A lender who intends to foreclose on a property must abide by statutory procedures for advertising the foreclosure and notifying the debtor of the foreclosure. If the lender fails to follow these requirements, then the court can declare that the foreclosure sale is not valid or bring an action for wrongful foreclosure. Each state establishes its own rules for the foreclosure process.
Advertising the Foreclosure
A creditor is required to notify potential buyers of the sale through advertisements. The following rules are required by statute. The sale must be advertised once a week for a period of four weeks in a newspaper where sheriff’s sales are advertised. The advertisement for the property should include a full description of the property, the names of the plaintiff, defendant and others with a claim to the property, and display the property’s address in bold, if it is included in the advertisement (but failure to include the address does not invalidate the foreclosure). In addition to a description, the advertisement must list the chain of title if the current debtor was not the original mortgage holder. Other requirements have also been imposed by the judiciary in several decisions. Many of these cases focused on the language that must be used in the advertisement for a foreclosure sale, such as the name of the grantor and homeowner, the details of the entity that can alter the terms of the loan, and the time and location of the sale.
Notifying the Debtor
Like advertising requirements, the laws regarding notification must also be strictly followed to ensure that the foreclosure is legitimate. The creditor must notify the debtor of the foreclosure in writing by mail no later than thirty days prior to the sale via registered or certified mail or overnight delivery. This notice is required to list the name, address, and phone number of an entity that may negotiate the terms of the loan, and also contain a copy of the foreclosure advertisement. The notice should be sent to the address of the property unless the borrower has indicated otherwise. Georgia law states that failure to comply with the duty to provide notice may entitle the debtor to set aside the foreclosure or seek damages.
The experienced team of attorneys at the Law Offices of Mark Weinstein, P.C. can help you litigate your real estate claims. Contact Mark Weinstein and his colleagues at (770) 888-7707 or visit them at http://www.markweinsteinlaw.com to find out how they can advise you.