Security Deed State?

Comments(3)

• 
  john73824th February, 2004

  Taken from a website....I'm not this smart normally...............
  "So what happens when you go into default? In most cases the lender is required to give you written notice of the default and give you a period of time (usually 30 days) to get out of default. If you haven’t gotten out of default, the next thing the lender can do is accelerate the loan. This means that the entire loan (along with any fees, costs and interest) is due and payable immediately.
  Then the lender can advertise the property for sale in a advertisement in the official county newspaper, usually in a small ad in the back of the paper. The lender must do this once a week for four consecutive weeks prior to foreclosure.
  Finally, if the loan has not been paid in full, the lender can foreclose on the property. This is done by auctioning off the property on the front steps of the courthouse on the first Tuesday of the month.
  In Georgia, all this is done without giving you an automatic right to contest the lender’s actions in a court, as is done to renters who are being evicted when the Marshall tacks the eviction papers to the renter’s door. Some have wondered if all this is legal or not, even though the U.S. Supreme Court said Georgia’s foreclosure process was lawful many years ago. However, the court has changed its mind many times in the last few decades, and the bankers and their lawyers are concerned that a new ruling would invalidate every Security Deed in Georgia – and who would want to be a home lender in Georgia if that happened?
  Therefore, all lenders in Georgia require the Borrowers to sign the “Waiver of Borrower’s Rights,” in which the borrower agrees to waive any of these potential constitutional claims. The document is scary to read, but rest assured its on just about every Security Deed in Georgia. Keep in mind that you are always free to get your own attorney to protect your rights by bringing your own court action – there just isn’t an automatic hearing prior to foreclosure. Of course, I hope you never get to this point to begin with!"

• 
  PassingThru24th February, 2004

  Here is what I have found out for Georgia. I have only handled 1 consult in Georgia, but that worked with a reinstatement through a loan modification.,
  Quick Facts
  - Judicial Foreclosure Available: Yes
  - Non-Judicial Foreclosure Available: Yes
  - Primary Security Instruments: Deed of Trust, Mortgage
  - Timeline: Typically 90 days
  - Right of Redemption: Yes
  - Deficiency Judgments Allowed: Yes
  In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
  
  Judicial Foreclosure
  The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
  
  Non-Judicial Foreclosure
  The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
  
  Power of Sale Foreclosure Guidelines
  If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
  
  A foreclosure notice must be mailed by certified mail, return receipt requested to the borrower no later than 15 days prior to the date of the foreclosure sale. The time period begins the day the letter is postmarked. The notice must be mailed to the address given to the lender by written notice from the borrower. No waiver or release of the rights to notice is valid if it was signed at the same time as the original documents.
  
  The notice must be published in a newspaper of general circulation in the county where the sale will be held once a week for four (4) weeks proceeding the date of the foreclosure sale.
  
  The sale must be made by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse.
  Lenders may seek a deficiency judgment in Georgia.

• 
  matthewnorman24th February, 2004

  Thanks for the info guys....I'm so impressed that I got replies so quickly. I'm new to the site, but have done some deals in the past.....trying to add a new technique (pre- and forclosures) to my book of skills so I can finally quit my
  J-O-B.