How long can you stay in your home when facing foreclosure in Georgia?

February 26, 2009

Getting a notice from the bank that they are going to sell your home on the courthouse steps is pretty frightening. Your mind immediately begins to churn – “Where will we go?’ – “We need to look for another home!”

This is a perfectly understandable reaction, but not entirely appropriate. 

When your lender is ready to foreclose, they must send you notice. They send a certified letter, explaining that you are in default, that they have been unable to collect, that your mortgage is secured by real property and that they have accelerated your debt. Then they tell you that you must pay the entire loan, plus fees or your home will be sold in a foreclosure proceeding. Then they give you the time and place of the sale.

In addition to that notice, the law requires them to publish notice in the local paper each week for four consecutive weeks prior to the sale.

So at a minimum, you are going to have 4 weeks from when you receive notice before your home is sold.

Frequently the sale date will be postponed. In Georgia, foreclosure sales can ONLY be held the first Tuesday of each month. If your sale is postponed, it must be postponed for at least a month. The notices have to be reissued, the advertisements have to be run again, the entire process is basically repeated.

Once the home is actually sold at foreclosure, you are living in a home you do not own. In the next article, I will discuss what happens next.

If you are facing foreclosure, there are lots of options. Call 770-682-7735 and ask what those options are.


One Response to “How long can you stay in your home when facing foreclosure in Georgia?”

  1. SildCoolf said

    Lots of guys write about this topic but you said really true words!!

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