Card 4 / 19: In Georgia, Power of Sale Notice requirements include all of the following except
A)
Foreclosure sales must take place on the first Tuesday of each month (between 10AM and 4PM) at the courthouse. The trustee will auction the property to the highest bidder at the courthouse steps.
B)
The lender must then publish the notice of the scheduled foreclosure sale in the county newspaper in which the property is located for four (4) consecutive weeks before the sale. The borrower must also receive by certified mail notice at least fifteen (15) days before the date of the proposed sale.
C)
There is a statutory right to reinstate the loan prior to the sale in Georgia in which the borrower can regain title to property provided that the balance is paid in full.
D)
Prior to initiating a foreclosure, the lender must send a demand letter requesting the payment of all past due amounts, which gives the borrower ten (10) days to pay these amounts otherwise foreclosure proceedings will begin. If payment is made at this stage no attorney's fees are assessed.
Answer:
C) There is a statutory right to reinstate the loan prior to the sale in Georgia in which the borrower can regain title to property provided that the balance is paid in full.
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