Foreclosure Laws and Process in Cartersville, GA

Foreclosure is a legal process where a lender takes control of a property when the borrower fails to make their mortgage payments. In Cartersville, GA, foreclosures are governed by Georgia state law. This guide will help you understand the key aspects of foreclosure laws and process in Cartersville, GA.

Types of Foreclosures in Georgia

There are two primary types of foreclosures in Georgia:

1. Judicial foreclosure: Involves a court process where the lender files a lawsuit to foreclose on the property. Judicial foreclosures are less common in Georgia.
2. Non-judicial foreclosure: A more common type of foreclosure in Georgia, which doesn’t require court intervention. The process is governed by the power of sale clause in the mortgage or deed of trust.

Notice Requirements

In Georgia, lenders must provide two notices to borrowers before initiating a non-judicial foreclosure:

1. Notice of Default: The lender sends a notice to the borrower informing them of their default on the mortgage payments. The borrower typically has 30 days to cure the default by paying the past-due amount.
2. Notice of Sale: If the borrower doesn’t cure the default, the lender must send a notice of sale, including the time, date, and location of the foreclosure auction. This notice must be sent at least 30 days before the sale date and published in a local newspaper once a week for four consecutive weeks.

Foreclosure Auction

After providing the required notices, the lender can proceed with the foreclosure auction. The auction is typically held at the county courthouse, and the property is sold to the highest bidder. If no one bids, the lender becomes the new owner of the property.

Right of Redemption

In Georgia, there is no post-sale right of redemption for borrowers. Once the foreclosure sale occurs, the borrower cannot regain ownership of the property.

Deficiency Judgment

If the foreclosure sale doesn’t cover the total outstanding mortgage balance, the lender can seek a deficiency judgment against the borrower. The lender must file a lawsuit within 30 days of the foreclosure sale to obtain a deficiency judgment.

Tips for Homeowners Facing Foreclosure

If you’re a homeowner in Cartersville, GA, facing foreclosure, consider the following options:

1. Communicate with your lender: Reach out to your lender to discuss potential alternatives to foreclosure, such as loan modification or forbearance.
2. Seek legal advice: Consult with a real estate attorney or HUD-approved housing counselor to understand your rights and options.
3. Explore government programs: Look into federal programs, such as HAMP or HARP, that may help you avoid foreclosure.

For more information on foreclosure laws in Georgia, visit Georgia Foreclosure Law or the Georgia Department of Law Consumer Protection Division.

Note: This guide provides general information on foreclosure laws and processes in Cartersville, GA. It is not intended as legal advice. Please consult a qualified attorney for guidance on your specific situation.