the date of service or a newLandlord-Tenant (Dispossessory) Affidavit must be filed. You may use the Magistrate Court Guide and File system to draft your Landlord-Tenant (Dispossessory) Affidavit or Answer.
Georgia has a non-judicial foreclosure process. This allows a mortgage holder to foreclose much more quickly and simply than in many other states. The mortgage holder must run a notice in the official legal organ (newspaper) for the county where the property is located. The notice is run for four (4) consecutive weeks.
The court shall issue a writ of possession, both of execution for the judgment amount and a writ to be effective at the expiration of seven days after the date such judgment was entered, except as otherwise provided in Code Section 44-7-56.
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.
This form allows Plaintiff to describe the items and location of the items that are in defendant's possession. The court then issues a Writ of Possession as an order directing the sheriff, deputy sheriff, or marshal to retrieve plaintiff's property from the defendant.
Judicial foreclosure ? In this process, the lender must file a lawsuit against the homeowner to obtain a court order. After the court issues the order, the property is sold at auction.
Simply put, the Motion to Stay the Writ of Possession is a document filed with the court asking the judge to ?stay? or ?stop? the sheriff from executing the Writ of Possession and removing the resident. It can be a typed or handwritten document filed by the resident or the resident's attorney if one is retained.