What Happens After Foreclosure in Georgia?
Brad Woodall: Hey guys, I’m Brad, back with my business partner, attorney Josh Rand. Today we’re discussing what happens after your house is foreclosed on in Georgia. Josh, can you explain what happens next?
Josh Rand: Once you’ve received a foreclosure notice from your bank, it’s crucial to act quickly. In Georgia, you have the right to redeem your mortgage up until the foreclosure, but not after. Once the foreclosure happens, you lose this right.
Brad Woodall: Unlike some states, Georgia doesn’t have a redemption period after the foreclosure sale.
Josh Rand: That’s right. So, if your house is foreclosed on the first Tuesday of the month due to nonpayment of your mortgage, that’s it. Whether the bank or someone else buys it at the courthouse steps, you can no longer redeem it and your options are limited.
Notice to Vacate and the 90-Day Rule
Brad Woodall: Typically, if the bank buys the property, they’ll contact you and let you know they were the highest bidder.They’ll then issue you a notice to vacate, and federal law mandates a 90-day notice period.
Josh Rand: It’s important to note that banks may offer “Cash for Keys” programs to incentivize homeowners to move out voluntarily. This could help you get some money to relocate.
Brad Woodall: Yes, that’s something to consider. Regardless of who buys the property, they must issue a notice to vacate and you have some time to move out.
Options for Homeowners Facing Foreclosure
If you’re facing foreclosure, don’t hesitate to reach out to us. We offer several options:
- Cash Offer: We can buy your house for cash, as-is, and close quickly.
- Listing Services: I’m a licensed real estate agent in Georgia and can help you list your property.
- Free Consultation: Fill out the form on our website or contact us directly to discuss your situation.
We hope this information helps. Remember, time is of the essence after a foreclosure notice, so act quickly to understand your options.