6. Mortgages

Question 1

What is a Mortgage in Georgia?

Answer 1

Mortgage is only security for the debt and passes no title.

Question 2

What is a security deed in Georgia?

Answer 2

Georgia recognizes security deeds as an absolute conveyance, with the grantor’s right to request property reconveyance upon debt payment, distinct from a mortgage.

Question 3

When does title for property conveyed to secure a debt revert?

Answer 3

In the case of a security deed, title for property conveyed to secure a debt reverts at the expiration of seven years from the maturity of the debt.

Question 4

When does title revert when parties intend to establish a perpetual or indefinite security interest in real property to secure a debt?

Answer 4

When parties intend to establish a perpetual or indefinite security interest in real property to secure a debt, title reverts after either 7 years from debt maturity or 20 years from the conveyance date, whichever is later.

Question 5

What is a deficiency judgment require in Georgia?

Answer 5

nder foreclosure law in Georgia, an action for a deficiency judgment requires judicial approval.