Legal Question in Real Estate Law in Georgia
Foreclosure
I had a house in Brunswick, GA that was sold in a foreclosure sale on July 6, 2004. I received a notice that the house was being sold but after that I haven't received anything else. The other day I found out the property was sold to somebody for 150K and the outstanding loan was for 216K. I understand the bank could request a ''deficiency judgement'' against me. How long have the bank to file for this deficiency judgement ? Don't I need to be notified of the sales price of my property ? The sale price seems really low. Isn't some procedure in place to avoid abuses in the foreclosure sales like the bank selling really low to ''friends'' and the recovering the difference from guarantors of the note?. What can I expect ?
3 Answers from Attorneys
Re: Foreclosure
I do not practice law in Georgia and am not familiar with foreclosure procedures there. You should have received prior notice of the foreclosure sale, giving you an opportunity to pay off the mortgage note and any interest, fees and costs incurred as a result of the foreclosure action prior to the sale. You may want to consult with a real estate litigation attorney in the county where the property is located. It may be too late for you to salvage any rights you may have previously had. Good luck.
Re: Foreclosure
Contact a Georgia attorney.
Good luck.
Re: Foreclosure
Basically, the notice of the foreclosure sale is your notice. That was your opportunity to pay off the mortgage and preclude the sale. In some situations, the sales price may be so low that action can be taken, but that is somewhat rare.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.ctl-law.com
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