Foreclosure Attorney
in Savannah, Georgia

What to Expect If Your Home Is Foreclosing

Georgia is a “non-judicial foreclosure” state. This means that the lender can foreclose on your home without filing suit or appearing in court. While the exact procedure for foreclosure is detailed in the Official Code of Georgia, Sections 44-14-162 through 44-14-162.4, generally, if you go into foreclosure you can expect the process to include:

1. Notice of Intent to Foreclose - After a default occurs, the holder of your mortgage must send you a Notice of Intent to Foreclose at least 30 days before the date of the proposed foreclosure. 
2. Publish notice - The holder of your mortgage must publish notice of the foreclosure in the newspaper where the property is located for four weeks before the scheduled foreclosure.
3. Assignment of the promissory note and deed - The holder of your mortgage must file proof that it owns the title. This proof is often in the form of an assignment of the promissory note and deed to secure debt.
4. Foreclosure sale - The sale of the foreclosed property takes place on the courthouse steps in the county where the property is located, on the first Tuesday of the month.
5. Deed of Foreclosure - The Deed of Foreclosure is signed to the winning bidder, who becomes the new owner of the property.
6. Leaving the property - A valid foreclosure means that the borrower no longer has a right to live in the house. The new owner may file an action to evict the borrower from the home however, the Protecting Tenants at Foreclosure Act of 2009 requires that tenants receive at least 90 days' notice prior to eviction.

What Are My Options When Faced With Foreclosure?

You have several options when faced with the loss of your home to foreclosure. An experienced attorney will help you decide which option best fits your circumstances including:

• Wrongful foreclosure - This means that the servicer or lender did not comply with all of the requirements for a proper foreclosure. In a nonjudicial foreclosure state like Georgia, you'll need to file a lawsuit to contest any procedural errors.
• Short sale - This means selling your home for less than the balance remaining on your mortgage. A short sale must be approved in advance by your lender. If approved, the holder of your mortgage agrees to accept the proceeds of the sale and to cancel the mortgage.
• Deed in lieu of foreclosure - This is a document signed by the homeowner to voluntarily transfer ownership of the property to the lender in exchange for a release from the loan. This option is only available if the lender agrees to accept the deed and cancel the mortgage.   
• Bankruptcy - This is an important, impactful possibility that some homeowners consider when faced with foreclosure. When filing or either Chapter 7 or Chapter 13 bankruptcy, the court automatically issues an order that includes something known as the "automatic stay” which directs your creditors to immediately stop their collection activities.

Filing for bankruptcy when faced with foreclosure is not a sign of failure. In fact, you might be able to keep your home and other personal property. Always consult your legal team for more information.