Court Hearing to Confirm Sale
The court will hold a hearing before it confirms the sale. The lender must serve the borrower with notice of the hearing at least five days prior to the hearing date (Ga. Code Ann. § 44-14-161[c]). Here's what the court will do at the hearing:
The sale price must be at least fair market value. The foreclosure sale price must be at least as much as the fair market value of the property (Ga. Code Ann. § 44-14-161). The court will check on this during the hearing.
The court will review foreclosure procedures. At the hearing to confirm the sale, the court will evaluate whether or not the lender followed proper foreclosure procedures. In doing so, the court will look at:
the notices that the lender sent to the borrower
the foreclosure sale advertisement that the lender published, and
whether there was any fraud or irregularities in the sale. (Ga. Code Ann. § 44-14-161[c].)
If the sale is confirmed, the lender can file suit for a deficiency judgment against the borrower. If the sale was not proper, the court may order a resale of the property.