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Definition of 'Master Mortgage' The Master Mortgage is a document created when a property is purchased for the first time. It is filed in the public land records and its purpose is to keep track of the initial mortgage and of any liens that might be associated with the property.
A mortgage note is a legal document that sets out all the terms of the mortgage between a borrower and their lending institution. It includes terms such as: The total amount of the home loan. The down payment amount. Whether monthly or bimonthly payments are required.
Georgia is a ?non-judicial foreclosure? state. That means the lender can foreclose on your home without filing suit or appearing in court before a judge. The procedures for foreclosure are spelled out in the Official Code of Georgia, Sections 44-14-162 through 44-14-162.4.
In Georgia, the home-foreclosure process is relatively a speedy one, and can happen as quickly as a few months. The foreclosure process begins when the homeowner misses a payment. Under federal law, lenders must wait for a homeowner to be delinquent for at least 120 days before beginning the foreclosure process.
Under federal law, the servicer usually can't start a foreclosure until the borrower is over 120 days delinquent on payments, subject to a few exceptions.
The lender keeps the original promissory note until you have fulfilled all obligations, i.e., paid off, your mortgage.
How Long Does Foreclosure Take? In Georgia, the foreclosure process can vary depending on your circumstances. However, on average, it takes about one to three weeks to complete. If your property was sold at a foreclosure auction, the eviction process takes about 14 to 30 days.
How Long Before Foreclosure Starts in Georgia? Technically, under the federal law, the foreclosure process will not begin until a homeowner is 120 days delinquent.