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However, Georgia law doesn't give borrowers a statutory right of redemption after a nonjudicial foreclosure. Once your Georgia home has been foreclosed, you can't redeem it.
Thus, a lender can rescind a foreclosure, for among other reasons, the fact that it had entered into an agreement when the default was cured prior to the sale or the borrower had entered into an agreement to cure the default. (See OCGA 9-13-172.1.)
Notice of Intent to Foreclose Georgia code § 44-14-162.2 states that the lender must send the borrower a written foreclosure notice at least 30 days before the proposed foreclosure date.
How Long Does Foreclosure Take? In Georgia, the foreclosure process can vary depending on your circumstances. However, on average, it takes about one to three weeks to complete. If your property was sold at a foreclosure auction, the eviction process takes about 14 to 30 days.
Notice of Intent to Foreclose in Georgia Under Georgia law, no later than 30 days before the date of the scheduled foreclosure sale, the lender must send you a notice of the initiation of proceedings to exercise a power of sale (that is, notice of the nonjudicial foreclosure).
Did you know that the only legal and complete approach to stop a foreclosure in Georgia is through bankruptcy? Yes, that's right. Chapter 13 Bankruptcy will stop the bank from taking away your home and you will be then able to pay less on your home than you did before.
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
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.?