Legal Question in Real Estate Law in Georgia

I am trying to find out if Georgia is a non recourse state. I am behind on my house payment x6 months. I have decided to try to do a short sale on the property because I've been told that a short sale is better than a foreclosure. If I do not sell the property or it goes into foreclosure, can I be responsible for the lender's losses? I have a first and a second mortgage on the property. Can you help me?


Asked on 2/01/10, 9:33 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Yes, you can be sued for a deficiency.

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Answered on 2/06/10, 9:38 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

I don't know who recommended a short sale, and I don't have all the facts, but a short sale tends to be very problematic with two mortgages. See a lawyer before you begin to consider options. Being that far behind, bankruptcy is a definite option because yes, you can be sued for a deficiency.

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Answered on 2/06/10, 11:51 am


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