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how often do banks go after deficiency judgements in Georgia?

Discussion in 'Short Sale Outpost' started by Techgirl, Oct 13, 2010.

  1. Techgirl

    Techgirl LoanSafe Member

    Anyone shortsold and have the bank come after a deficiency judgement in Georgia? How can I reduce my chances in them coming after me. I basically just have my car and 40k in savings as my only assets. The company I work for is about to lay us off next month so I basically will be living of my savings and unemployment for a while.

    I owe 140k on the house(which has been on the market with not a single offer) and want to shortsell it for 115k with the banks blessing of course but not sure of the implications.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome to the community.

    I'm very sorry to hear you are going ot be laid off next month, that is very unfortunate and I hope you can find another job soon.

    Do you have a first and second mortgage on the property? Also did you refinance the home ever to take any cash out?
  3. Angels

    Angels LoanSafe Member

    I have not read about anyone who had a deficiency judgment in GA. In GA the bank has only 30 days after the sale to come after you for the deficiency in a foreclosure. As I understand it, in order for them to get the deficiency they have to go to court and prove to the judge that the house could not sell for one dollar more otherwise it will get thrown out. This is obviously a difficult task for the bank to take on. We had a house foreclose in GA and after the 30 days we never heard anything. In short, I would not worry too much about it.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:eek:ffice:eek:ffice" /><o:p></o:p>
    Sorry about your job loss but I have to give you credit for recognizing that you need to hang on to the money you have in order to live. So many people expend all they have to hang on in hopes the bank will work with them or the house will sell, or some other alternative. Once you stop paying it will take between 6-10 months for it to foreclose so hopefully that time of not paying the mortgage will help with your finances.
  4. Techgirl

    Techgirl LoanSafe Member

    Thanks Evans and Angels for your response.
    Evans - I just have a first mortgage (fha) and never refinanced or took money out.

    Angels -ohh the credit to hang on to my savings goes to this website, I've read so many posts on here about others using their savings only for the bank to say no later. I still do pay pmi on my mortgage so I'm anxious that even if the bank let's go, they may come after me?
  5. Angels

    Angels LoanSafe Member

    It wont be the bank because they will put in a claim to the PMI company. The PMI Company can then proceed if they like (which I think is unlikely).
  6. GAmom

    GAmom LoanSafe Member

    did you let the house FC? wondering what ended up happening. I am in GA too. appreciate any update:)

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