0
Georgia is a recourse state. See Ga. Code Ann. § 44-14-161.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Is Georgia a non recourse debt state?
Yes, Georgia is a non-recourse debt state. This means that in the case of a foreclosure, the lender cannot pursue the borrower for any deficiency balance remaining after the sale of the property.
Is Massachusetts a non recourse debt state?
Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.
Is Minnesota a non recourse debt state?
yes
Which states are non-recourse states for mortgage debt?
Non-recourse states cannot pursue you for their financial losses. Alaska Arizona Arkansas California Colorado District of Columbia (Washington DC) Georgia [THIS IS INCORRECT. GEORGIA IS A RECOURSE STATE] Hawaii Idaho Mississippi Missouri Montana (if non-judicial foreclosure is used) Nevada - (lender can get a deficiency judgment) New Hampshire Oregon Tennessee Texas (lender can get a deficiency judgment) Virginia Washington West Virginia The following states allow non-judicial foreclosure: Georgia [Georgia allows non-judicial foreclosures] Michigan Minnesota North Carolina Rhode Island South Dakota Utah Wyoming
Is a car loan considered recourse or non-recourse debt?
I think is non recourse debt
Is Ohio a non-recourse state for mortgage debt?
no....... the lender can go after you for up till 2 yrs after they sell the property.
Is California a non recourse debt state?
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
Where do you file a mortgage in Georgia?
Well Georgia is a Debt Deed state not a mortgage state. So if you have a debt deed to record you can do it at the clerk's office in the town , city or county where the property is located. Deeds will have to be filed there too.
Is the spouse of a deceased co-signer responsible to pay back a debt if the borrower goes bankrupt in the state of Georgia?
No. Georgia is not a community property state.
Is non recourse debt on the balance sheet of the borrower?
It should be.
How long does a third party collection agency have to collect on a debt after the debt is charged off by the original creditor?
There is no time limit placed on their collection efforts to collect a debt. However, there is a SOL for legal recourse and for how long it can report on your credit reports. Reporting time is 7 years and so far as the SOL for legal recourse you would have to check your state laws to see how long.
Is interest on Georgia state debt exempt from taxation?
Yes. Faith and credit of state pledged debt may be validated. The full faith, credit, and taxing power of the state are hereby pledged to the payment of all public debt incurred under this article and all such debt and the interest on the debt shall be exempt from taxation.
