Non-judicial foreclosure in Georgia
Georgia rule: foreclosure runs under the power of sale in the security deed, with no lawsuit. Because no judge supervises the process, the statutes load the protection onto notice, timing and after-the-fact confirmation instead.
Notice and the sale
Written notice of the proposed sale must reach the debtor no later than 30 days before the sale, by registered or certified mail or statutory overnight delivery, and must name the person with full authority to negotiate and modify the loan. Notice is deemed given on the postmark date.
The sharpest trap: a waiver of that notice contained in or made with the security instrument is expressly void. A borrower cannot sign the notice away.
The sale itself is held on the first Tuesday of the month, between 10:00 a.m. and 4:00 p.m., at the courthouse, by public outcry, advertised weekly for four weeks in the county legal organ. If that first Tuesday is New Year's Day or Independence Day, the sale moves to the following Wednesday.
Deficiency and redemption
Worked example: the debt is $250,000 and the property sells for $200,000. The arithmetic deficiency is $250,000 − $200,000 = $50,000. But Georgia bars any deficiency judgment unless the creditor reports the sale to superior court within 30 days and the court confirms the property brought its true market value. With no confirmation, the lender recovers $0. Doing the math and stopping at $50,000 is the trap.
There is no statutory right of redemption after a power-of-sale foreclosure. The 12-month redemption with a 20% premium belongs to tax sales only.
Short sales
The lender's approval letter controls. The deficiency is waived only if the letter says so, so a written waiver must be negotiated before closing while the seller still has leverage. Consent to sell is not forgiveness of the debt, the 30-day confirmation rule governs foreclosures rather than short sales, and no dollar threshold waives anything.
Probate sales
A personal representative may sell estate realty without a court order only when the will grants a power of sale. Letters testamentary alone do not confer it. Without that power, the representative must petition the probate court stating the property, the purpose, the proposed price and terms, and the heirs or beneficiaries, with notice given; the court may then order the sale summarily if no objection is filed.