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How Foreclosure Works in Georgia

Six quick steps from homeowner to homeless

Most Georgia homeowners don't realize how fast foreclosure happens and how little real time it gives them to formulate and execute a plan to save their home. If you feel foreclosure is possible given your circumstances, you should contact a qualified professional immediately to discuss your legal options. Get the information you need to take appropriate action. Any delay could be the difference in whether you keep or lose your home. The following brief timeline illustrates just how little time a homeowner has to cope with a mortgage default.

The timeline for foreclosure in Georgia

Most mortgage payments are due on the first of the month, but lenders normally allow a 'grace period' of 10 to 15 days in which you can pay and still have the payment considered on time.

  1. Your Payment is Late — Your 10-15 day grace period is up and your payment is officially late.
  2. Day 31 — Your mortgage is in default. Bank sends a notice and notifies the credit bureaus. Your credit takes a hit.
  3. Day 45–60 — The lender informs you in a "demand" letter that you are in violation of the terms of your mortgage and that foreclosure will soon begin
  4. Day 61–90 — Your lender "accelerates" your mortgage. This means that they will foreclose unless you pay the mortgage and past due balance in full. They will no longer accept partial payments.
  5. Day 91–105 — In Georgia, your lender does not have to go to court in order to foreclose. 30 days following publication in your local newspaper of the lender's intention to foreclose, he can sell your home at auction.
  6. Day 106–180 — Your home is sold at an auction on the steps of the local courthouse. Georgia foreclosure sales are all conducted on the first Tuesday of each month.

The good news is that an bankruptcy attorney can stop foreclosure, even after the process is in motion.

Contact Atlanta DebtStoppers today to stop foreclosure on your home

A bankruptcy attorney at DebtStoppers Atlanta can stop foreclosure actions against you. Our experienced attorneys help you create a repayment plan that reduces your non-mortgage debt so your family can afford to keep your home. Fill out our free personal debt analysis form online and find out if a DebtStoppers plan is best for you. Call us at 678-673-2142 or contact us online to schedule a complimentary one-on-one debt analysis.