Legal Question in Real Estate Law in Georgia

The answer is in your loan documents that you signed and should have read and understood before signing. You promised to pay back the loan, plus interest and fees. After your house is sold by the lender, you will owe the remaining balance.

You can potentially be sued for a deficiency, and also will be responsible for property maintenance (such as mowing) until the house is foreclosed, meaning you could even be criminally charged for a vacant house. You also will accrue taxes and HOA fees. Depending on HOW you walk away, you could owe income taxes on the deficiency.

What you need to do is sit down with a lawyer and determine what to do. Your options may include everything from bankruptcy to short sales (usually a bad idea), etc. If you wish to schedule a consult, call me at 404-768-3509.