There is so much documentation related to foreclosure that it may be difficult to understand all of the nuances for a successful process. Mark Walker is a foreclosure attorney who can help walk you through the process from beginning to end.
Georgia Real Property Foreclosure Part 3 in a series by Hecht Walker Partner Mark Walker
Once your real estate attorney has reviewed and substantiated the documentation and official communication has been sent, you may put into motion what is required in order to sell the property through non judicial foreclosure and recoup some of your losses.
Completing the Process
As a pre-condition to scheduling a foreclosure sale of the property you must put an Advertisement in the newspaper in the legal organ of the county where the property is located. Just like the other tenants of foreclosure, there are specific rules governing when a foreclosure sale may take place as well as what is written in the Ad, where the Ad is placed and the timing of the Ad which must run once a week for four consecutive weeks prior to the foreclosure sale.
Some of the specific requirements for inclusion in an advertisement related to selling foreclosed on property under Georgia law include:
An exact legal description of the property as it appears on the original security instrument
The name of the Grantor (debtor)
The name of the current deed holder
The general time and place of the foreclosure sale
A reference to the Power of Sale (your right to hold the sale as found in The Security Instrument)
In addition, information allowed in the Ad under Georgia law that can help in the sales process includes:
A reference to any superior liens or mortgages of record
The street address of the property (must be in bold type)
The current owner of the property
Accuracy is important. If there are serious or misleading errors in the advertisement it may cause the foreclosure sale to be void.
The Foreclosure Sale
At this point it is important for your attorney to re-check the Deed of Records for new liens or assignments as some county clerks offices may fall behind by months in recording them. There are also specific days of the month and times in which a foreclosure sale may be conducted in order to be valid. Before bidding on the property may begin, the sale must be announced by reading the Ad to anyone present on the Courthouse steps of the Superior Court of the county where the property is located. Even if no one else is present, the Ad must still be read.
Once the Ad is read out loud, the sale becomes open for bids with typically the owner that is foreclosing on the property having the starting bid. The attorney or auctioneer must ask for another bid. If no one else bids, then the property will be announced as sold and the bidding is closed. At that time the foreclosures sale is complete and the highest bidder becomes the owner of the property. If anyone other than the original owner is the highest bidder, the winning bidder must have cash or certified funds in the total amount to pay for the purchase at the time of the sale.
The next step is to have your attorney prepare a Deed Under Power of Sale and a Transfer Tax Form. Appropriate forms must be filed with the court and fees paid. If you are outbid for the property, it is a good idea to have your attorney take a look at the security instrument to confirm the amount of money, including the possibility of attorney’s fees, you are entitled to recover.
The key to navigating the entire foreclosure process is crossing all of the Ts and dotting all of the’s. The entire foreclosure can be determined invalid if any step is missed or in error. It is critical to have our experienced real estate attorneys to help navigate the road for a successful outcome.