What happens if I simply walk away from my mortgage in Georgia?

A potential client called me the other day and said, “I am upside down on my mortgage and simply cannot afford the house any longer, what would happen if I just walk away?” Obviously, I couldn’t advise him specifically because he was not my client, so I answered the question in a general fashion. The reader should be aware that the answer herein does not provide any legal advice and should not be considered as such by the reader. When a party defaults on his mortgage, the mortgage … [Read more...]