Foreclosure Process In Georgia
I have a pre-foreclosure property outside Atlanta that someone has brought to me. What is the foreclosure process in Georgia and what are the time periods.
Thanks
Brenda
I have a pre-foreclosure property outside Atlanta that someone has brought to me. What is the foreclosure process in Georgia and what are the time periods.
Thanks
Brenda
Come on. There has to be a GA investor out there. All I want are rules of thumb.
For FL I would say, After the Les Pendens is served you have as short as two months to as long as maybe 6 months before the property is sold at the court house steps. Average is probably 3 months.
http://www.mccurdyandcandler.com/default/foreclosureGa.htm
Yes the preforeclosure market is flooded in GA. I am in middle Georgia and it is a little easier. I just mail out post cards in macon and wait. I do get a few responses in Macon. In my city of warner robins there are only around 30 prefore. in the paper every month. So I don't mind knocking on doors.
thanks for the info ..
So GA is a non-judical foreclosure state. To proceed I should review the mortgage documents. If there is not any specific sale information in the mortgage then I can assume that I have approximately 90 days after the borrower receives notice?
Is anything else filed at the clerk of the court so that I can follow the case and know the sale date?
In FL can the lender seek a deficiency judgement?
Thanks
Brenda
In Georgia there is no notice of default filed. Most foreclosures are non-judicial and take only 30 days. The lender just has to advertise in the paper for 4 continuous weeks leading up to the sale. No courts, no notice of default.
preforeclosure listings are a big business in Atlanta. The list comes out as soon as they are published in the paper. that is really the only way investors know that a property is in default. By that time there is only 30 days or so left in before the sale. You are correct in writing that the foreclosure process takes longer than a month, but investors only know about the default because of the new paper advertising. It would be great if all lenders used lis pendens. That would give investors more time before the actual sale and I would not have to crunch all of my advertising into that little window.
jam200
This is an outstanding link - thank you!
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Nope, I don't use Lis Pendens, and quite frankly, I'm not sure what they are. But then, let me qualify that by saying I don't really chase the preforeclosures either. I'm somewhat familar with the process, but the market's pretty much flooded with people chasing pre's here, so you gotta be right on top of it to be successful, and I just don't have the time for that. I DO know that you can go to several of the lawyers around town's sites, and the foreclosure's are listed there about 30 days before they hit the steps...
Is the properties listed in the AJC? What day (Sunday)?
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust.
Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
NonJudicial Foreclosure
The nonjudicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust.
A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower preauthorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.
Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed.
Otherwise, the nonjudicial power of sale foreclosure is carried out as follows:
A foreclosure notice must be mailed by certified mail, return receipt requested to the borrower no later than 15 days prior to the date of the foreclosure sale.
The time period begins the day the letter is postmarked.
The notice must be mailed to the address given to the lender by written notice from the borrower.
No waiver or release of the rights to notice is valid if it was signed at the same time as the original documents.
The notice must be published in a newspaper of general circulation in the county where the sale will be held once a week for four (4) weeks proceeding the date of the foreclosure sale.
The sale must be made by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse.
Lenders may seek a deficiency judgment in Georgia.
Typically 90 days
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Georgia is both a Judicial and Non-Judicial State.
Yes you will need to perform a title search on the subject property. Yes you will most likely have a 90-day window but this all dependant what process the subject foreclosure is in.
If you research the notices of default filed you can follow case.
Florida does allow Deficiency Judgments
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That is true, but those Lis pendens are used by the cities is Georgia when they do Judicial tax foreclosures or when they are reposessing a property for other reasons. Mortgage companies don't use them. All they have to do is send the mortgagee a letter saying they will foreclose on a certain date. Then they have to advertise for 4 weeks leading up to the sale. Once the notice is in the paper time clicks. I think georgia has the quickest foreclosure time frame of 30 days. A while ago I went to the courthouse and asked if banks filed notices of default or the such before they can foreclosure. I was told that since most mortgages are non judical the only way the courts know that there was a mortgage foreclosure is when a foreclosure deed is recorded after the sale.
foreman
I am sorry to say that this is not entirely correct as some mortgage holder due use Lis pendens or other forms of notice of defaults as I have purchased several properties using this method in Atlanta Georgia.
I did not say all lenders use them!
In addition, the average foreclosure takes more than 30 days in Georgia!
See Georgia statue at: http://www.legis.state.ga.us
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foreman
Good lord son, you are telling me that in Georgia they do not use Lis pendens in foreclosure.
That the only way to locate a preforeclosure in Georgia is when it is published in the paper.
That investors only know about the default because of the new paper advertising
Well looks like in your case you are correct, so I will just take my imaginary Lis pendens research, transactions and checks to the bank and go on my imaginary way!
I sure do hope that someday I will learn to be an investor. LOL
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jam200 have you use lis pendens to find mortgage preforecloures. Or is there anyone out there in Georgia who has use lis pendens to find preforeclosures.
I don't they are in the AJC, but don't quote me though. I do know that they are advertised in the Fulton County Daily Report. Which is a legal publication. You can also wait until some to the database companies in ATl put out their lists. Normally a few days after they appear in the Daily Report.