Under Georgia Code Section 44-14-3, both lenders and servicers can be liable to the borrower/grantor for failure to cancel a security deed within 60 days of full payment. If you need to obtain a release of lien, you should provide a written demand to the lender.
Under Georgia Code Section 44-14-3, if the lender fails to cancel the security deed within 60 days of receipt of full payment, the Clerk of the Superior Court where the lien is recorded is authorized to cancel the security deed upon receipt of the following:
- An affidavit from an attorney who caused the loan to be paid in full or by an officer of a regulated or chartered financial institution. The affidavit shall include a recital of the actions taken to comply with that subsection.
- The affidavit shall also include the following attachments: 1) a written verification from the holder of the security deed as to amount necessary to pay the loan in full; 2) copies of the front and back of the canceled check to the holder of the security deed paying off such loan; 3) confirmation of a wire transfer to the holder of the security deed; or 4) a bank receipt showing payment to the holder of the security deed.
Any person who files a fraudulent affidavit in accordance with this subsection will be guilty of a felony.