Georgia foreclosure laws

Foreclosure Laws by State

Georgia Foreclosure Law Summary
Judicial Foreclosure Available	Yes
Non-Judicial Foreclosure Available	Yes
Primary Security Instruments	Deed of Trust, Mortgage
Timeline	Usually 90 days
Right of Redemption ¹	Yes
Deficiency Judgments Allowed ²	Yes

¹ A borrower's right to reacquire property lost due to a foreclosure.
² A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.

Georgia foreclosure law details

Lenders in the state of Georgia may foreclose on deeds of trusts or mortgages in default using either a non-judicial or judicial foreclosure process.

Judicial Foreclosure

A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property. This type of process is generally used when no power of sale is present in the mortgage or deed of trust. A power of sale is a clause found in a deed of trust or mortgage that authorizes the sale or transfer of land as outlined by the terms of that clause.

Non-Judicial Foreclosure

If a power of sale clause exists in the deed of trust or mortgage document, a non-judicial process of foreclosure is used. This allows the lender to sell the property and pay off the balance of the loan in the event the homeowner defaults. The power to sell may be completed by the lender or their representative in situations where a power of sale exists. The procedure for this type of foreclosure process is explained in the "Power of Sale Foreclosure Procedure" listed below.

Power of Sale Foreclosure Procedure

If the deed of trust or mortgage has a power of sale clause and it details the time, place and terms of sale, then the outlined procedure must be followed. However, if the power of sale clause, does not clarify the time, place and terms of sale, then a foreclosure sale is held as follows:

No later than fifteen (15) days prior to the date of the foreclosure sale, a foreclosure notice must be mailed by certified mail with return receipt requested to the borrower to the address given to the lender by written notice from the borrower.
Notice must also be published in a newspaper in the county where the sale will be held once a week for four (4) weeks prior to the date of the foreclosure sale.
The sale is conducted by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse.
Lenders have the option of pursuing a deficiency judgment.