Property Deed Mortgage

In Georgia, can a security interest in real estate expire? Yes. A security interest in real estate expires (in other words, become unenforceable) seven years after expiration of the maturity of the debt.

A partial discharge is when you have more than one property that is secured by a loan, and you would like to release one of those properties as security, without repaying the full loan.

When a home is sold, refinanced by a different company, or the loan paid off, the bank sends in a Cancellation which means the debt is satisfied and they no longer have a mortgage on the property.

A type of mortgage used in a few states; the title to the property is transferred to the lender until the debt is paid in full.

Georgia law provides that a security deed can be cancelled by the Clerk of Superior Court upon receipt of an affidavit from an attorney with specified attachments. To find a lawyer, you may visit the State Bar of Georgia website at www.gabar.org/membership/membersearch.cfm.

If you are approved for the partial mortgage release, you will receive notification within two to six weeks.

They serve different purposes and are signed by different parties. The warranty deed transfers the property's ownership from the current owner to the new buyer, while the deed of trust ensures the lender has interest in the property in the event a buyer defaults on the loan.

When a home is sold, refinanced by a different company, or the loan paid off, the bank sends in a Cancellation which means the debt is satisfied and they no longer have a mortgage on the property.

A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan.