I also live in GA and a friend 2 houses from me went through this earlier this yr.
First the mortgage co sends a "letter of deficiency" which says you owe $__ it is past due and if you don't pay by _date_ we will take forclosure action. This can serve as the
"Notice of intent to foreclose" but that is generally a 2nd letter one copy mailed regular mail one sent certified mail. That says in effect you did not pay $__by _date_ so now we are going to file a foreclosure action
Next they file foreclosure with the court.
In GA almost all deeds to secure debt ie mortgage agreements include automatic consent to foreclosuere for nonpayment. A notice is sent you and published in the local paper that they will sell the property at auction to collect the debt. Here is an example with names and addresses deleted for privacy
"NOTICE OF SALE UNDER POWER
GEORGIA, WHITE COUNTY
THIS LAW FIRM IS ACTING AS A DEBT COLLECTOR ATTEMPTING TO COLLECT A DEBT. ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.
Under and by virtue of the Power of Sale contained in a Security Deed given by ___ to Mortgage Electronic Registration Systems, Inc., dated May 18, 2006, recorded in Deed Book __ Page __ White County, Georgia Records, conveying the after-described property to secure a Note in the original principal amount of EIGHTY-FIVE THOUSAND SIX HUNDRED AND 0/100 DOLLARS ($85,600.00), with interest thereon as set forth, therein, there will be sold at public outcry to the highest bidder for cash before the courthouse door of White County, Georgia, within the legal hours of sale on the first Tuesday in May, 2007, the following described property:
SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF
The debt secured by said Security Deed has been and is hereby declared due because of, among other possible events of default, failure to pay the indebtedness as and when due and in the manner provided in the Note and Security Deed. The debt remaining in default, this sale will be made for the purpose of paying the same and all expense of this sale, as provided in Security Deed and by law, including attorneys fees (notice of intent to collect attorneys fees having been given).
Said property will be sold subject to any outstanding ad valorem taxes (including taxes which are a lien, but not yet due and payable), any matters which might be disclosed by an accurate survey and inspection of the property, any assessments, liens, encumbrances, zoning ordinances, restrictions, covenants, and matters of record superior to the Security Deed first set out above.
To the best knowledge and belief of the undersigned, the party in possession of the property is __ or a tenant or tenants and said property is more commonly known as _street address_
The sale will be conducted subject (1) to confirmation that the sale is not prohibited under the U.S. Bankruptcy Code and (2) to final confirmation and audit of the status of the loan with the holder of the security deed.
Mortgage Electronic Registration Systems, Inc.
as Attorney in Fact for
_lawyer name_, LLC
1544 Old Alabama Road
Roswell, Georgia 30076
Our file no. ___
All that tract or parcel of land, together with all improvements thereon, situate, lying and being in the City of Cleveland, and being in Land Lot__, 2nd District of White County, Georgia comprising 0.358 acres more or less, according to a plat of survey prepared for __ by Long Land Surveying, Registered Land Surveyor dated 1/29/98, recorded in Plat Book _, Page ___, of the White County Records, which plat is incorporated herein by reference for a more complete description of the subject property.
Our file no. ___
At any point in this process up to the sale on the courthouse steps which is in fact usually a formality and the mortgagee sells to themself the property owner may show that they did pay, may pay, or may sell someone else their interest in the property and that person or group may pay. Payment willneed to include legal fees, interest,court costs and some other things they add in.
The mortgage co or buyer will send an eviction notice and it seems follow the full eviction process to get the person actually out of the property.
This info should NOT replace the advice of a lawyer. If in any way possible a person needs a lawyer to deal with this because if the morgage holder does not receive the full amount owed they can still come at you for the balence and if they get more they are supposed to pay you the difference. A foreclosure stays on your credit a long time. This can even effect your ability to get a rent that is decent.
If a person thinks they may be facing foreclosure and thinks a lawyer is too expensive or doesn't have a lawyer they trust they should probably look into something like prepaid legal which they can start up for way $60 and get a good lawyer's help. If at all possible they need to be signed up more than 2 weeks before the foreclosure is filed but even if they can get unlimited phone advice at no additional charge. If you'd like to know more about prepaid legal please email me. I joined it recently and it seems to be an excellent program.
There are ppl and companies that will buy a home just before foreclosure. They may offer the homeower little cash but sometimes for some ppl keeping a foreclosure off their credit is a benefit. However in our area at least there are afew pretty unscrupulous ppl who seem to use other ppl's credit problems as away to rip them off. I saw someone loose all the equity they had on their home for $22 last month because they didn't understand what they were signing and the guy gave them $22 and said here go out to eat, my treat. So here again read very carefully and if anyway possible talk with a lawyer at least by phone.