Georgia's new notice law

[SweetGeorgia]

SB 141 (http://www.legis.state.ga.us/legis/2.../sum/sb141.htm) says that power of sale foreclosures do not even require notice to the debtor unless the property was the debtor's home at the time the loan was made. Effective July 1, 2009.

The only other notice is the 4-week advertisement in the paper. And in Fulton County (Atlanta) the paper requires a $335 one-year subscription to get search capabilities.

And the bank can change the locks anytime (my experience was 2 weeks before foreclosure, but I haven't found any limit) if they declare the property "abandoned." 2 weeks could be 10 days after the 1st advertisement was placed.

Apparently, sending a single letter to the debtor is just too darn much work for those poor overwhelmed banks!

[AngelinaCatHub]

So GA. takes a bit of your legal rights to object away. What a bummer. 'Hub

[frogger]

"44-14-162.3.
(a) The notice requirement of Code Section 44-14-162.2 shall apply only to the exercise of a power of sale of property all or part of which is to be used as a dwelling place by the debtor at the time the mortgage, security deed, or lien contract is entered into.

When financing property in GA that you are not going to reside in, ie - rental property, you sign a statement that specifically states that you are not going to be living in that property.

Therefore, on commercial/rental property, there can be no doubt as to if it is your residence or not. Even if you move into a rental property, you're screwed.

The bank paperwork on financing this type of property also specifically states that foreclosure is "non-judicial".

And...... if you'll look at the vote count, it's obvious that our elected officials will be receiving campaign donations from the banks come time for the next elections!

[SweetGeorgia]

Yes, but they still had to send you a letter. (No requirement that you RECEIVE the letter).

I don't know how much of the total financed property in Georgia is non-domicile, but it's got to be a lot: farms, commercial, investment residential and multi-family. And those landowners are traditionally politically powerful; I can't wait for the lawsuits.

In my case, it's academic, but irritating. I looked for the public notice (f/c not exactly a surprise). They spelled the name wrong - accidentally or on purpose. The address isn't in the notice. The bank is still sending ordinary statements and a request for the new insurance policy (post f/c). No redemption, no anti-deficiency. At least they now have to record the f/c within 90 days.

You sure get your money's worth when you buy OUR legislators!

[justbroke]

Wow.

This folks is why you pay attention to politics and don't just go pulling the levers on either the left or right side of the booth! You need to review what your State or Federal-level congresscritters are voting on.

Make an informed Vote.

[frogger]

Wow.

This folks is why you pay attention to politics and don't just go pulling the levers on either the left or right side of the booth! You need to review what your State or Federal-level congresscritters are voting on.

Make an informed Vote.

I agree about making an informed vote. Can we just vote to be rid of all of them and start over? Getting rid of the career politicians would be the best informed vote that could ever be made.