More and more commercial real estate owners in the Atlanta metro area are defaulting on their loans. According to a recent report by Realpoint LLC, more than 10 percent of the loans secured by commercial property in the Atlanta area which were securitized (with a total balance of more than $1.8 billion) are delinquent.
Because most commercial property is income-producing, when a borrower defaults, the lender will want to take control of the property as quickly as possible. One way to do so is non-judicial foreclosures.
Fortunately for lenders, commercial foreclosures in Georgia can be done very quickly. If the loan documents are properly drafted, the lender can hold a special "non-judicial" foreclosure sale on the courthouse steps in as little as four weeks after the borrower's default. At the foreclosure sale, which happens the first Tuesday of the month, the lender's counsel auctions the property to the highest bidder (which is most often the lender).
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