Georgia Foreclosure Process

The Georgia foreclosure process works by the bank selling the property at a public auction in an attempt to recover the funds loaned to the borrower to originally purchase the property.

The first thing that occurs with the Georgia foreclosure process is the borrower misses their payments. They may miss one, two, or three payments before the process is initiated by the bank. Depending on the lender and your communication with them will be the factor on how quickly they begin the process. The lender will do everything they can to work with you to keep your home if you remain in contact with them and you are honest about your financial situation.

The foreclosure process begins with the first filing of the notice of default. You will usually have 90 days to work with the lender on saving your home or other options. After 90 days, the lender will schedule a date that the auction will take place to sell the home so they can recover the funds of the loan. This date may be from another 90 to 180 days. This date should be considered the final date of the Georgia foreclosure process. Some borrowers remain in the home until the sheriff’s office removes them, which can be up to 72 hours after the sale of the home at the auction.

If you have been through the Georgia foreclosure process then you know it can haunt you for years on your credit. It is common for people to say that a foreclosure will last on your credit for only 7 years but items can remain for even longer. However, if you file bankruptcy then a foreclosure can be forgiven as quickly as the very next day of the bankruptcy. If you want to buy another home again in the near future then a bankruptcy is your best option.

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