Mon., February 8, 2010 3:41pm (EST)

Legislature Tries to Curb Foreclosures
By Susanna Capelouto
Updated: 4 years ago

ATLANTA  —  
The legislature is also considering a bill that would put tough restrictions on sub-prime mortgages, which are responsible for much of the state's housing troubles.
The legislature is also considering a bill that would put tough restrictions on sub-prime mortgages, which are responsible for much of the state's housing troubles.
A House committee today held hearings today aimed at cutting down foreclosures in Georgia.

Foreclosures are up by 27 percent over last month in metro Atlanta alone. Experts say in Georgia foreclosures happen too quickly, which, by law, is supposed to take place within 30 days.

Now lawmakers are looking at lengthening the time frame of foreclosure notices to 90 days. John Bartholomew with Atlanta Legal Aid told a committee that people need more time to fix their finances.

"Extending the time period allows borrowers either to remedy the problems on their own and have a better chance of getting either an attorney or a housing counselor," says Bartholomew.

The legislature is also considering a bill that would put tough restrictions on sub-prime mortgages, which are responsible for much of the state's housing troubles.