The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Georgia Complaint or Petition to Enjoin Foreclosure Sale due to Misunderstanding as to Promissory Note's Terms of Payment upon Assumption of Note
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How to fill out Complaint Or Petition To Enjoin Foreclosure Sale Due To Misunderstanding As To Promissory Note's Terms Of Payment Upon Assumption Of Note?
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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.
The Georgia confirmation proceeding is designed to protect a debtor from a deficiency judgment when the nonjudicial foreclosure sale brings less than the property's fair market value. It is a prerequisite to obtaining a deficiency judgment.
The procedures for foreclosure are spelled out in the Official Code of Georgia, Sections 44-14-162 through 44-14-162.4. Foreclosure begins with a default under the terms of the original promissory note or deed to secure debt. Usually the default is your failure to make the required payments on the loan.
File bankruptcy. Retain a lawyer and file bankruptcy before the foreclosure sale, and notify the foreclosure lawyer of the bankruptcy filing. File a lawsuit and obtain a temporary restraining order (TRO) from the court to stop the scheduled foreclosure sale.
A few potential ways to stop a foreclosure and keep your home include reinstating the loan, redeeming the property, or filing for bankruptcy. If you can arrange a loss mitigation option, like a loan modification, that will also stop a foreclosure.
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.
In Georgia, a mortgage company is allowed to seek a deficiency balance on a foreclosed home if it follows the provisions of O.C.G.A. Section 44-14-161, which outlines the process for obtaining a deficiency judgment against a borrower where a foreclosed property sells for less than the amount of the mortgage.
While many homeowners choose to simply move out after their houses are sold in foreclosure, if you don't move out on your own, the new owner must make a demand for possession of the property and begin eviction proceedings. In Georgia, the eviction process usually takes between 14 to 30 days.
