Buying Georgia foreclosed homes at auction: issues to be aware of

Property foreclosure is a situation in which a homeowner is unable to make full principal and interest payments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as agreed in the mortgage deal. One month after the homeowner misses a mortgage loan payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the house owner has not made up the missed payments within a specific grace period, the financial institution will start to foreclose. The farther behind the customer falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.

Each state has its own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's options for bringing the loan current and avoiding foreclosure, and the process for marketing the property. In twenty two states – including Florida, Illinois, and Ny : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is late.

If the foreclosure qualifies, the local sheriff online auctions the home to the greatest bidder to try to recoup what the bank is owed, or the bank becomes the owner and markets the property through the traditional route to recoup their loss. The entire judicial foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually requires 480 to 700 days, in line with the Mortgage Bankers Organization of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which is often faster and will not go through the courts unless the house owner sues the lender.

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