Georgia Servicing Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Real Property Laws / Georgia Code Ann. §44-14-160 | Deed Recording | Within 90 days of a foreclosure sale, all deeds under power must be recorded by the holder of a deed to secure debt or a mortgage with the clerk of the superior court of the county or counties in which the foreclosed property is located. |
| Georgia Code Ann. §44-14-161(a) | Deficiency Judgment - Non-Judicial | (a) When any real estate is sold on foreclosure, without legal process, and under powers contained in security deeds, mortgages, or other lien contracts and at the sale the real estate does not bring the amount of the debt secured by the deed, mortgage, or contract, no action may be taken to obtain a deficiency judgment unless the person instituting the foreclosure proceedings shall, within 30 days after the sale, report the sale to the judge of the superior court of the county in which the land is located for confirmation and approval and shall obtain an order of confirmation and approval thereon. |
| Rules and Regulations / Georgia Comp. R. & Regs. r. 80-11-1-.01(6) | Escrow Closing Notice | In a residential mortgage loan for which an escrow account was established in connection with the transaction and will be cancelled, the mortgage lender must provide the borrower an Escrow Closing Notice no later than 3 business days before the borrower's escrow account is cancelled, as required by federal law, which includes but is not limited to 12 CFR §1026.20. |
| Real Property Laws / Georgia Code Ann. §44-14-14(a) | Foreclosed and Vacant Property Registry | (c) Each registrant shall be required to file with a specifically identified office or officer a registration form, in paper or electronic format, as required by the county or municipal corporation. |
| GA Fair Lending Act | Georgia Code Ann. §7-6A-3(3) | Late Payment Fees | (3) No creditor or servicer may charge a borrower a late payment charge unless the loan documents specifically authorize the charge, the charge is not imposed unless the payment is past due for ten days or more, and the charge does not exceed 5 percent of the amount of the late payment. A late payment charge may not be imposed more than once with respect to a particular late payment. If a late payment charge is deducted from a payment made on the home loan and such deduction results in a subsequent default on a subsequent payment, no late payment charge may be imposed for such default. A lender may apply any payment made in the order of maturity to a prior period's payment due even if the result is late payment charges accruing on subsequent payments due. |
| Rules and Regulations / Georgia Comp. R. & Regs. r. 80-11-6 | Loss Mitigation Evaluation Prior to Foreclosure Sale | A mortgage servicer shall not conduct a foreclosure sale before evaluating a borrower’s complete loss mitigation application if the application is received after a foreclosure process has been started and more than 37 days prior to the foreclosure sale. Additionally, if a servicer is not required to evaluate the loss mitigation application, then the servicer must notify the borrower that the application was not timely received. The updated rule also makes exempt the requirement for a loss mitigation appeal process if the loss mitigation application was received less than 90 days prior to a foreclosure sale. |
| Rules and Regulations / Georgia Comp. R. & Regs. r. 80-11-1-.01(7) | Mortgage Transfer Disclosure | In the event that the residential mortgage loan is transferred, the transferee mortgage lender must provide the borrower with a Mortgage Transfer Disclosure on or before the 30th calendar day following the date of the transfer, as required by federal law, which includes but is not limited to 12 CFR §1026.39. |
| Georgia Code Ann. §44-14-162.2(a) | Notice of Intent of a Power of Sale | (a) Notice of the initiation of proceedings to exercise a power of sale in a mortgage, security deed, or other lien contract shall be given to the debtor by the secured creditor no later than 30 days before the date of the proposed foreclosure. Such notice shall be in writing, shall include the name, address, and telephone number of the individual or entity who shall have full authority to negotiate, amend, and modify all terms of the mortgage with the debtor, and shall be sent by registered or certified mail or statutory overnight delivery, return receipt requested, to the property address or to such other address as the debtor may designate by written notice to the secured creditor. The notice required by this Code section shall be deemed given on the official postmark day or day on which it is received for delivery by a commercial delivery firm. Nothing in this subsection shall be construed to require a secured creditor to negotiate, amend, or modify the terms of a mortgage instrument. |
| Fair Lending Act / Georgia Code Ann. §7-6A-5(11) | Notice of Intent to Foreclose | A lender who makes a high-cost home loan and who has the legal right to foreclose must provide notice of the intent to foreclose to the borrower in writing by certified mail, return receipt requested, to the address of the borrower last known to the lender. Such notice must be sent to the borrower at least 14 days prior to the publication of the notice of sale. |
