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Chapter 16 & 17

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Term
Definition
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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