After a Georgia non-judicial foreclosure sale, may the lender pursue the borrower for a deficiency judgment?
Correct Answer
B) Yes, but the lender must obtain court confirmation of the sale and file a separate lawsuit within 30 days
Georgia allows deficiency judgments, but the lender must first obtain court confirmation that the property was sold for its fair market value, and then pursue the deficiency through a separate legal action within 30 days of the sale.
Why This Is the Correct Answer
Georgia allows deficiency judgments, but the lender must first obtain court confirmation that the property was sold for its fair market value, and then pursue the deficiency through a separate legal action within 30 days of the sale.
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