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 to notice is valid if it was signed at the same time as the original documents.
•2. Next, the notice must be published in a newspaper of general circulation in the county where the sale will be held. The notice must be published once a week for four (4) weeks preceding the date of the foreclosure sale. These papers are commonly known in the trade as the "county organ". The publications are made the legal organ by 3 county officials: Judge of Probate Court, Sheriff, and Clerk of Superior Court.
•3. Finally, the sale must be made by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse.
Check you County Organ
If you fall behind in your mortgage payments, don't rely on correspondence from your lender to alert you to the start of foreclosure proceedings. Things actually do get "lost" in the mail from time to time. If you've missed a few payments, it's best to check your county organ for yourself, to see if a foreclosure notice has been filed against you. That way, you can contact your lender and explore your options to foreclosure before it's too late.
Here is a partial list of those county organs serving the metro Atlanta real estate market:
Butts County - Jackson Progress Argus
Cherokee County - Cherokee Tribune
Clayton County - News Daily
Cobb County - Marietta Daily Journal
Coweta County - The Times-Herald
Dekalb County - The Champion
Douglas County - Douglas County Herald
Fayette County - The Fayette Daily News
Forsyth County - The Forsyth County News
Fulton County - Fulton County Daily Report
Gwinnett County - Gwinnett Daily Post
Hall County - The Times
Henry County - Daily Herald
Paulding County - The Dallas New Era
Spalding County - The Griffin Daily News
Walton County - The Walton Tribune
Knowledge is power, so arm yourself with the facts, and do all that you can to protect your investment and your credit by avoiding Georgia foreclosure.
Get Atlanta Short Sale Help
Please contact us any time with your questions or concerns. We are metro Atlanta area short sales specialists. Help rescue your credit before you make a decision which carries long-term ramifications. It may be that contacting an experienced short sale expert will turn out to be your best solution.