Legal Question in Real Estate Law in Georgia

Statue of Limitations on second mortgage or promissory note

Second mortgage was taken out on home eight and a half years ago, because of financial difficulties was unable to continue paying on for past six years, is there a statue of limitations on mortgage / promissory note? The lender wants nearly twice what the sum of the original loan was now; do I have any room to negotiate? What can the lender legally do? Garnish wages? If I sale my home what must I do?


Asked on 10/06/06, 2:43 pm

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

Re: Statue of Limitations on second mortgage or promissory note

Generally, a lender can foreclose, take the property, and come after the debtor for the amount owed after the foreclosure sale. Moving to a place one can afford is usually a common sense approach.

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Answered on 10/06/06, 3:38 pm


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