What process does Georgia allow lenders to use for foreclosure on a property?

In Georgia, lenders are permitted to use a non-judicial foreclosure process, commonly referred to as the power of sale. This method allows the lender or a designated representative to foreclose on a property without involving the court system. The process is typically outlined in the deed of trust or security deed and allows for a more expedited procedure compared to judicial foreclosures.

During a non-judicial foreclosure, the lender must follow specific statutory requirements, including providing adequate notice to the borrower before proceeding with the sale. This notice must be sent to the borrower and published in a local newspaper to inform the public of the upcoming foreclosure sale. The actual sale takes place at a specified time and location, often on the courthouse steps.

This approach is preferred by many lenders because it is generally quicker and less expensive than going through the court system, as seen in judicial foreclosures, which require court intervention and can prolong the process significantly. The non-judicial process reflects the legal framework in Georgia that facilitates foreclosure when borrowers default on their mortgage obligations.