Atlanta is Georgia’s capital. It is also the most populated city of the state and the ninth most populated metropolitan city in the country. Atlanta’s total population stands at 483,108 and median household income at $51,482. Buying a foreclosure property is an attractive proposition in Atlanta and with a population fast approaching 5 million the city is a rapidly expanding foreclosure market.
The process of foreclosure that is commonly used is one that does not need invoking the court as most mortgage, or deeds of trust contain a clause empowering the lender to dispose of the property without going to court. The bank kick starts the process of Atlanta foreclosures for sale, but laws of Georgia State do not require that the owner of the property be informed beforehand. If the mortgage or deed of trust allows, the borrower can prevent the foreclosure process by repaying the defaulted amount, but Georgia state law does not of its own permit the right of reinstatement to the defaulting borrower in Atlanta.
A notice of sale is published in a local newspaper once a week for four successive weeks. The borrower also gets this notice 30 days before the date of sale. The notice must include the date, time, and location of the sale. It should also carry a description of the property; mortgage information; and the names of the lender and the borrower.
The sale is conducted at the county courthouse on the first Tuesday of every month between 10 am and 4pm. The winning bidder is required to pay the full amount of the bid to the person conducting the bid on the same day as the sale. In case a foreclosure sale is cancelled, the entire foreclosure process has to start again.
In court-ordered process of Atlanta foreclosures for sale, a confirmation hearing is scheduled and the borrower is informed within 5 days of the hearing. If the sale price of the property is at least market value, the court may permit the sale. IF not, then the court may ask for a fresh sale.
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Written by Alex Rolim.
