How can I collect on a personal guarantee and get a judgment lien in Georgia?
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How can I collect on a personal guarantee and get a judgment lien in Georgia?
I am a private lender. I lent money on a fix and flip on a 2nd position lien. I had a deed of trust and a personal guarantee on the loan. The borrower defaulted and the 1st position lender foreclosed. I'd like to find an attorney that could first send a demand letter to collect on the personal guaranty and second, take the steps necessary to get a judgement lien on the borrower's other properties. The property is in the state of Georgia.
Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: I'm so sorry this happened. If I may clarify, if they foreclosed, it usually means the local sheriff's department has the money. Have you checked with them or the county clerk?
This was a mortgage foreclosure. The house was auctioned at the courthouse steps. There was no winning bid so the property was deeded back to the 1st position lender. My 2nd position lien was wiped out per foreclosure law. I am now out $18,900. My only recourse at this time is to try to get a judgement against the borrowers other assets so I can establish a lien against his other properties.
I'm so sorry about that! Understood! So you're just wondering what it is you can do here, correct?
My first comment states what I want to do.
Ok! I just need a little time to draft up a high-quality answer.
If your lien was extinguished, you're going to need to either: 1. Offer a settlement; or 2. SUE
Filing a lawsuit is relatively simple, but there are some specific steps you must follow. Generally, you will want to begin with drafting up your complaint on 28-line pleading paper. https://www.etsy.com/listing/661142488/pleading-paper Start with a brief introduction and then a new heading with a new paragraph where you lay out the facts. Once you lay out the facts, create a new heading that provides your legal analysis. For example, you could say that a breach of contract occurs when someone fails to fulfill their obligation in an agreement. It doesn't have to be very long, but something that explains what your legal authority is to bring the case. Afterward, you will want to have your “Prayer for Relief” as a separate heading and then you put in what you want (e.g. amount of money you want). Make three copies of this. The court may have specific cover sheets and require a filing fee, so check on that as well, so be sure to check on that. When you’re done, file the documents. You need to have a third party send a copy of the filed document to the defendant. Finally, there’s the discovery process where you can ask the other party for documents and even take statements from witnesses (these are called depositions). If you can’t reach agreement, then you go to trial.
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