Foreclosure Rescission Law Upheld

On July 5, 2011, the Georgia Supreme Court issued an opinion upholding the constitutional validity of O.C.G.A. § 9-13-172.1, which authorizes the rescission of foreclosure sales under certain conditions. JIG Real Estate, LLC v. Countrywide Home Loans, Inc., Appeal Case No S11A0046 (Slip Op., July 5, 2011). The case had been brought by a buyer of a home at a foreclosure sale that took place notwithstanding the homeowners' loan modification with the bank. The court refused to find that the law was void for vagueness.