If you have received a notice from your mortgage servicer that your Georgia loan has been referred to foreclosure, the following is what you can expect from the foreclosure proceedings:
Upon receipt of your loan for foreclosure, we will immediately send you a notice advising we are proceeding with foreclosure and your rights under the Fair Debt Collection Practices Act, and order a title search of the property. The title search will tell us if there are other loans or liens (Equity Line of Credit, second mortgage, tax liens, judgment liens, etc.) on the property, as well as list all title holders (owners) on the Deed, legal description, and other information regarding the property.
Georgia state law dictates how the foreclosure process is completed. Foreclosure sales are held once a month on the first Tuesday of each month (see Foreclosure Sales Tab for additional information). We are required to advertise the foreclosure sale in a local newspaper, in the county where the property is located, once a week for 4 weeks immediately prior to holding the sale. The sale date is determined as the first date available after the required advertisements have run. We notify you of the sale date by sending a Notice of Foreclosure Sale via both certified and regular mail. The Notice of Foreclosure Sale is also sent to the appropriate newspaper to be published for the next 4 weeks.
The foreclosure sale is conducted as an auction, held on the steps of the county courthouse where the property is located. Your sale may be held any time between 10am and 4pm. The amount of the bid is established by the amount you owe, the value of the property, and other applicable factors. Once the sale is held we send the Foreclosure Deed for recording and title to your property is transferred to the successful bidder.
Once the title is transferred the new title holder will begin an ejectment, or eviction, proceeding to move any occupants out of the property. The process usually takes 30 days from the initial notice, and is done by the local sheriff's office.
During each step of the foreclosure process, fees and costs are incurred. Those expenses include the title search, publication costs, and our legal fee among others.
We will provide you with reinstatement or payoff figures. You can request the information either by clicking here to email our office, or you can call us at (770)392-0398 within the city of Atlanta and surrounding counties, or toll free at 1(866)999-7088 in all other areas.
You do not need to have all the money to reinstate your loan in order for us to work with you. There are other possible options to help you bring your loan current. And although the foreclosure may have begun, there may be alternatives to foreclosure for which you might qualify.