Do The Foreclosure Mishaps Cited In The News Affect Georgia?
Friday, October 15, 2010
Most of the current challenges, investigations, and allegations concerning improper affidavits, signatures, notaries, and foreclosures are in states with “judicial” foreclosure, where a judge must approve the procedure, based on the paperwork provided. There have been claims that this paperwork includes false affidavits, improperly notarized documents, and other defects.
Georgia is one of 27 “non-judicial” foreclosure states that do not require a judicial hearing for lenders to foreclose on borrowers in default.
As a “non-judicial” foreclosure state, Lenders are required to post public notice for 4 weeks in the ‘official’ county newspaper for legal notices, followed by an auction of the property on the courthouse steps in the county where the property is located.
Although all 50 states are cooperating to investigate improper foreclosures, there are no title issues or title insurance coverage problems for people buying foreclosures in Georgia right now.
Some of the major lenders may still decide to delay or stop foreclosures nationwide, but if the foreclosures proceed in Georgia, the titles will be insurable.
However, this is another reason that the buyers should always get Owner’s Title Insurance!
Posted in: Intown Atlanta Real Estate News