Title 44, Chapter 14, Section 161
( 44-14-161)
(a) 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. (b) 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. (c) 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. | 
