Legal Question in Real Estate Law in Georgia

I am currently in default with my mortgage on my current home, and we are possibly headed toward foreclosure. We have 4 other land lots that have been paid out years ago. What happens when we do foreclose on our home? I understand we will be responsible for the balance on our current home, but will the bank try to reposess our other properties or assets even if they are paid off?


Asked on 3/11/10, 12:22 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

If the bank pursues a deficiency, and sues, that becomes a lien on your other assets. So yes, they can go after your other assets, as well as paychecks and bank accounts.

You need to sit down with a bankruptcy attorney and see if you might be able to protect yourself under Chapter 7 or 13 (or by other means).

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Answered on 3/16/10, 8:08 pm


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