Legal Question in Real Estate Law in Georgia

Re: real estate

There are two possibilities:

1. Assuming it was a higher priority security interest that completed the foreclosure - you now hold an unsecured obligation of the borrower and can attempt to collect on it via the usual debt collection processes.

2. If your 2nd mortgage was superior to the interest that actually foreclosed, you are entitled to be satisfied from the proceeds of the foreclosure sale.

You should take the loan agreement you have with the borrower and visit a GA licensed attorney to discuss the precise details.