Foreclosure Homes Georgia Regulations
It is important to be considered the fact that Georgia, also known as the Peach State, features over 8,700 foreclosed properties, as this basically represents a perfect opportunity to invest or live in a beautiful state with one of the most popular metropolitan areas today. Also, there has to be kept in mind that Georgia is known as a title theory state where the property title remains in the hands of the lender until payment in full occurs for the underlying loan. A deed to secure debt reflects the document that secures the title in Georgia, as it may also be referred to as a security deed. Keep in mind that the instrument which is meant to represent the borrower's personal promise to pay the loan is materialized through a promissory note.
An important aspect which has to be taken into consideration is being represented by the fact that the primary method of foreclosure homes Georgia involves what is known as non-judicial foreclosure. Also, there has to be kept in mind that foreclosure homes Georgia does not involve court action unless a deficiency is being sought. It will usually contain a provision called a power of sale clause, when the deed to secure debt is initially signed. The power of sale clause allows the sale of the foreclosure homes Georgia in order to satisfy the underlying loan. Where the trustee acts as a representative of the lender and/or is the holder of the deed of trust, Georgia does not use the typical deed of trust. In the form of an auction at the courthouse, foreclosure homes Georgia sales will typically occur. There are very stringent notice requirements and the legal documents are required to contain the power of sale language in order to use this type of foreclosure method, because this is a non-judicial remedy.