If you don’t, your app might possibly be declined, and you can remain limited by this new regards to the fresh modern loan
The latest Lawyer General has developed this great site to provide facts about mortgages and you may foreclosures from inside the Georgia. This page also incorporates telephone numbers and you will backlinks in order to websites where discover help and extra suggestions.
- Just what are my personal foremost home loan records?
When you take out a loan to invest in a property, might signal about several records: a promissory note, where you vow making typical money on the financing, and you will a deed to safe obligations (commonly referred to as a beneficial “mortgage”) which gives the bank the ability to pull away your own household for many who standard toward note. The whole process of taking away your house immediately following a default try entitled property foreclosure.
To file an on-line problem facing a nationwide lender, see:
New promissory note and deed to safe loans could be terminated at the time that you repay your loan. Until then, those two files explain brand new rights and you can responsibilities which you are obligated to pay towards the financial, which the bank owes to you. Definitely understand where their copies try, and read all of them.
Several years ago, your taken out a home loan out-of a bank, hence lender held your own promissory note and you will action to help you secure personal debt through to the go out the mortgage is actually eventually paid back in full. Today, it’s quite common to own finance companies to shop for market home loans. Your mention and you will deed is generally ended up selling, directed otherwise assigned any moment so you’re able to anybody except that the lender and therefore gave you the mortgage. If you’re not sure, you’ve got the proper lower than federal law to write and have toward term, address and make contact with recommendations of your business you to currently retains their financial. Devam