Chapter 16 & 17
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show | A written promise to repay a debt; usually referred to simply as a note.
The promissory note is a contract between a borrower and a lender, which creates the obligation of the borrower to pay the lender.
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show | In some instances, the borrower may give up possession and use of the property to the lender, until the debt is repaid
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Naked Title | show 🗑
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show | A clause found in the deed of trust is designed to give the trustee the authority to sell the property without having to go through a court-ordered foreclosure proceeding.
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show | conveys legal title to the lender. This allows the lender to foreclose in a non-judicial process
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show | is the borrower’s right to reinstate a defaulted loan after acceleration but before foreclosure.
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show | When a borrower has the right to reinstate ownership of the property after the foreclosure sale, the right is known as statutory redemption.
Georgia does not recognize statutory redemption on a loan foreclosure.
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show | allows the lender to demand an immediate payment of the debt and invoke the power of sale.
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show | requires the lender to cancel the security instrument upon full payment.
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Estoppel Certificate | show 🗑
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show | Voluntary acceptance of a lower mortgage priority than one would otherwise be entitled to.
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chattel mortgage | show 🗑
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show | taking the matter to court in the form of a lawsuit. It is costly and time-consuming.
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Non-judicial foreclosure | show 🗑
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Deficiency Judgement | show 🗑
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show | The purchaser at the foreclosure sale receives a sheriff’s deed. These are usually special warranty deeds.
The court will assist in removing anyone in possession who was cut off in the foreclosure proceedings.
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statutory redemption | show 🗑
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Strict foreclosure | show 🗑
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show | in the mortgage gives the lender the power to conduct the foreclosure and sell the property without taking the issue to court.
This is the preferred method of foreclosure in 27 states.
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deed in lieu of foreclosure | show 🗑
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Ad valorem taxes | show 🗑
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appropriation process | show 🗑
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Assessed Value | show 🗑
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show | tax rate that is expressed in tenths of a cent per dollar of assessed valuation.
The property tax rate that is expressed in tenths of a cent per dollar of assessed value.
As a mill rate, this tax is usually expressed as dollars per thousand.
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Tax Lien | show 🗑
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show | Local government body that hears and rules on property owner complaints of over-assessment.
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homestead exemption | show 🗑
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special assessments | show 🗑
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amount realized | show 🗑
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gain on the sale | show 🗑
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Home basis | show 🗑
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Capital Gains | show 🗑
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conveyance tax | show 🗑
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intangibles tax | show 🗑
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