My mom lives in Georgia and I just found out that her house is in foreclosure. I think the sale is coming up in the next week or two. I have some money set aside that I could use to help her out and my brother has said that he has some savings that he can chip in as well. Is there any way for us to get the house back for her after the foreclosure sale?
No, you can’t get the home back after the foreclosure sale takes place. However, you do have up until the foreclosure sale occurs to pay off the full amount of the unpaid loan, which will stop the foreclosure. This is called “redeeming” the home.
When You Can Redeem Your Home in a Georgia Foreclosure
Georgia foreclosures can be nonjudicial (where the foreclosure takes place without court supervision) or judicial(where the lender files a lawsuit in court to foreclose the home). The vast majority of residential foreclosures in the state are nonjudicial.
In Georgia, there is no right of redemption after either a nonjudicial or judicial foreclosure, so you can’t get the house back following the sale. You do, however, get what is called an "equitable right of redemption" prior to the sale with both types of foreclosure. During this time you can redeem the home by paying off the loan. (Learn more general information about the equitable right of redemption.)
If you don’t redeem the home (or take some other action to stop the foreclosure) before the sale, you won’t have another opportunity to save the house.
How Much You'll Have to Pay to Save the Home
In order to redeem, you’ll have to come up with enough money to pay off the total debt, including interest, attorney's fees, and costs. Since you are pressed for time, it may be worthwhile to hire a Georgia attorney to help you navigate the process.
Don’t Wait Until After the Foreclosure to Try to Save the Home
Keep in mind that there may also be other options available to you to save the home, other than paying off the loan. For example, you could potentially:
- pay off the past-due amounts to reinstate (catch up on) the loan, or
- try to work out an alternative to foreclosure, such as a mortgage modification, forbearance agreement, or repayment plan.
Nonjudicial foreclosures in Georgia progress very quickly so if you want to save the home you’ll need to act fast. Again, you may want to consult with an attorney to help you with this. (To learn more about foreclosure laws and procedures in Georgia, visit Nolo’s Georgia Foreclosure Law Center.)
Finding Georgia’s Foreclosure Laws
To find the statutes that discuss foreclosure sales in Georgia, go to Title 44, Chapter 14 of the Georgia Code.