Legal Question in Real Estate Law in Georgia
I have a home in the state of florida i can afford to keep mortgage but i have a home in the state of georgia i can't afford. if iam forclosed on home in georgia does that effect my home in florida?
2 Answers from Attorneys
It depends. A georgia lawyer could review your georgia and florida loan documents to tell you. Please let me know if you need assistance.
Phillip's answer is, in m incomplete. If the Georgia house is foreclosed upon, the lender could seek a deficiency judgment and then pursue you and your other assets.
If you a Florida resident, see a Florida lawyer (not a Georgia one) about whether a bankruptcy there would help. You may be able to protect the Florida home with the Florida bankruptcy homestead, and possibly walk from the other home if you qualify.
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