{"id":237950,"date":"2024-05-24T00:09:34","date_gmt":"2024-05-24T00:09:34","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/?p=237950"},"modified":"2024-05-24T00:09:34","modified_gmt":"2024-05-24T00:09:34","slug":"what-requires-judicial-foreclosure-if-default-in-ga","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-requires-judicial-foreclosure-if-default-in-ga\/","title":{"rendered":"What requires judicial foreclosure if default in GA?"},"content":{"rendered":"

Foreclosure is a legal process in which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the asset used as collateral for the loan. In Georgia, there are two types of foreclosure processes: non-judicial foreclosure and judicial foreclosure.<\/p>\n

Non-judicial foreclosure is the most common type of foreclosure in Georgia and does not require court intervention. Instead, a trustee, typically designated in the deed of trust, handles the foreclosure proceedings. The trustee is responsible for sending the borrower a notice of default and a notice of sale, as well as publishing a notice of sale in the county where the property is located. If the borrower does not cure the default, the trustee can proceed with the sale of the property at auction.<\/p>\n

However, what requires judicial foreclosure if default in GA?<\/strong> In Georgia, if a loan is secured by a security deed rather than a deed of trust, the lender must pursue judicial foreclosure if the borrower defaults. A security deed differs from a deed of trust in that it does not require a trustee for the foreclosure process. Instead, the lender must file a lawsuit in court to obtain a judgment allowing the sale of the property to satisfy the debt.<\/p>\n

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