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How Georgia Mortgages Are Foreclosed

"""""""""""DON'T FORECLOSE ME!"""""""""""""


The main method of foreclosure in Georgia is what is known as Non-Judicial Foreclosure. This type foreclosure does not involve court action unless a DEFICIENCY is sought. When the Deed to Secure Debt is signed it most often contains a clause called a POWER OF SALE clause, which on default allows sale of the property in order to satisfy the underlying loan/debt. Georgia does not use the usual DEED OF TRUST where a trustee acts a representative of the lender and/or is the holder of the DEED OF TRUST.  Foreclosure  sales will typically occur in the form of an auction at the county courthouse. Since this is a non-judicial remedy, there are very stringent notice requirements and the legal documents are required to contain a “POWER OF SALE” language. In order to use this type of Foreclosure method. Power of Sale requirements that will be addressed later in the week.

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