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Georgia Foreclosure Law update

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The Georgia Legislature enacted important changes in the mechanics related to the foreclosure of real property in Georgia during the 2008 session. The new laws require that a foreclosure be conducted by the then current owner or holder of the mortgage as reflected in the public records and provides for the identity of the secured creditor to be included in the advertisement and in court records. The Act also changes the time frame and content of the secured creditor's notice to the debtor.

The revised Statute in Georgia states that "the security instrument or assignment thereof vesting the secured creditor with title to the security instrument shall be filed prior to the time of sale in the office of the clerk of the superior court of the county in which the real property is located."

The Statute is amended to state that "[n]otice of the initiation of proceedings to exercise a power of sale in a mortgage, security deed, or other lien contract shall be given to the debtor by the secured creditor no later than 30 days before the date of the proposed foreclosure. Such notice shall be in writing, shall 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, and shall be sent by registered or certified mail or statutory overnight delivery, return receipt requested, to the property address or to such other address as the debtor may designate by written notice to the secured creditor.

The notice required by this Code section shall be deemed given on the official postmark day or day on which it is received for delivery by a commercial delivery firm. Nothing in this subsection shall be construed to require a secured creditor to negotiate, amend, or modify the terms of a mortgage instrument." This notice shall also "be given by mailing or delivering to the debtor a copy of the notice of sale to be submitted to the publisher."

These provisions simply demonstrate some of the major foreclosure law changes in Georgia. There are many other current laws in Georgia that govern and control the foreclosure process. If you believe a foreclosure is improper, premature, or in violation of your agreement with your lender, you should seek the assistance of a qualified and experienced attorney immediately.

The following are some recent examples of errors found in foreclosure advertisements: Grantee name missing from advertisement, address in ad does not match deed, owner of the security deed not properly identified in the advertisement, address not published in bold as required.

by Kevin J. Pratt, Attorney. www.LegalCreation.com
Because your rights are worth protecting!

 

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