Legal Question in Real Estate Law in Georgia

foreclosure

If a property (home and land) has been forclosed on in Georgia, and is auctioned for more than the remaining loan balance, does the person who defaulted on the loan get any of their principal back after paying off amount due to the lender and other legal fees?

What states would the person who defaulted get back some of their principal?


Asked on 1/26/06, 8:01 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: foreclosure

If the foreclosure sale brings enough to pay off ALL liens on the property in full, and fees, the prior owner should get the excess. This is "equity," not "principal." If this property was in Georgia, what happens in other states is not relevant.

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Answered on 1/26/06, 8:06 am


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