Does Georgia allow the "ride-through" option for mortgages?

[mcordry]

Does anyone know if Georgia allows the "ride-through" or the "stay and pay" option for mortgages. This options would be perfect for my situation.

[justbroke]

Technically, Georgia does not allow a ride through for real property. Georgia is in the 11th Circuit Court of Appeals (includes Florida and Alabama). The 11th circuit decision in Taylor v. AGE Federal Credit Union (In re Taylor), 3 F.3d 1512, 1517 (11th Cir. 1993) is the relevant case law and was not affected by the BAPCPA changes in 2005.

So, while you technically cannot do a ride-through on any property in the 11th Circuit, it is up to the creditor (lender) to complain about it! In other words, you can put "stay and pay" on the Statement of Intentions, and nothing will happen unless the creditor complains. If the creditor complains, files a motion to compel, the court will compel you to choose either redemption or reaffirmation (or surrender).

The strategy that I used, and most attorneys in my area (Florida), is to list "stay and pay". If the creditor is a larger bank, they will not care. If it's a small regional bank or credit union, they may care more about you reaffirming or redeeming. Otherwise, that small bank will probably want you to surrender.