Are you facing a potential foreclosure, or considering it, and wondering what the home foreclosure process in Atlanta, Georgia is like?
This post deep dives everything related to the foreclosure process in Georgia, what to expect, and how to navigate it.
Keep on reading.
Table of Contents
- Easy to Understand Home Foreclosure Process
- Georgia Foreclosure Laws You Need To Know About
- Georgia Foreclosure Notice (And What To Look Out For)
- How to Stop Foreclosure In Georgia (FAST)
Easy to Understand Home Foreclosure Process Georgia
So, you’ve gotten behind on your mortgage and you are facing foreclosure?
The first thing that will happen is that your lender will send you a foreclosure notice of default on the loan. Normally, the servicer will send this letter when you’re around 90 days delinquent on the loan. If you don’t pay the amount you owe, the foreclosure will start.
After you have been served the notice of default, the lender is able to proceed with the 30-Day Notice of Intent to Foreclose.
The 30-Day Notice of Intent to Foreclose is the notice that you receive when your house will be going to the foreclosure auction in 30 days.
At the same time, the lender is required to post the foreclosure on your property in the local newspaper.
With the 30-Day Notice of Intent, the foreclosure attorney will send you an Attorney’s Fees Notice. These are delivered via a certified letter so that there is a receipt of your receiving the letter.
The Attorney’s Fees Notice informs you that you will have to pay the foreclosure attorney fees within 10 days of receiving this letter. If you fail to pay the fees in 10 days, then you will start accruing interest on those fees.
Your house is now set to go to the foreclosure auction. Foreclosure auctions take place at your local county’s courthouse. These are held on the first Tuesday of every month.
Your house will be auctioned to the highest cash bidder.
So what happens after your house is sold at auction?
After your house is sold at the foreclosure auction, you will no longer have ownership rights to the property. You will have to vacate the property.
You will receive a Notice to Vacate the property. The notice will inform you of how long you can remain in the property.
You could have anywhere between 3-30 days to move out of the house. If you do not move out, the new owner will file an eviction.
After foreclosure, your lender will file for a Deficiency Judgment.
A deficiency judgment is filed within 30 days after the foreclosure sale. If it’s not filed in 30 days, then the lender loses the ability to file a deficiency judgment against you.
The lender is only required to give you a 5 days heads up that there will be a hearing that requires you to show up in court.
At the hearing, the courts verify that you were given proper notices, that the lender followed the proper foreclosure process, and that there were no irregularities in the sale of the home.
But what is a deficiency judgment?
A deficiency judgment is pursued when the house sells for less than you owe on the property.
Let’s say you owe $150,000 on a house that appraises and sells for $130,000.
$150,000 – $130,000 = $20,000
You would still owe the lender $20,000 AFTER you have gone through foreclosure.
Lenders can garnish your wages to get this money back from you.
If the house sells for more than you owe, then you are in the clear.
How long can I stay in my home after foreclosure?
Federal laws require the lender to wait for 120 days AFTER you miss your first payment to start the Georgia foreclosure process. Then a judicial foreclosure is filed and you have 4-6 weeks to stay in your home. Your house will be sold at the next foreclosure auction. After the foreclosure auction, you will go through a foreclosure eviction.
How long after a house is auctioned Do I have to move?
After you go through a foreclosure auction, you will go through the foreclosure eviction process. In Georgia, evictions are quick so you have about 30-45 days after the foreclosure auction to move out of the house.
Georgia Foreclosure Laws You Need To Know About
Georgia foreclosure laws are nonjudicial.
This means that the bank can foreclose on your home without taking you to court.
Once you miss a payment, the countdown starts.
The banks have to wait for 120-days before they can start the foreclosure process.
That means that as soon as you miss a single payment, the banks are sitting there waiting to sell your house at the foreclosure auction.
With nonjudicial, all the banks are required to do is publish your notice of foreclosure in the newspapers and send you a notice of default for foreclosure.
Notice of Intent to Foreclose – What Does This Mean For You?
Foreclosure auctions in Atlanta occur on the first Tuesday of every month.
The banks will schedule your house to go to the foreclosure auction the first Tuesday AFTER your 120-day window is up.
As we mentioned before, you will receive a notice of intent to foreclose personally and in the local newspaper.
Are you wondering what personal information they post in the newspapers?
They post your Name, Address, and Telephone Number in the newspaper.
You Get Slapped With The Bank’s Attorney’s Fees
You already are behind on bills.
You’re getting kicked out of your house.
The banks have publically blasted your information all over the place.
But wait, there’s more.
The banks incur fees from their attorneys when they file foreclosure on you.
But you are the one who has to pay for those attorney’s fees, not the bank.
They will send you a “10-day Notice of Attorney Fees.”
Basically, when they send you the Notice of Intent to Foreclosure (discussed above) they will also send you a bill for the attorney fees.
You have 10 days to pay these fees off without incurring interest on the amount owed.
This could be thousands of dollars.
Selling Using A Power of Attorney
Are you living out of state, have relocated, or are unable to sign the closing documents on your property?
Are you unable to make mortgage payments, but someone else is trying to make payments on your behalf to help you out (and the lender won’t let them pay)?
No matter what, if you need someone to make payments or sign documents on your behalf, then you need to look into obtaining a Georgia Power of Attorney.
What If You Inherited a House That’s Going Into Foreclosure?
Have you inherited a house that you didn’t know needed the mortgage paid, or worse, you didn’t know you even inherited the house?
The Georgia probate process should deflect the payments to the person who inherited the property. Even if you can’t swing an extra mortgage, you will be responsible to make the payments on that property.
