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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust |
| Time to respond | Foreclosing party must mail notice to homeowner 15 days before sale. Additional notice by publication in a newspaper of general circulation may be required. |
| Reinstatement of loan before sale | High-cost loans may be reinstated until the sale. |
| Redemption after sale | No |
| Special protections for foreclosures involving high-cost mortgages | Additional notices required for high-cost loans. Georgia Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 to 7-6A-11 |
| Special state protections for service members | Ga. Code Ann. § 46-5-8 |
| Deficiency judgments | Not unless court confirms that property was sold at its fair market value |
| Cash exempted in bankruptcy | $5,600 for one person, $11,200 for a married couple |
| Notice to leave after house is sold | New owner may demand that former owner leave and may immediately seek an order ousting former owner. Ga. Code Ann. § 44-7-50 |
| Foreclosure statutes | Ga. Code Ann. §§ 44-14-160 to 44-14-191 |