Mitchell’s legislation, known as HB899, is one of the early bills pre-filed for lawmakers to consider during the 2010 Legislative Session. The session starts Jan. 11.

“Basically, the way things are right now, those who are losing their homes are at the mercies of the lenders,” Mitchell said. “Georgia is among a small minority of states which presently allows mortgagors – through a non-judicial process – to foreclose on property with little notice, and with no right to cure your debt to come out of foreclosure.

“This bill would certainly give consumers a much needed protection, while stemming the tide of foreclosures; which have a disastrous consequence to not only the homeowner but the community as well.”

Mitchell, a Democrat who represents District 88, which covers parts of Stone Mountain, Lithonia and Tucker in DeKalb County, and Lilburn in Gwinnett County, said he has already received support for HB899 from some Republican lawmakers and the Georgia Mortgage Bankers Association.

“It’s important to have a broad base of support and especially from mortgage lenders because these are the kinds of groups that will be coming to give testimonies during the Legislative Session,” Mitchell said.

Mitchell said the Rev. Jesse Jackson, who has been leading foreclosure protests in Atlanta and around the country with his Rainbow PUSH Coalition, is expected to lead another demonstration in Atlanta in January. Jackson has held rallies outside some of the nation’s big banks around the first Tuesdays of the month when thousands of foreclosed properties are scheduled to go up for auction. Jackson has said that homeowners are in dire need of help as they face layoffs and lenders’ unwillingness to modify their home loans with lower interest rates.        

“I’m certainly grateful to Rev. Jesse Jackson for his advocacy on this issue and bringing to light the very perilous circumstances that being, even one day late, can cause a homeowner in this state,” Mitchell said.

As of November, Georgia posted a total of 129,715 foreclosures, according to RealtyTrac. The Peach State has held the No. 7 position in the nation for foreclosures. Nevada ranked No. 1 in November will foreclosure filings, followed by Florida and California respectively, the online tracking company reported.   

President Barack Obama has put pressure on the 71 companies participating in the government’s $75 billion effort to halt the foreclosure crisis. So called SWAT Teams are now monitoring the eight largest companies.