| Real Property Laws / Georgia Code Ann. § 44-2-30 | Notice of Real Estate Settlement (if filed) | Any party, or his or her legal representative, to a settlement which will convey legal or equitable title to real estate or any interest therein created by a deed, mortgage, or other instrument may record this notice with the clerk of the superior court of the county in which the real estate is located. Once recorded, no new liens may attach to the property for a specified period of time, unless the lien was made by the parties identified in this notice. |
| Fair Lending Act / Georgia Code Ann. §7-6A-5(13)(c) | Notice of Right to Cure | Before any action is filed to foreclose upon the home or other action is taken to seize or transfer ownership of a home, a notice of the right to cure the default must be delivered to the borrower informing the borrower of the following: (1) the nature of the default and of the borrower's right to cure the default by paying the sum of money required to cure the default (If the amount necessary to cure the default will change during the 30-day period after the effective date of the notice due, the notice must give sufficient information to enable the borrower to calculate the amount at any point during the 30-day period.); (2) the date by which the borrower must cure the default to avoid acceleration and initiation of foreclosure or other action to seize the home, which may not be less than 30 days after the date the notice is effective, and the name and address and phone number of a person to whom the payment or tender must be made; (3) that, if the borrower does not cure the default by the date specified, the creditor or servicer may take steps to terminate the borrower's ownership in the property by commencing a foreclosure proceeding or other action to seize the home; and (4) the name and address of the creditor or servicer and the telephone number of a representative of the creditor or servicer whom the borrower may contact if the borrower disagrees with the creditor's or servicer's assertion that a default has occurred or the correctness of the creditor's or servicer's calculation of the amount required to cure the default. |
Property Laws and Civil Practice / Georgia Code Ann. §9-13-140 | Notice of Sale | A sale of real estate under a power of sale will not be valid unless: (1) the sale is advertised and conducted at the time and place and in the usual manner of the sheriff's sales in the county in which the real estate is located; and (2) notice of the sale has been given. Notice of the initiation of proceedings to exercise a power of sale in a mortgage, security deed, or other lien contract must be given to the debtor by the secured creditor no later than 30 days prior to the date of the proposed foreclosure. The notice must be in writing and include the name, address, and telephone number of the individual or entity who has the authority to negotiate, amend and modify the terms of the mortgage with the debtor. The notice must be sent by registered or certified mail or statutory overnight delivery, return receipt requested, to the property address or to such other address as the debtor may designated by written notice to the lender. In addition, the sale of the property must be advertised once each week for 4 consecutive weeks in a newspaper of general circulation in the county where the real estate is located. The notice to the debtor may be given by mailing or delivering a copy of the notice of sale submitted to the newspaper for advertisement. |
| Property Laws and Civil Practice / Georgia Code Ann. §9-13-140(a) | Notice of Sale (Sheriff) | The sheriff or other officer will publish weekly for 4 weeks in the legal organ for the county, or if there is no newspaper designated as such, then in the nearest newspaper having the largest general circulation in such county, a notice of the sale. In the advertisement the officer will give a full and complete description of the property to be sold, making known the names of the plaintiff, the defendant, and any person who may be in the possession of the property. The advertisement will also include the legal description of the real property and may include the street address of such real property, if available. A foreclosure will not be invalidated by the failure to include a street address or by the insertion of an erroneous street address. |
| Real Property Laws / Georgia Code Ann. §44-14-3 | Notice of Satisfaction | Must be issued with 60 days after payment in full. |
| Georgia Mortgage Servicing Standards / Rule 80-11-6-02(5)(a) | Servicing Disclosure | (a) At the time a servicer acquires the right to service the mortgage loan the following initial disclosures: 1. Complete and current schedule of servicing fees; 2. The name, address, and a collect call or toll-free telephone number for an employee or department of the servicer that can be contacted by the borrower regarding servicing; and 3. A statement of the mortgage servicer standards set forth in paragraph (2) of this Rule including a description of the servicer’s appeal process as required by paragraph (2)(f). However, a small servicer as set forth in 12 C.F.R. § 1026.41(e)(4)(ii) is not required to make the disclosures set forth in paragraph (2)(c), (d), (e), and (f). |
| Georgia Mortgage Servicing Standards / Rule 80-11-6-02(3) | Timely Escrow Payments | If the terms of a mortgage loan require the borrower to make payments to the servicer of the mortgage loan for deposit into an escrow account to pay taxes, insurance premiums, and other charges for the residential property, the servicer shall make payments from the escrow account in a timely manner, that is, on or before the deadline to avoid a penalty, as long as the borrower’s payment is not more than 30 days overdue. |