Legal Question in Real Estate Law in Georgia
Note and security deed foreclosure question(s).
When a note and security deed have the wrong property address ( wrong street number, wrong city, and wrong zip code) and the deed has just a reference to an attachment of an exibit A in the property description and that exibit is the metes and bounds but does not have any signature or intials of the grantor at loan closing, is it still possible for the mortgage servicer to take possession of the correct property after a foreclosure on the ficticious address?
2 Answers from Attorneys
Re: Note and security deed foreclosure question(s).
If the metes and bounds description (the legal description referred to in exhibit A) is correct, yes. Regarding the erroneous information they can file a corrective deed to clean that up.
Re: Note and security deed foreclosure question(s).
I need to extend my previous answer a bit to this question. After thinking about it I realize that although the questioner did not mention the issue of notice, it may affect the answer here. When the foreclosure process is begun, notice is sent to the defaulting borrower by postal mail and by certified mail, typically at the address of the property (assuming it is an owner occupied residential property.) In the question - the condition of improper street address but correct legal description of the property may have prevented proper notice from taking place, and this could require the lender/servicer's foreclosing law firm to have to start the process over again, this time giving proper notice via the correct mailing address.
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