Georgia Profile

Georgia is a title theory state. In Georgia, the borrower (mortgagor) actually gives legal title to the lender (mortgagee) through the instrument known as a “Deed to Secure Debt” or “Security Deed”. The lender actually owns the property until the debt is paid and allows the borrower to use and possess the property. While the lender could technically demand immediate possession of the property if the mortgagor defaults, practically a foreclosure through a power of sale clause is the preferred method to retake possession of the property.

TeNnessee Profile

Tennessee is a non-judicial foreclosure state. The security instrument most commonly used is a deed of trust which usually contains a power of sale provision and names a trustee who holds legal title to the property and is authorized by the security instrument to commence default proceedings. Foreclosure proceedings can not be initiated without receipt of a recorded deed of trust and a payoff statement (including per diem). Other documents that are preferred and would be very helpful are copies of the note, unrecorded deed of trust (if that is all you have), any assignments of the deed of trust and a title policy.

Phone: 404-252-6385

Fax: 404-252-6394

E-mail:

5775 Glenridge Drive

Building D, Suite 100

Atlanta, GA 30328

rmaner@rbmlegal.com