“I really thought I had at least a few months. But I was wrong.” Those were the words of a homeowner who was on the phone with me recently. About a day prior, he received a Notice of Sale. In plain English, it’s related to a home in the process of foreclosure. He was behind on his payments and thought he had more time to make up for it. Unfortunately for him, it wasn’t the case.
I told him that he had two options at this point. The first one was for him to let the auction go on as planned. But if he did that, he would have to deal with the aftermath of the auction. It would not only hurt his credit score, but he could be subject to owing money to the bank anyway. He didn’t want any part of that.
From there, my team and I at Assured Property Solutions made sure that we handle the sale of the house while also paying off the debts and stopping the auction from happening. Allow me to walk you through what goes on with foreclosures in Columbus GA. You’ll get a good idea of how things work in Muscogee County and what you can do to stop it.
Georgia Non-Judicial Foreclosure Timeline: Why It Moves So Fast
One fact I need to bring up with you is that Georgia is a non-judicial foreclosure state. Meaning that the bank doesn’t need to file a lawsuit, there’s no judge overseeing the process, and a strict legal timeline is in effect. When you bought the house, you signed something known as a Security Deed. This document contains a Power of Sale clause. This clause gives the lender the legal right to sell your home if you fall behind on payments without it ever going to court.
Georgia’s foreclosure process allows lenders to proceed as quickly as possible so long as they follow the proper notice requirements. Once the process starts, you need to move fast and efficiently for the bank, not yourself. You can also move fast and sell the house yourself to a buyer who can give you a cash offer in Columbus or the nearby area. Now, let’s go over each of the steps that I’ll outline over the foreclosure process.
Step 1: The Grace Period for Missed Mortgage Payment in Georgia (Days 1-15)
This is a step in the foreclosure process in Georgia timeline that starts quietly. What happens here is that the mortgage is due on the 1st. You have until the 15th as a grace period if you miss the payment. Late fees will soon kick in after that. Around this time, you’ll receive phone calls from the lender as well as emails and letters. You also have late fee charges added to your balance as well. You’re behind even though foreclosure hasn’t officially started. At this stage, this is considered your earliest warning sign.
Step 2: Notice of Default Georgia (Days 90-120)
At this stage of the Georgia timeline, this is where things escalate. If you miss payments after about 90 to 120 days, the lender will send a Notice of Default (also known as a breach letter). The letter says that you must pay the overdue amount within 30 days or the loan will be accelerated. This means that the bank will demand the entire mortgage balance on top of the missed payments. I have seen homeowners panic at this stage asking “how the heck am I going to come up with that much money”. Here, your next move isn’t hope but a real plan.
I highly recommend at this stage that you reach out to us here at Assured Property Solutions, especially when the bank demands the mortgage balance and the missed payments. We buy houses in Midland and will offer you a cash offer after we perform a 15 minute property discovery.
Step 3: Notice of Sale Georgia Foreclosure (The 4-Week Countdown)
The lender will move forward if the default isn’t cured. At this point, this is when everything becomes public by Georgia foreclosure laws. The bank published a notice of sale once per week for four consecutive weeks. They send you a written notice at least 30 days before the sale. One of the things I absolutely hate about foreclosures being public are the investors that come popping up knowing they have a potential sale opportunity. These “auction hunters” are relentless and they offer lowball figures. My team and I don’t do that. If your Auburn home has reached the Notice of Sale phase, we’ll give you a cash offer that may be way more than what these investors are aiming to give you.
The clock becomes a real thing. And it may not be the time to delay making a move. I want you to get in contact with us as soon as you can to see what we can offer you. You don’t have time to list on the traditional market, nor do you have time for short sales. But you have enough time to sell your house to a cash buyer that will handle the heavy lifting after the deal is done. From there, your credit is intact and you won’t have to worry about owing the bank more money.
Step 4: The Muscogee County Foreclosure Process & Auction Day
This is the final step of the process. I usually find myself every first Tuesday of the month at the Muscogee County Courthouse. Not to participate in the auction, but also watch which homes are being sold to investors or other interested buyers. I can tell you first hand that there is no courtroom or judges. The highest bidder wins, ownership is transferred immediately, and the previous owner loses all rights to the home. Once that gavel falls, the reality sets in: there are no second chances, no do-overs, and no buying it back.
How to Stop Foreclosure in Columbus GA
You do have options to stop foreclosure in Columbus, GA. Yet, the timing is what matters when weighing these options. Here’s what they are so you know:
- Reinstatement: Pay everything you owe at once. Works only if you have cash available.
- Loan modification: Here, you can ask the bank to restructure payments. This isn’t always guaranteed and can take time that you might not have.
- Bankruptcy: This may temporarily stop the sale, but you’ll sacrifice your credit as a result. Not to mention, it’s quite expensive to contend with.
- Sell before the auction (most reliable): Here, you sell to a cash buyer that will give you a cash offer quickly. Our team at Assured Property Solutions will offer you one in as little as 7 days. That’s enough time to get the house out of your hands while saving your credit from destruction.
Sell House to Avoid Foreclosure Columbus GA (The Smart Exit)
I know something that most real estate agents in Columbus aren’t going to tell you. You’ll thank me later even after a deal is done. A traditional sale will take 45 to 60 days. If the auction is 3 to 4 weeks out, that’s not enough time. That’s why my team and I at Assured Property Solutions can get you out of this predicament much faster. A fast, fair cash offer in as little as 7 days. You sell the house as-is and not worry about repairs.
What happens is that we work directly with the lender to stop the foreclosure. The loan gets paid off, your credit doesn’t suffer, and a cash offer is in your hand. I don’t know how many times sellers thanked me for getting this done for them just in time before a foreclosure auction occurred. I couldn’t be proud of the work we do at Assured Property Solutions to make sure their credit stays intact.
FAQ: How Long Does Foreclosure Take in Georgia?
Is there a right of redemption in Georgia?
Unfortunately there isn’t. Unlike some states, Georgia does not have the statutory right of redemption after a non-judicial foreclosure. So once the house is sold at the auction, it’s gone forever.
Can I sell my house if the auction is scheduled for next week?
Yes. But you need to act immediately. You have the right to sell your house to avoid foreclosure up until the actual sale occurs. So please get in contact with my team at Assured Property Solutions quickly in order to get a cash deal before time runs out.
Conclusion: Don’t Let The Bank Take Your Equity
The foreclosure process in Columbus, GA is designed to favor the bank, not you. With the clock ticking, you can still stop it. Whether you’re behind on payments or if you’re facing an auction date, don’t panic. Assured Property Solutions is here to get the property off your hands so you have nothing to worry about. All it takes is for us to stop by your property, look it over, and give you a cash offer in as little as 24 hours. Schedule a 15-minute property discovery with us today and we’ll handle the rest.