Legal Question in Real Estate Law in Georgia

Re: Mortgage default

They can foreclose on your property. They will then get title and can evict you.

Re: Mortgage default

More than likely, your mortgage company has the right to foreclose on your property within a very short time period. When they foreclose, they sell the property to the highest bidder at the courthouse steps. If the property does not sell for enough to cover your mortgage debt and the costs of the foreclosure (many foreclosure sales do not cover what the bank needs to obtain) then they have the option of recording a judgment against you for the shortage. Having a judgment on your credit record will be very damaging for many years and will prevent you from purchasing another property without paying the judgment off. You should consider all other options, including getting a second job, credit counselling, trying to work out something with your mortgage company, finding a buyer for the condo yourself, etc.