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GA HB1047

Bill

Official Source

Status

Introduced

2/17/2012

Primary Sponsor

Mike Jacobs

Click for details

Origin

House of Representatives

2011-2012 Regular Session

AI Summary

  • Requires courts to receive evidence of a property's fair market value before issuing a money judgment on a deed to secure debt or mortgage prior to foreclosure and sale under power
  • Allows the court to determine fair market value based solely on a sworn affidavit from the debt holder if the debtor submits no competing evidence of value
  • Sets the court-determined fair market value as the mandatory opening bid in any subsequent foreclosure sale under power when a money judgment has already been obtained
  • Amends the judicial foreclosure process so that when a money judgment has been obtained beforehand, the court directs the mortgagor to pay the fair market value of the property into court, rather than the principal, interest, and costs
  • Adds new Code Section 44-14-161.1 and revises Code Sections 44-14-180 and 44-14-187 of Georgia's foreclosure laws under Title 44, Chapter 14, Article 7

Legislative Description

Property; showing of fair market value to obtain judgment on deed to secure debt or mortgage prior to foreclosure; provide

Last Action

House Second Readers

2/21/2012

Committee Referrals

Judiciary2/17/2012

Full Bill Text

No bill text available