New Georgia Law Adds Fairness
To Foreclosure Process
On May 13, 2008 Governor Sonny Perdue signed into law Senate Bill 531. The bill
increases the notice to a homeowner before a lender can foreclose and introduces
elements of fairness to the foreclosure process.
The law that has been on the books in Georgia since 1981 and many of the
legislators
who supported SB 531 felt that out of fairness, a homeowner should receive
notice
before the advertisement is published, and that 15 days was not a sufficient
amount
of time. SB 531 therefore lengthens the notice period to at least 30 days prior
to the scheduled foreclosure sale.
SB 531 also requires:
·         That the certified letter giving the homeowner notice of the
foreclosure
sale include the name, address, and telephone number of the "individual or
entity
who shall have full authority to negotiate, amend, and modify all terms of the
mortgage
with the debtor".
·         Requires that the current holder of the mortgage loan record the assignment
of the security deed, which shows the present owner of the mortgage loan, in the
public deed records before conducting the foreclosure sale.
This new law makes it easier for individuals and families to locate and contact
the holder of the debt in order to negotiate a way to keep their home.