Redemption and Deficiency Judgments in Georgia
Whether you can buy back your home after a foreclosure sale in Georgia, and whether the lender can sue for what's still owed.
Short answer: Possible, with a court step. After a non-judicial sale that does not cover the debt, the lender cannot pursue a deficiency judgment unless, within 30 days after the sale, it reports the sale to the superior court judge for confirmation and obtains an order confirming it. O.C.G.A. § 44-14-161
| Deficiency judgments | Possible, with a court step. After a non-judicial sale that does not cover the debt, the lender cannot pursue a deficiency judgment unless, within 30 days after the sale, it reports the sale to the superior court judge for confirmation and obtains an order confirming it. The court must be satisfied the property sold for its true market value, the borrower must get at least 5 days' notice of the hearing, and the court may order a resale for good cause. Source: O.C.G.A. § 44-14-161 |
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More Georgia foreclosure & homeowner law
- How Foreclosure Works in Georgia
- HOA Liens and Foreclosure in Georgia
- Getting Your Home Back After a Tax Sale in Georgia
- All Georgia foreclosure & homeowner law rules
FAQ
Can the lender come after you for the rest of the loan after foreclosure in Georgia?
Possible, with a court step. After a non-judicial sale that does not cover the debt, the lender cannot pursue a deficiency judgment unless, within 30 days after the sale, it reports the sale to the superior court judge for confirmation and obtains an order confirming it. The court must be satisfied the property sold for its true market value, the borrower must get at least 5 days' notice of the hearing, and the court may order a resale for good cause.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.