I have written a few posts lately about a property here in Georgia that went to the courthouse steps on Tuesday. I was aware that the foreclosure process was different is most states, and here in Georgia we typically have non-judicial foreclosure.
What that essentially boils down to is this:
1) The lender sends the borrower a notice that they are in default, and the foreclosure process is started.
2) The property is advertised in the legal organ of the county for four weeks, prior to the first Tuesday of the following month. During this time, the borrow may cure the deficiency, satisfy the loan, or work out a deal with the lender, possibly a short-sale.
3) If the borrower lives in the house as a primary residence and declares bankruptcy, the property could be pulled from foreclosure until the bankruptcy is resolved.
4) On the first Tuesday of the month, after 10 A.M. on the courthouse steps, literally, the property is offered at public outcry to the highest bidder for cash.
If you think you'll get a fantastic deal, think again. The lender will almost always enter a bid in the amount of the mortgage balance PLUS attorney's fee!
what do you think? How does it compare to your state?
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Richard Weisser, Broker, Associate Broker, Auctioneer, E-Pro, CE Instructor Writer's opinion, Not intended as legal advice. |
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Sounds wonderful. The judicial foreclosure takes months and costs a bloody fortune. Of course, in MD, the law firms that handle most foreclosure sales are "very well connected".
Stephen...
Yes, I agree. And at this time judicial foreclosures would bring the courts to a standstill.
Lenn...
I have heard that it is a lucrative business, but who knows? Wink-Wink!
Gene...
Usually involves a "Power of Sale" clause somewhere!
JL...
I know what you mean. I just go there for research and local knowedge, but I could live without it!
Robert...
We actually typically have "Power of Sale" clause in our "Deeds To Secure Debt." Georgia is a lien theory state, and the borrower will sign the promissory note, the "Deed to Secure Debt" and a "Waiver of Judicail foreclosure."