How Fast Can a Georgia Lender Foreclose on My House?

Real Estate Agent with Solid Source Realty GA 320764

"How could this be happening to me? This letter says that my house will be going to auction in less than five weeks!!"

I’ve heard some version of this lament many, many times in my years as a short sale specialist. In fact, the decision to short sell is seldom a seller’s first choice. My clients are often several months in arrears, may even have been fending off foreclosure for awhile or have been denied a loan modification before they call on me.

This was one of those situations, and the homeowner was at her wits end.  Receiving the dreaded NOD (Notice of Default) was just about more than she could bear.

"Can they really just take my home and kick me out? Don't I have any rights?"

Sadly, I had to inform her that indeed "they" could, and "no" she probably didn't.

Let me explain.  

Georgia Foreclosure is all about the law.  

Foreclosure is a legal procedure with far-reaching and long-lasting consequences. By this process, a lender may indeed repossess a property when the borrower defaults on payments.

Legally speaking, foreclosure literally means “to shut out, to bar, to extinguish” a mortgagor's (borrower's) right to possess real property. It is is the "equitable proceeding" in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust."

Sadly, this means a termination of all rights of the homeowner covered by a mortgage.  

This client called me in the nick of time.

Georgia foreclosure happens fast.

Fast and brutal -- that describes the Georgia foreclosure process. As far as I know, no other state has a shorter foreclosure process. Unlike most other states, Georgia allows foreclosure to take place with no judicial oversight as long as a "power of sale" clause is included in the security document. It usually is.  

Power of sale offers maximum protection to lenders, minimum protection to borrowers. When power of sale is invoked, the lender is not even required to file a lawsuit. Although most lenders will wait until a borrower is several months behind in payments before initiating a foreclosure, once the process starts in Georgia, a house can be sold on the courthouse steps in as few as 37 days. Lenders, of course, prefer this method because it involves less time and expense for them than if they were required to file a lawsuit.  

Luckily for my client, she called for help while there was still time. We were able to get her property on the market for short sale and thereby stave off the foreclosure. We soon got an acceptable offer, got it approved by her bank and were able to settle this mortgage debt with a "paid as agreed" short sale and thereby avoid foreclosure.

Don't waste time when facing Georgia foreclosure.

As this story illustrates, anyone facing the threat of foreclosure in Georgia should act quickly.  Find out what your options are. Time is not your friend when you've received a Notice of Default. Start by calling your lender and request a short sale. Then contact an experienced short sale specialist for expert help getting your property on the market, under contract, and approved. For more information on how this might work for you or someone you know, visit our informative webiste at


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Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ

Wow Eva your state has very short foreclosure laws.  Doesn't give home owners much time to try to figure out a game plan. Very good information!

Jun 06, 2017 05:52 PM #1
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Yes, Anna. That's why it is so important that Georgia homeowners act fast to avoid foreclosure.

Jun 07, 2017 06:49 AM #2
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Elva, you did a great job describing the foreclosure process and what can be done to short-sale the property instead. If this is in your series of FAQs, I look forward to reading the rest. 

Jun 08, 2017 02:27 PM #3
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

I have a few more coming this month, Pat Starnes .

Jun 10, 2017 05:22 AM #4
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Elva Branson-Lee

CDPE - Atlanta Real Estate & Short Sale Agent
Ask me about Georgia short sales

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