Notice of Sale/Auction
A notice of sale is published once a week for the four weeks before the sale. The notice is also sent to the borrower a minimum of 15 days before the sale date. The notice must include the date, time, and location of the sale, a description of the property, mortgage information, and the lender and borrower names.
The sale of foreclosure homes in Georgia is at the county courthouse on the first Tuesday of the month between 10:00 am and 4:00 pm. The winning bidder, if other than the lender, is required to pay the full bid amount to the person conducting the sale immediately following the sale. If a foreclosure sale is cancelled, the foreclosure process starts over again.
After court-ordered foreclosure sales, a confirmation hearing is scheduled and the borrower is notified within five days of the hearing. If the sale price of the property is at least market value, the court confirms the sale. If not, the court may order a new sale.
There is no right of redemption for the borrower following a foreclosure sale in Georgia.
Q. It says the process can be stopped ... how ?
A: Several ways, Sale of property, file a notice of bankruptcy, an action of deed in lieu, a loan modification from the lender, errors in filling notice, forbearance plan, or a short sale.
If you have additional questions or need help in stopping a foreclosure give me a call I am here to help.
Comments (0)Subscribe to CommentsComment