Foreclosure Surplus Funds in Georgia
Georgia uses a non-judicial foreclosure process, which is one of the fastest in the nation — as short as 37 days from default notice to auction. When a Georgia foreclosure auction generates a surplus, the foreclosing lender (through their attorney) is responsible for holding the funds. Under OCGA §44-14-161, a deficiency judgment can only be obtained if the lender goes back to court. Surplus funds in Georgia must be paid to the former owner or junior lienholders. Georgia also has a statutory right of redemption for tax lien sales of 12 months.
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Foreclosure Surplus Funds in Georgia — FAQ
Contact the foreclosing lender's attorney immediately. They hold any surplus funds. Request a written accounting of the sale proceeds. If they do not respond, a Georgia surplus recovery attorney can send a demand letter or file suit.
Georgia's fast foreclosure timeline makes acting early critical. If you receive a Notice of Sale, contact us immediately. We can often close in 7 days — before the auction — protecting your equity far better than any surplus recovery would.
Georgia property owners have 12 months to redeem property sold at a county tax sale under OCGA §48-4-40. During redemption, you pay the purchaser the sale price plus 20% (first year) plus any taxes paid. Contact us immediately if your property was sold at a Georgia tax sale.
It is strongly recommended. The foreclosing attorney holds the funds and may not proactively notify you. A surplus recovery attorney can send a demand, negotiate, or file a petition in Superior Court if needed. We connect you with Georgia attorneys who work on contingency.
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