Lien in Georgia

[lostingeorgia]

What is the name of your state?What is the name of your state? Georgia

My home currently has less than $10K equity but I have a lien of $70000 on it from a previous foreclosure.

Can I sell this house for what its worth and move out? I know it wont satisfy the lien but does this mean that I cant sell the house either?

[seniorjudge]

Q: Can I sell this house for what its worth and move out? I know it wont satisfy the lien but does this mean that I cant sell the house either?

A: Yes, you can sell the house but all of the equity will go to pay off part of the lien. Whatever is left over will be a deficiency judgment against you. You need to work with the lienholder on this sale.

[LoanOfficerDan]

No one will buy a property that has outstanding liens against it. If you sell the house, the buyer would find out about the lien in the title search, and if it's not paid at closing, the buyer would not have clear title. The buyer would have to be willing to accept the home in spite of the lien against it (which only a fool would do).

Otherwise, people would easily sell their homes to friends or family if they got in a jam and needed their mortgage removed.

In a foreclosure the lien might be removed, but the balance (plus attorney fees) would remain a judgement against you.