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House Bill 781 Would Change Georgia's Mortgage Law - iDeal Real Estate Professionals


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#1 C Mark Palm

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Posted 26 January 2012 - 08:35 AM

As promised in an earlier thread...here's this week's Patch.com piece concerning House Bill 781.

patch.com/A-qyDb

#2 really gone from here

really gone from here

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Posted 26 January 2012 - 09:17 AM

I don't agree with the bill, what's next, can't repo a vehicle until it goes through the courts?? More regulations, more government. What happened to personal responsibility.
*Signature Edited for Content not in Accordance with the PCOM Rules

edited by Deputy Rafe Hollister

#3 mei lan

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Posted 26 January 2012 - 09:38 AM

Excellent information, Mark. This confirms what I thought (I'm ag'in' it.)

Let me not to the marriage of true minds
Admit impediments. Love is not love
Which alters when it alteration finds,
Or bends with the remover to remove:
O no! it is an ever-fixed mark
That looks on tempests and is never shaken;

William Shakespeare, Sonnet 116


#4 xxxxxxxxx

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Posted 26 January 2012 - 02:15 PM

Good article Mark, but you might have further explained the loss of the deficiency decree, which I think is the worst part of the law. Rep Kendrick also completely failed to address that part of the bill.

#5 C Mark Palm

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Posted 26 January 2012 - 09:22 PM

Good article Mark, but you might have further explained the loss of the deficiency decree, which I think is the worst part of the law. Rep Kendrick also completely failed to address that part of the bill.


Thanks. There's always more I want to say, and at some point I have to stop talking. I hope there's enough information to make people want to research further and ask questions.

So since you asked? How might you further explain that provision?

#6 xxxxxxxxx

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Posted 27 January 2012 - 11:04 AM

Thanks. There's always more I want to say, and at some point I have to stop talking. I hope there's enough information to make people want to research further and ask questions.

So since you asked? How might you further explain that provision?

Actually, if I remember correctly, the term was mentioned and never explained at all. I don't think the Representative even mentioned the word. I would have said that a major part of the proposed bill would prevent banks from collecting any money in excess of the current value of the property after a default by the owner in cases where the homeowner owes more to the bank than the property is worth. This would be true in cases where home values went down, like our current recession, and also in cases where the owner damaged the property, even in a total loss such as a fire. The bank could not collect the difference between the property value and the loan value regardless of the wealth of the homeowner.

I know you are restrained in the length of the article. Obviously that's something I would have a hell of a time with. :D

#7 C Mark Palm

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Posted 27 January 2012 - 11:13 AM

Actually, if I remember correctly, the term was mentioned and never explained at all. I don't think the Representative even mentioned the word. I would have said that a major part of the proposed bill would prevent banks from collecting any money in excess of the current value of the property after a default by the owner in cases where the homeowner owes more to the bank than the property is worth. This would be true in cases where home values went down, like our current recession, and also in cases where the owner damaged the property, even in a total loss such as a fire. The bank could not collect the difference between the property value and the loan value regardless of the wealth of the homeowner.

I know you are restrained in the length of the article. Obviously that's something I would have a hell of a time with. :D


Yes, with constraints this is pretty much all I could get in.

"Lenders can also seek deficiency judgments against the defaulting borrower if the lenderís sale of the property realizes less than what is owed at the time of foreclosure."

It was important to me to allow more space for reaction. If that makes sense.




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