How to initiate foreclosure proceeding on a rehab property?

[QSEQB6]

What is the name of your state (only U.S. law)? TN and GA

I have a promissary note and a deed of trust on a rehab property in GA. If the borrower defaults what are my options? It says on the note I can exercise all my collection remedies including foreclosure. How do I do that? Do I start with a real estate attorney?

In the meantime, as the note has a 1 year window and I'm 5 months into it, what can I as lender to if the borrower is not doing anything on the rehab of the property? He's basically abandoning it but I can't get the keys from him, so I'm wondering what my options are prior to the note expires. Am I correct I can't initiate foreclosure until the note expires?

 

[FlyingRon]

It would very much be determined by the wording of the deed of trust and whatever loan contract you have. Which of the two states is the property located in?

 

[QSEQB6]

The property is in GA

It would very much be determined by the wording of the deed of trust and whatever loan contract you have. Which of the two states is the property located in?

The property is in GA

 

[FlyingRon]

If the user defaults and whether failure to rehab the property construes a default depends on what your contract says, and your instrument has a power of sale clause, you can avail yourself of the non-judicial foreclosure as stated in OCGA 44-140-162 (and the following sections).