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 on a home.
The foreclosure process has been governed by a law that has been on the books in Georgia since 1981. Many of the legislators who supported SB 531 felt that out of fairness, a homeowner should receive notice before the advertisement auctioning their home 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.
Labels: foreclosure, law, SB 531
