Legal Question in Real Estate Law in Georgia

Anyone should know the answer to this before signing the loan documents. The answer is there. You are liable for the amount you borrowed, plus interest, and any fees for collection or foreclosure. If they foreclose and sell $99,000 ... or $70,000 ... you will likely get a bill for the rest. Alternatively, if they forego it, you'll get a 1099 for the difference and owe the tax on the forgiven debt. Plus trashed credit.

You should not have bought a home without reading what you signed. The answer is in your papers.

They can foreclose, and, if they follow the correct steps, they can then sue you for the deficiency and then attach your wages and bank account.

One way you may avoid the bad consequences is bankruptcy. You may wish to call my office (or another lawyer) to discuss whether you qualify as this may avoid that future liability.