Foreclosure Bill Changes to Ease Georgia Foreclosures
Senate Bill 57 or the foreclosure bill is a legislative effort, which aims to help reduce Georgia foreclosures. It has received universal support on aiding local governments in dealing with code enforcement. However, different lending rules are proposed by housing advocates and representatives of financial institutions.
The bill author Sen. Bill Hamrick promises to make use of the comments to come up with a new version of the bill for the hearing on Monday for he believes that there is no reason to push through when everybody requests for it to be changed.
Georgia foreclosure records have been increasing monthly, which adds more pressure for legislators to act. Just this January, 8,000 foreclosures have been filed by lenders in 13 core metro Georgia counties.
Critics also find that the bill does not help predatory lending victims and they said the bill has also wiped out one of the provisions in law, which bans mortgage flipping–continually trading mortgages until there is no more equity left for the property.
Also, banking experts attack the provision that makes lenders more accountable for their loans and limits on loans.
According to Sen. Vincent Fort, Georgia should have a bill wherein it will be ensured that once a mortgage is reassigned or sold, the new firm must be held liable for a predatory loan. Therefore, offenders must be penalized.
However, local government leaders approve the bill’s provision which requires banks to quickly record deeds after foreclosure. Under current law, this process takes months so the property falls on disrepair. Another good provision is delaying eviction for renters who have paid up but has no idea their landlord will get foreclosed.
On the other hand, Sen. Steve Thompson introduces a similar bill which strengthens lending requirements.
Hopefully, the changes with the foreclosure bill could finally be approved so that the Georgia foreclosure crisis will be relieved.
Click here to find information about foreclosure properties.
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