5:07 am October 15, 2010, by Henry Unger
Observers of the state’s financial industry say they expect limited impact in Georgia from the joint investigation by all 50 states into foreclosure practices of major mortgage lenders, AJC staffer Scott Trubey reports.
Georgia is one of 27 states that do not require a judicial hearing for lenders to foreclose on borrowers in default and the breakdowns in paperwork alleged at some of the nation’s biggest mortgage owners don’t apply to cases in this state, Trubey writes.
But advocates for borrowers say a moratorium on evictions is probably necessary to make sure banks are getting it right. One legal aid official said in a small number of Georgia foreclosure cases, lenders have had issues with their paperwork, Trubey reports.
Foreclosures continue to pile up in Georgia. The state ranked seventh in the nation for foreclosures in the third quarter, according to a report issued Thursday by RealtyTrac.
One in every 98 households was involved in some form of foreclosure proceedings, up 8.3 percent from second quarter and up 23.5 percent from the same period a year ago, Trubey reports.
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