Foreclosure Process
Hello:
If anyone can help. I need the step by step proocess on foreclosing. I bought some property at a tax sale in November 2003. The redemption period will be up soon and I need all the forms in order. I called an attorney and she stated that I can do it myself however it would get done better if I used her services. She says she would charge around $600. I live in Georiga.
Thanks
$600 for a foreclosure sounds like money well spent.
I pay $500 for an eviction.
Brenda
You will first need to understand the Georgia tax foreclosure legislation (O.C.G.A. § 48-4-75)
When the property taxes become past due, the tax collector can proceed in one of two ways - Non-Judicial Tax Sale, which doesn’t involve going to court, and Judicial Tax Sale, which must. Both types of proceedings rely upon the sheriff to conduct the sale. Each has its own purpose and its own advantages to the tax collector.
Non-judicial tax sale is the most common route for the tax commissioner to take. After the payment deadline passes, and after providing the owner with written notice, the tax commissioner turns the matter over to the sheriff by issuing what’s called a tax fi. fa. or writ of execution.
Fi. fa. is the abbreviation of a Latin term meaning “cause it to be done,” and the writ, in this case, formally commands the sheriff to sell the property at auction to the highest bidder. The sheriff has no choice in the matter. The ensuing process is known as sheriff’s levy and sale.
The purchaser of a tax lien does not have to demand a sheriff’s sale of the property right away. Some transferees hold on to the lien without taking any action for a couple of years, thus allowing the interest and penalties the value of their investment to grow. As the penalties compound, it becomes harder and harder to get one’s property out of hock.
The second and less common means of property tax collection is judicial tax foreclosure sale. When the tax authorities take that route, they have to wait a little longer to act, and they have to go to court, but it’s ultimately a more decisive process. In general, the county avails itself of this process as a way to put abandoned and blighted property in better hands.
Title to property bought at tax foreclosure sales, particularly non-judicial sales, is generally considered clouded. That can cause complications when the new owner decides to sell or finance the property. To fix that, most purchasers undertake Quiet Title proceedings, seeking a declaration that they own the real estate free and clear. The process involves filing a petition with the Superior Court, mailing out notice, and publishing a Notice to Quiet Title
You really should have an attorney handle this for you, as so may error and loose it all.
[addsig]