Property Ownership
When a Georgia homeowner refinances their home, the existing security deed is typically:
AModified in place
BCancelled and replaced by a new security deed✓ Correct
CTransferred to the new lender
DRecorded as a second lien
Explanation
In a refinance, the existing security deed (mortgage) is paid off and cancelled, and a new security deed is executed in favor of the new lender.
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