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Financiers Get OK To Foreclose On SouthStar Homes

Law360 (February 24, 2009, 12:00 AM EST) -- A judge overseeing the liquidation of subprime mortgage lender SouthStar Funding LLC on Monday lifted a stay on foreclosures, allowing several financial institutions to take over more than two dozen delinquent borrowers' homes.

Judge Paul W. Bonapfel of U.S. Bankruptcy Court for the Northern District of Georgia signed the order, which gave holders of mortgage-backed securities the go-ahead to foreclose on delinquent home loans where there is little to no equity remaining in the residential property.

The judge granted relief motions from EMC Mortgage Corp., Deutsche...
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