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Personal Foreclosure Consequences

What could happen if one stops making mortgage payments on his home in Georgia?   A. It usually results in a Nonjudicial  FORECLOSURE.  B. After the foreclosure, the borrower’s credit history will be badly damaged for many years. Several years of NO LOAN of most any kind @ favorable interest rates. Then the credit report will show this foreclosure for many more years. C. Your current credit lines (credit cards, personal credit lines, etc.) may be cancelled and/or your interest rates raised. D. You can be sued for the  deficiency between what was owed on the house mortgage and what it eventuallly was resold for in the real estate market, plus all costs involved in managing the original foreclosure and it’s administrative(handling) costs. They all add up quickly these days. After the bank resells the house, the difference between the sale price and the total amount owed is the deficiency. The bank can pursue the original note maker, sue him/her personally, obtain a judgement and attach any oned assets they can find. Then the bank can seek a garnishment of his/her current wages for the amounts owed on the original debt if it so chooses. So what are the options?  See an Attorney before deciding to walk away from a mortgage!

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