Posted on: 07th May, 2008 08:28 pm
In case of foreclosure, will the borrower be liable for the deficiency?
Welcome Mdgine,
If a home is foreclosed in Georgia, the lender has the right to file deficiency judgment. Hence the borrower will be liable to pay it once the court provides the judgment order to the lender.
If a home is foreclosed in Georgia, the lender has the right to file deficiency judgment. Hence the borrower will be liable to pay it once the court provides the judgment order to the lender.
Hi Mdgine,
I agree with Adonis. After the foreclosure the borrower is liable for the deficiency judgment. But if the lender accepts deed in lieu then he may not come after you for deficiency judgment.
BTW has the lender declare foreclosure yet? If not then talk to him ASAP and request for deed in lieu.
Feel free to ask if you have any further questions.
Best of luck,
Larry
I agree with Adonis. After the foreclosure the borrower is liable for the deficiency judgment. But if the lender accepts deed in lieu then he may not come after you for deficiency judgment.
BTW has the lender declare foreclosure yet? If not then talk to him ASAP and request for deed in lieu.
Feel free to ask if you have any further questions.
Best of luck,
Larry
company will buy my home assume my mortgage or title and I can walk away scott free for a fee of course 1% of what my loan is . Is this :roll:
legal? :roll:
legal? :roll:
In case of a short sale, you will have to pay the deficient amount resulting from the sale of the property. If you don't the lender will garnish your wages.
if my home went in to foreclosure and went to public sale; it didnt sell and now is on the market with homepath fannie mae and keller williams has it . its been 7 months since they took the home. they are selling it for 179,000 the pay offf is 202,000., the fmv is 279,000. do you think they can come after me for a deficencey?
Hi Janet!
Welcome to forums!
The lender has all the rights to come after you in order to recover the deficient balance resulting from the sale of the property. If you cannot pay it off in one go, then you will have to apply for a payment plan with your lender. If the lender agrees to it, then he will give you an affordable payment plan to pay off the debts.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender has all the rights to come after you in order to recover the deficient balance resulting from the sale of the property. If you cannot pay it off in one go, then you will have to apply for a payment plan with your lender. If the lender agrees to it, then he will give you an affordable payment plan to pay off the debts.
Feel free to ask if you've further queries.
Sussane