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What is a Georgia Power of Sale Foreclosure?
Don't get caught unaware.
Georgia Power of Sale Foreclosure Guidelines
Are you buying a home in metro Atlanta or elsewhere in Georgia? Are you planning to use a bank loan to complete your purchase? Then you should definitely understand the import of the power of sale clause in your mortgage. This is the clause that allows your lender to foreclose on the property without any judicial proceeding.
You heard right -- no judicial proceeding is required.
So, it is imperative that your loan officer explain completely the power of sale guidelines and how that clause may effect you in the event that you cannot pay your house note.
If the deed of trust or mortgage contains a power of sale clause which specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
•1. First, 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 ... more
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