The procedures under which a lender initiates foreclosure of real estate in Georgia is a process that must be closely adhered to under
applicable Georgia statutes. In Georgia the procedures specified in the security deed (or mortgage in some cases) dictate the specific parameters under which creditors can take your property away from you.
In addition, a creditor can initiate foreclosure in Georgia for reasons other than nonpayment of the debt. Some of these circumstances are: failure to pay taxes or insurance premiums, demolition or alteration of improvements (i. e. buildings), or violation of the “Due On Sale Clause” contained in most security deeds.
Importantly, the lenders have a requirement in most instances to provide notice to the borrowers of an opportunity to cure the default. That means that you should receive a notice that the loan is in default and that you have a right to “cure” (i.e. pay) the default. Typically, lenders will notify borrowers of the default of their mortgage payments, and will give the borrower a chance to bring the account current. This notice will normally occur approximately 30 days prior to the next normal step in the foreclosure process, a formal declaration from the lender that the debt has been accelerated.