This is an assignment of mortgage/deed of trust form where the owner of the deed of trust/mortgage conveys the owner's interest in the deed of trust/mortgage to a third party. The holder of the deed of trust/mortgage is a corporation.
We use cookies to improve security, personalize the user experience, enhance our marketing activities (including cooperating with our marketing partners) and for other business use.
Click "here" to read our Cookie Policy. By clicking "Accept" you agree to the use of cookies. Read less
Read more
- US Legal Forms
- Assigments
-
Ohio Assignment of Mortgage by Corporate Mortgage Holder
Assignment Of Mortgage Template With Extra Payments
State:
Ohio
Control #:
OH-121RE
Format:
Word;
Rich Text
Instant download
Description
Free preview
Related forms
View Affidavit persons sample withdrawal
View Affidavit persons sample withdrawal
View this form
View Affidavit persons sample with two names
View Affidavit persons sample with two names
View this form
View Affidavit persons sample with translation
View Affidavit persons sample with translation
View this form
View Affidavit persons sample with exhibits
View Affidavit persons sample with exhibits
View this form
View Affidavit persons sample with notary
View Affidavit persons sample with notary
View this form
Viewed forms
How to fill out Assignment Of Mortgage Template With Extra Payments?
How to get professional legal papers compliant with your state laws and prepare the Assignment Of Mortgage Template With Extra Payments without applying to an attorney? Many services on the web provide templates to cover various legal situations and formalities. Still, it may take time to figure out which of the available samples meet both use case and juridical requirements for you. US Legal Forms is a reputable service that helps you find formal documents composed in accordance with the most recent state law updates and save money on juridical assistance.
US Legal Forms is not a regular web catalog. It's a collection of over 85k verified templates for different business and life scenarios. All papers are collected by field and state to make your search process quicker and more convenient. Additionally, it integrates with powerful solutions for PDF editing and eSignature, enabling users with a Premium subscription to rapidly complete their documentation online.
It takes minimum time and effort to get the needed paperwork. If you already have an account, log in and make sure your subscription is valid. Download the Assignment Of Mortgage Template With Extra Payments with the relevant button next to the file name. In case you don't have an account with US Legal Forms, then follow the instruction below:
- Look through the web page you've opened and check if the form suits your needs.
- To do so, use the form description and preview options if available.
- Search for another sample in the header providing your state if necessary.
- Click the Buy Now button once you find the correct document.
- Choose the best suitable pricing plan, then log in or pregister for an account.
- Decide on the payment method (by credit card or via PayPal).
- Choose the file format for your Assignment Of Mortgage Template With Extra Payments and click Download.
The obtained documents remain in your possession: you can always get back to them in the My Forms tab of your profile. Sign up for our platform and prepare legal documents by yourself like an experienced legal professional!
Form Rating
4.59
Satisfied(490)
Form popularity
FAQ
If you pay $200 extra a month towards principal, you can cut your loan term by more than 8 years and reduce the interest paid by more than $44,000. Another way to pay down your loan in less time is to make half-monthly payments every 2 weeks, instead of 1 full monthly payment.
A little goes a long way Making your normal monthly payments will pay down, or amortize, your loan. However, if it fits within your budget, paying extra toward your principal can be a great way to lessen the time it takes to repay your fixed-rate loan and the amount of interest you'll pay.
Even a single extra payment made each year can reduce the amount of interest and shorten the amortization, as long as the payment goes toward the principal and not the interest (make sure your lender processes the payment this way).
It's relatively easy to produce a loan amortization schedule if you know what the monthly payment on the loan is. Starting in month one, take the total amount of the loan and multiply it by the interest rate on the loan. Then for a loan with monthly repayments, divide the result by 12 to get your monthly interest.
The additional amount will reduce the principal on your mortgage, as well as the total amount of interest you will pay, and the number of payments. The extra payments will allow you to pay off your remaining loan balance 3 years earlier.
Assignment Of Mortgage Template With Extra Payments Related Searches
-
loan amortization schedule excel with extra payments and escrow
-
loan amortization schedule excel with extra payments bi weekly
-
mortgage calculator with multiple extra payments
-
mortgage payment calculator excel template
-
loan calculator with extra payments to principal
-
mortgage calculator with extra payments and amortization
-
excel mortgage calculator with taxes and insurance and extra payments
-
car loan amortization schedule excel with extra payments
-
loan amortization schedule excel with extra payments and escrow
-
loan amortization schedule excel template
Interesting Questions
An assignment of mortgage is a legal document that transfers the rights or interest in a mortgage loan from one party to another. It typically occurs when a mortgage lender sells or transfers the loan to another financial institution.
Yes, extra payments are allowed on mortgage loans in Ohio. Homeowners have the option to make additional payments towards their principal balance, which can help reduce the loan term and save on interest costs.
Yes, you can utilize an assignment of mortgage template in Ohio, even if you plan to make extra payments. The template should include relevant provisions for documenting any additional payments made by the borrower.
