Is the OCGA in Georgia a non recourse jurisdiction?

Georgia is not a nonrecourse jurisdiction. OCGA § 44-14-161 permits a creditor to obtain a deficiency jugment if the foreclosure sale is reported to a judge within 30 days of sale.

What does Georgia mean as a non recourse state?

Georgia is a non recourse state. Does that mean if I stop… Customer Question Georgia is a non recourse… Georgia is a non recourse state. Does that mean if I stop paying on an investment house they can only take that house and nothing more? Submitted:9 years ago. Category: Legal Show More Show Less Ask Your Own Legal Question

Are there any recourse States in the US?

As of this writing, these are the recourse states: Alabama, Arkansas, Colorado, Delaware, District of Columbia (D.C.), Florida, Georgia, Hawaii, Illinois, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Ohio, Nebraska, Nevada,…

What are the benefits of non-recourse States?

Washington If you so happen to own property in one of these states, and have substantial assets elsewhere, you can legally hand over the keys to the bank and exonerate yourself from the mortgage with no penalty against your other assets! The Benefit Of Non-Recourse States

What happens if you turn over your house in a non recourse state?

$300,000 of your mortgage is now unsecured ($700K mortgage balance – $400K value of property), which means your house is now an under-secured debt. Because you live in a non-recourse state, if you turn over the collateral (your house), your lender cannot collect on the $500,000 unsecured debt.

What are the pros and cons of living in Georgia?

Pros and Cons of Living in Georgia Georgia is a state situated to the South-East of the United States. Georgia is the 24th largest state in the country by landmass. With a population of about 6 million, Georgia is the 8th most populous state in the United States.