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GA HB917
Bill
Status
Introduced
2/4/2014
Primary Sponsor
Brian Strickland
Click for details
AI Summary
- Amends Georgia Code Section 44-14-161 to overhaul the procedure for confirming non-judicial foreclosure sales, replacing the existing statute with detailed definitions (including "fair market value," "deficiency," "debtor," and "foreclosing creditor") and expanded procedural requirements
- Requires foreclosing creditors seeking a deficiency judgment to file a detailed report of the foreclosure sale with the superior court clerk within 30 days, including names/addresses of owners and debtors, the sale price, copies of the security deed and note, and copies of required advertisements and notices
- Mandates personal service of the foreclosure sale report on the debtor, at least 30 days' written notice before the confirmation hearing, and grants the debtor party-in-interest status with the right to present opposing evidence and conduct limited pre-hearing discovery
- Raises the court's confirmation standard to a preponderance of the evidence that the sale price equaled or exceeded the property's fair market value, that notice and advertisement complied with law, and that the sale was properly conducted; failure to obtain confirmation is a complete bar to any deficiency judgment
- Prohibits enforcement of any pre-foreclosure waiver of these debtor protections and applies to all foreclosure proceedings initiated on or after July 1, 2014
Legislative Description
Foreclosure; procedure for confirmation of sales; modify
Last Action
House Second Readers
2/6/2014
Full Bill Text
No bill text available