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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45935
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Is it customary for a defiency judgement to be issued in the

Customer Question

Is it customary for a defiency judgement to be issued in the state of Georgia after foreclosure.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good morning. Georgia, unfortunately, is a deficiency state...which means the lender can pursue the borrower for the deficiency...the amount owed over the amount of the foreclosure sale. Whether or not they will depends upon their assessment of the collectibility of a deficiency judgment. So, if you can convince them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end. OCGA Section 44-14-161 provides that if the lender seeks a deficiency judgment in Georgia, the lender must file for a deficiency within thirty (30) days of the foreclosure sale or the claim for a deficiency is barred.


This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you Georgia law did not permit a lender to pursue a deficiency, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45935
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 5 other Real Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

Customer: replied 1 year ago.

is it worth trying to reconcile with bank or will they include court costs since it has gone so far? We were told wait until after foreclosure and go from there.

Expert:  Richard replied 1 year ago.
Thanks for checking back with me. In my view, it's always a good idea to communicate with the bank so you can give them input helpful to try to dissuade them from seeking a deficiency. If you don't contact them at all, they will likely presume you have something and would be more likely to pursue you.

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