Finance
A borrower in Georgia defaults on a Security Deed. The lender sells the property at foreclosure for less than the outstanding debt. Can the lender pursue the borrower for the deficiency?
AA. No — Georgia law prohibits all deficiency judgments
BB. Yes — the lender can pursue a deficiency judgment after following proper foreclosure procedures✓ Correct
CC. Only if the loan is over $500,000
DD. Only if the property was the borrower's primary residence
Explanation
Unlike some states, Georgia allows lenders to pursue deficiency judgments after foreclosure if the sale proceeds don't cover the outstanding debt. The lender must confirm the foreclosure sale within 30 days.
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