What is the defiency law in Georgia?

mdgine · Joined: 07 May 2008 Posts: 1 1.25 Dollars($)

In case of foreclosure, will the borrower be liable for the deficiency?

adonis · Posted: Wed May 07, 2008 9:30 pm Post subject:

Welcome Mdgine,

If a home is foreclosed in Georgia, the lender has the right to file deficiency judgment. Hence the borrower will be liable to pay it once the court provides the judgment order to the lender.

larry · Joined: 27 Jun 2007 Posts: 2942 409.79 Dollars($)

Hi Mdgine,

I agree with Adonis. After the foreclosure the borrower is liable for the deficiency judgment. But if the lender accepts deed in lieu then he may not come after you for deficiency judgment.

BTW has the lender declare foreclosure yet? If not then talk to him ASAP and request for deed in lieu.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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