Tuesday, December 15, 2009
News Photo of the Day: Before closure
Posted by TL Pixley on Tue, Dec 15, 2009 at 5:23 PM
The Rev. Jesse Jackson led a march and prayer in front of the Federal Reserve Bank on Peachtree Street yesterday demanding "real relief for homeowners." Jackson said, "banks that are bailed out by the government must bail out the people." He called on banks to "restructure loans instead of repossessing homes." Jackson was joined by close to a hundred marchers and several state representatives.
Georgia Rep. Billy Mitchell announced at the rally that he would be pre-filing a bill for the 2010 legislative session that would require mortgage holders in Georgia to provide consumers 90 days notice before a foreclosure can transpire. If the consumer can make the payment within 90 days, the consumer will have the right to resume normal payments. Currently under Georgia law, a foreclosure can start as soon as one day after an individual is late on a mortgage payment and a homeowner has no recourse to stop a foreclosure once the process has begun other then filing bankruptcy or being released by the bank.
According to Mitchell, Georgia is among a handful of states that allows banks to foreclose on property with little notice, no court hearing and no possibility to cure the debt once foreclosure has begun. Georgia currently ranks 7th for highest foreclosure rates in the country.
(Photo and text by Joeff Davis)
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