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. _________________ Procrastination is the enemy of your financial sucess
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
pgg.hernandez Guest
Posted: Fri Feb 20, 2009 12:22 pm Post subject: short sell
company will buy my home assume my mortgage or title and I can walk away scott free for a fee of course 1% of what my loan is . Is this
legal?
In case of a short sale, you will have to pay the deficient amount resulting from the sale of the property. If you don't the lender will garnish your wages.
mdgine
