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consultant5253 · Joined: 08 Jan 2010 Posts: 1 1.24 Dollars($)

If you let your underwater home in Georgia go back to the lender, can the lender, in Georgia, go after your other assets?

jameshogg · Posted: Fri Jan 08, 2010 8:36 pm Post subject:

Hi consultant,

In Georgia, the lenders are allowed to sue the borrowers for deficiency amount when a home is foreclosed. Thus, if you let the lender foreclose the property or go for a short sale, the lender will sue you for the balance amount. You can rather go for a deed in lieu of foreclosure, wherein the lenders sell off the property but forgive the deficient amount. However, it will lower your credit score by 250 points.

Thanks

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Underwater home