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KJL LAW, Arbitrator
Category: Real Estate Law
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Experience:  Attorney at Law Office of KJLLAW
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How much time do I have before my bank places my 10 acres in

Customer Question

How much time do I have before my bank places my 10 acres in foreclosure located in Pickens county just east of Jasper Ga. I am not behind on my payments but the bank is refusing my request for interest only for one year.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  KJL LAW replied 1 year ago.
Good morning, I will assist you.
Expert:  KJL LAW replied 1 year ago.
In Georgia the foreclosure process is pretty quick and only takes a few months from the missed payment.When you take out a loan on property in Georgia, you sign a promissory note and a deed of trust (called a “Security Deed”).A promissory note is basically an IOU that contains the promise to repay the loan, and terms for repayment. The Security Deed provides security for the loan that is evidenced by a promissory note. These documents are filed with the county.Typically, foreclosures in Georgia are nonjudicial, which means your lender can foreclose without going to court so long as Security Deed contains a power of sale clause which authorizes the nonjudicial foreclosure sale. If it does not have this clause then they must file in court.To start the process, you must be at least 30 days past due. After the 30 days have passed, the lender must send you a notice of the initiation of proceedings to exercise a power of sale. The notice must be sent via registered mail, certified mail, or overnight delivery, return receipt requested, to the property address.The lender’s attorney will also send you another notice informing that you have ten days from the receipt of such notice to pay the principal and interest without incurring attorneys' fees. This notice is often included with the 30-day notice of sale.In Georgia, there is no statutory right to reinstate the loan prior to the sale in Georgia, However, most Security Deeds have a clause which will allow you to cure the default after acceleration and reinstate the loan, usually up to five days prior to the foreclosure sale.After the 30 notice period has passed, the sale of the property will be held at the county courthouse on the first Tuesday of the month, and is sold to the highest bidder.After foreclosure, the total debt owed by you may exceed the foreclosure sale price. The difference between the sale price and the total debt is called a “deficiency.”In Georgia the lender can seek a personal judgment against you to recover the deficiency, just like any other judgment.So at this point if they don't agree to modify the loan, then they can proceed with the foreclosure against you about 30-60 days after the failure to pay. So if you don't pay for September, they will likely send you a notice on October 1 to start the process and it will be 30-60 days after that they can sell the property at the courthouse.I hope this helps.
Expert:  KJL LAW replied 1 year ago.
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Expert:  KJL LAW replied 1 year ago.

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