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In most states, including Georgia, if a foreclosure sale results in a deficiency, the lender may get a "deficiency judgment" against the borrower for the deficiency amount. But Georgia law requires the lender to follow specific post-sale procedures; otherwise, it can't get a deficiency judgment.
In order to legally operate as a Foreclosure Consultant in California, you must obtain a Certificate of Registration as a Mortgage Foreclosure Consultant from the Department of Justice. To do so, you must submit the following: A completed application. A copy of the contract you will use with clients.
The disclosure shall be made at or before the time of settlement. The disclosure shall include the following language in at least ten-point bold-faced type: O.C.G.A.
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.
One of the first things you must know with regard to the right of redemption, is how long after the foreclosure sale you have to redeem. In Georgia, you have 12 months after the tax sale to reimburse the purchaser for the amount he paid at the tax sale (in addition to other costs) and reclaim your home.
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.
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.
Some states also provide foreclosed borrowers with a redemption period after the foreclosure sale, during which they can buy back the home. 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.
Foreclosures are generally judicial in the following states: Connecticut, Delaware, District of Columbia (sometimes), Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana (executory proceeding), Maine, Nebraska (sometimes), New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma (if the
They are called non-recourse states (see a list here). In Georgia, lenders have to take an additional step before pursuing a deficiency claim.