If you cannot make those payments, immediately reach out to the lender and tell them you cannot afford it and that you plan on selling the property.
Then, reach out to a real estate agent and figure out what you need to repair to make it listable. Sometimes, this could cost thousands. And, quite frankly, it could take months to sell, putting you 2-4 months behind on payments.
Related: Estate Planning Checklist
If you need to sell the house fast in as-is condition (outdated with all of the potential junk in it) then your best bet is to sell to an investor.
Yes, you will take a discount for the property, but you’re avoiding foreclosure and getting rid of a major headache.
Sell your house super fast to Atlanta House Buyers to avoid being publically embarrassed and having to pay attorney fees.
Georgia Foreclosure Notice (And What To Look Out For)
The federal law has created the Georgia foreclosure timeline in your favor here.
The lender HAS to wait 120 days after your first missed payment before they can make an official notice or file for foreclosure.
The 120 days gives you plenty of time to repay the missed payments if you are able to.
It is the lender’s responsibility to contact you to discuss the delinquency.
They have 36 days to contact you after missing your first payment. Then 36 days again after each subsequently missed payment.
Thinking You Have To Foreclose?
Your only option when facing foreclosure is not a foreclosure.
If you don’t procrastinate, you have numerous options, such as:
- Catching up on payments
- Selling your home
Stopping foreclosure with bankruptcy in Atlanta.
This may not be the most desirable option, but it can freeze the foreclosure process in Georgia.
Reach out to a bankruptcy attorney in Atlanta and request a free consultation and see if filing bankruptcy in Atlanta is a good option for you.
It’s important to note that bankruptcy does not eliminate your unpaid debts. If you’re behind on $50,000 in debt, you still owe the $50,000. Bankruptcy restructures your payments so that you can repay all of your debts.
Payment restructures include back payments for mortgages, HOAs, Georgia property tax liens, etc.
Sell your house to stop foreclosure in Atlanta.
Depending, again, on how quickly you take action, you have multiple ways that you can sell your house.
- List with an agent (about 120 – 180+ days).
- Seller financing (7-30 days).
- Cash offer (7-30 days).
Listing with an agent is a great way to get the most money out of your house. However, it is the slowest way to sell your house.
If you are 30-60 days away from foreclosure, listing with a Realtor will not be your best option.
Beware – some agents will tell you that they can sell your house in less than 60 days. There are zero guarantees that they will buy or sell your house.
Do you want to leave your family’s well being up to chance or do you want to sell your house for sure?
That leads us to your next options.
Do you owe more than it’s worth?
Selling your house with seller financing is a great way to sell if you owe too much money, but you still need to sell.
An investor will simply give you a down payment, take over your payments, and let you walk away.
This means that you don’t have to wait around on a sale or let the house go to foreclosure because you owe more than it’s worth.
You don’t have to lose your house to foreclosure, ruining your credit and your ability to buy or rent another place for your family to stay.
Don’t sign a contract with an investor you haven’t vetted with Google Reviews. There are tons of home investor scams. Choosing the wrong company could mean that you are going to go into foreclosure and lose your house.
Selling your house for cash is the fastest way to sell your house to avoid foreclosure in Atlanta.
If you’re facing foreclosure and thinking, “I need to sell my house fast in Atlanta,” then here’s what to expect.
Just be aware that to sell your house super fast, you have to accept an offer at a discount.
By why the hell would you accept an offer for your house that’s below what it’s worth?
For an investor who can buy your house in 14 days to purchase your house that fast, they need to have their shit together. You are trading equity for a well-built company to come in and solve your problem, which is losing your house to foreclosure and ruining your finances.
If you’re wondering which companies in Atlanta buys homes and are reputable, check out their Google Reviews.
How would your family feel if you saved them from going through a grueling foreclosure process? To get a cash offer from a reputable company, fill out the form below. Stopping foreclosure is that easy.
How to Stop Foreclosure In Georgia (FAST)
By this point, you know what to expect with your foreclosure.
You’ll lose your house, meaning you have to uproot your family after the foreclosure eviction and try to find a new place for them to live. (Not to mention that a majority of foreclosures lead to divorce in Atlanta, tearing families apart.)
The tough part is that your credit is going to be ruined. So, for at least 1-2 years, you won’t be able to live in a great house/apartment.
Landlords with great properties see foreclosures on credit reports as risky. They won’t rent to your family.
What about the landlords who will rent to people with foreclosure? Their properties aren’t going to be that great. They are usually going to be the cheap homes in Atlanta.
But what if you could avoid the foreclosure, save your credit, and have thousands in your pocket to start over?
Selling your house to Breyer Home Buyers can make that happen.
We have a network of cash buyers that tackle properties all over Atlanta. In fact, we have over 11,000 investors on our list, which means that no matter how tough of a situation you are in or how good or bad the condition of the property, we can buy it.
Most investors are newbies which means that they just came out of a weekend seminar. They don’t have more than 100 cash buyers in their network. And they are taught to “just tie up” properties.
Is that what you want to deal with when you’re family is facing foreclosure eviction?
To stop foreclosure fast in Atlanta, simply fill out the form below. Someone from Breyer Home Buyers will chat with you and help you figure out the best solution.
Hint: We buy foreclosure homes in Atlanta, but the best solution is not always selling to us for cash.
But, we work with bankruptcy attorneys, we’ve helped hundreds of families avoid foreclosure, and we have bought hundreds of houses to help people stop foreclosure.
Even if we don’t buy your house, we will point you in the right direction. We believe in helping you stop foreclosure. Period.