2021 Georgia Code
Title 44 - Property
Chapter 14 - Mortgages, Conveyances to Secure Debt, and Liens
Article 7 - Foreclosure
Part 1 - In General
§ 44-14-161. Sales Made on Foreclosure Under Power of Sale - When Deficiency Judgment Allowed; Confirmation and Approval; Notice and Hearing; Resale

1. When any real estate is sold on foreclosure, without legal process, and under powers contained in security deeds, mortgages, or other lien contracts and at the sale the real estate does not bring the amount of the debt secured by the deed, mortgage, or contract, no action may be taken to obtain a deficiency judgment unless the person instituting the foreclosure proceedings shall, within 30 days after the sale, report the sale to the judge of the superior court of the county in which the land is located for confirmation and approval and shall obtain an order of confirmation and approval thereon.
2. The court shall require evidence to show the true market value of the property sold under the powers and shall not confirm the sale unless it is satisfied that the property so sold brought its true market value on such foreclosure sale.
3. The court shall direct that a notice of the hearing shall be given to the debtor at least five days prior thereto; and at the hearing the court shall also pass upon the legality of the notice, advertisement, and regularity of the sale. The court may order a resale of the property for good cause shown.

(Ga. L. 1935, p. 381, § 1.)

- For article surveying Georgia cases dealing with commercial law from June 1977 through May 1978, see 30 Mercer L. Rev. 15 (1978). For article surveying recent legislative and judicial developments in Georgia's real property laws, see 31 Mercer L. Rev. 187 (1979). For article surveying Georgia cases in the area of real property from June 1979 through June 1980, see 32 Mercer L. Rev. 175 (1980). For article surveying commercial law, see 34 Mercer L. Rev. 31 (1982). For annual survey of commercial law, see 39 Mercer L. Rev. 83 (1987). For annual survey of commercial law, see 43 Mercer L. Rev. 119 (1991). For annual survey on law of real property, see 43 Mercer L. Rev. 353 (1991). For survey article on commercial law, see 44 Mercer L. Rev. 99 (1992). For annual survey article discussing nonjudicial foreclosure sales, see 46 Mercer L. Rev. 95 (1994). For annual survey article on real property law, see 50 Mercer L. Rev. 307 (1998). For annual survey article discussing real property law, see 51 Mercer L. Rev. 441 (1999). For annual survey of real property law, see 56 Mercer L. Rev. 395 (2004). For annual survey of real property law, see 57 Mercer L. Rev. 331 (2005). For annual survey on real property law, see 61 Mercer L. Rev. 301 (2009). For article, "Enforcing Commercial Real Estate Loan Guaranties," see 15 (No. 2) Ga. St. B.J. 12 (2009). For annual survey of law on real property, see 62 Mercer L. Rev. 283 (2010). For article, "Georgia Foreclosure Confirmation Proceedings in Today's Recessionary Real Estate World: Back to the Future," see 16 (No. 4) Ga. St. B.J. 11 (2010). For annual survey on real property, see 66 Mercer L. Rev. 151 (2014). For annual survey of real property law, see 68 Mercer L. Rev. 231 (2016). For comment, "Eleventh Circuit Survey: January 1, 2013 - December 31, 2013: Comment: Confirming the Enforceability of the Guaranty Agreement After Non-Judicial Foreclosure in Georgia," see 65 Mercer L. Rev. 1167 (2014). For comment, "Are Fannie Mae and Freddie Mac State Actors? State Action, Due Process, and Nonjudicial Foreclosure," see 65 Emory L. J. 107 (2015). For comment, "Kicked While They're Down: Deficiency Judgments and the Great Recession," see 67 Emory L.J. 1273 (2018).

ANALYSIS

• General Consideration
• Sales Made on Foreclosure Under Power of Sale
• Confirmation and Approval of Sale
• Hearing
• A. Generally
• B. Notice to Debtor
• C. Advertisement
• Resale

RESEARCH REFERENCES

Am. Jur. 2d.

- 55 Am. Jur. 2d, Mortgages, § 613.

18 Am. Jur. Pleading and Practice Forms, Mortgages, § 193.

- 59A C.J.S., Mortgages, § 643.

- Power of equity in absence of statute to render deficiency judgment in foreclosure action, 34 A.L.R. 1015.

Statute affecting mortgagee's rights and remedies in respect of deficiency as unconstitutional impairment of obligation of contract, 108 A.L.R. 891; 115 A.L.R. 435; 130 A.L.R. 1482; 133 A.L.R. 1473.

Failure to make persons whose rights were subject to mortgage parties to foreclosure suit as affecting right to deficiency judgment, 108 A.L.R. 1351.

Conflict of laws as to application of statute proscribing or limiting availability of action for deficiency after sale of collateral real estate, 44 A.L.R.3d 922.

Mortgages: effect upon obligation of guarantor or surety of statute forbidden, or restricting deficiency judgment, 49 A.L.R.3d 554.

Propriety of setting minimum or "upset price" for sale of property at judicial foreclosure, 4 A.L.R.5th 693.

Necessity of production of original note involved in mortgage foreclosure - twenty-first century cases, 86 A.L.R.6th 411.