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Home Default Rules in Georgia

Georgia borrowers who miss a mortgage payment usually have a 15 days “grace period” to make an “on-time” payment. After that, the loan is in DEFAULT. Georgia Mortgage Lenders are NOT REQUIRED to allow a borrower to mak up the payment and reinstate the loan; though they usually do since they do not want to foreclose. At some point, the lender sends a Notice of Accelereation demanding that the borrower pay of the full amount of the loan within 30 days. Then the lender sends the loan information to his attorney(known as the Foreclosing Attorney). the foreclosing attorney publishes a “Notice of Sale Under Power” in the legal newspaper in the county where the mortgaged property is located. This ad must be run for four CONSECUTIVE weeks. Then a foreclosure auction is held by the foreclosing attorney on the steps of the county courthouse. These auctions are held on the first Tuesday of each month between 10 AM and 4 PM. If there are no bids on the property, the foreclosing attorney purchases the property for the lender. All other purchase  offers must be paid in cash. With so many foreclosures being conducted on the courthouse steps at the same time, the foreclosure lawyers are said to be “crying the mortgage”.

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