Legal Question in Real Estate Law in Georgia

I have 2 homes in Georgia.

The mortgage loan on house #1 has been paid in full (appraised at $25k).

The mortgage loan on house #2 has a $100k mortgage, and has been appraised at $60k.

I recently retired and receive a $3k monthly pension.

I have $70k in an IRA.

I have a credit score of 750.

Question: If I strategically default on house #2, can the mortgage lender put a lien on

house #1, or on my $70k Ira account, or my non-government pension?

After foreclosure, if the lender pursues and obtains a deficiency judgement, what options do

I have for protecting house #1? Are there any steps I can take now, before I default, to

protect house #1 after foreclosure.

I am willing to hire an attorney to guide me.


Asked on 1/22/10, 2:30 am

1 Answer from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

You have accurately stated the probable sequence of events. The mere fact of forclosing on Houst No. 2 does not create a lient on anything. It just transfers title to whomever is the high bidder at auction. The deficiency judgement can be established as a lien against all your property, but this is a fairly time-consuming process. Consult with a local attorney

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Answered on 1/27/10, 5:05 am


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