No, extra payments made by the borrower generally do not affect the assignment of mortgage. The assignment primarily deals with the transfer of the loan from one party to another, while extra payments are related to the borrower's repayment strategy.
Making extra payments on your mortgage can help shorten the loan term. By paying more than the required monthly amount, you can reduce the principal balance faster, which leads to an earlier payoff date and potentially saves money on interest.
It is important to review your mortgage agreement or consult with your lender regarding any penalties associated with making extra payments in Ohio. Some loans may have prepayment penalties, especially if the borrower intends to pay off the loan early.
Yes, you can still assign your mortgage to another party even if you are making extra payments. The assignment process primarily focuses on the transfer of the loan rights, while your payment strategy remains separate.
When using an assignment of mortgage template for Ohio with extra payments, it should include clauses specifying the treatment of any additional payments, how they will be applied, and whether they affect the assignment process.
Extra payments made by the borrower generally do not affect the validity of an assignment of mortgage, and it cannot be canceled or revoked solely based on additional payments.
It is always wise to seek legal advice from an attorney familiar with Ohio's mortgage laws before using an assignment of mortgage template. They can provide guidance and ensure that the document meets all legal requirements and protects your interests.
More info
What is the impact of making extra payments on my debt? How Advantageous are Extra Payments?By nature, loans cause you to pay a sometimes significant amount of money in interest. Additional extra payments can help you repay your mortgage sooner and help you reduce your total interest payments for your loan. Curtailment: An additional payment made to reduce the principal balance of a loan. Current MOP Rate: MOP rate currently in effect for Program loans.
Trusted and secure by over 3 million people of the world’s leading companies
Assignment Of Mortgage
Change state
To change the state, select it from the list below and press Change state.
Changing the state redirects you to another page.
Ohio
Change state
-
No results found.
-
Ohio
-
Alabama
-
Alaska
-
Arizona
-
Arkansas
-
California
-
Colorado
-
Connecticut
-
Delaware
-
District of Columbia
-
Florida
-
Georgia
-
Hawaii
-
Idaho
-
Illinois
-
Indiana
-
Iowa
-
Kansas
-
Kentucky
-
Louisiana
-
Maine
-
Maryland
-
Massachusetts
-
Michigan
-
Minnesota
-
Mississippi
-
Missouri
-
Montana
-
Nebraska
-
Nevada
-
New Hampshire
-
New Jersey
-
New Mexico
-
New York
-
North Carolina
-
North Dakota
-
Oklahoma
-
Oregon
-
Pennsylvania
-
Rhode Island
-
South Carolina
-
South Dakota
-
Tennessee
-
Texas
-
Utah
-
Vermont
-
Virginia
-
Washington
-
West Virginia
-
Wisconsin
-
Wyoming
Law summary
Assignment of Mortgage by Corporate Mortgage Holder
Assignment and Satisfaction of Mortgages
Assignments Generally:
Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rule is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally:
Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Ohio Law
Execution of Assignment or Satisfaction:
An assignment or satisfaction must be signed by the mortgagee or authorized representative.
Assignment:
An assignment must be in writing and recorded. Except in counties in which a separate instrument is required to assign or partially release a mortgage as described in section 5301.32 of the Revised Code, a mortgage may be assigned or partially released by the holder of the mortgage, by writing the assignment or partial release on the original mortgage or upon the margin of the record of the original mortgage and signing it. This is also allowed by separate instrument, see code sections 5301.31 and 5301.32, below.
Demand to Satisfy:
Not required.
Recording Satisfaction:
Except in a county in which the county recorder has elected to require that all satisfactions of mortgages be recorded by separate instrument as allowed under section 5301.28 of the Revised Code, when recording a mortgage, county recorders shall leave space on the margin of the record for the entry of satisfaction, and record therein the satisfaction made on the mortgage.
Marginal Satisfaction:
Marginal satisfaction is allowed, unless the specific county requires it to be recorded by separate instrument.
Penalty:
If satisfaction is not recorded within 90 days following the full satisfaction of the mortgage, then the Mortgagor may recover, in an action at law, the sum of $250, and other recoverable damages.
Acknowledgment:
An assignment or satisfaction must contain a proper Ohio acknowledgment, or other acknowledgment approved by Statute.
Ohio Statutes
§ 5301.28 Release of mortgage; assignment.
When the mortgagee of property within this state, or the party to whom the mortgage has been assigned, either by a separate instrument, or in writing on such mortgage, or on the margin of the record thereof, which assignment, if in writing on such mortgage or on the margin of the record thereof, need not be witnessed or acknowledged, receives payment of any part of the money due the holder of such mortgage, and secured by the mortgage, and enters satisfaction or a receipt therefor, either on the mortgage or its record, such satisfaction or receipt, when entered on such record, or copied thereon from the original mortgage by the county recorder, will release the mortgage to the extent of such receipt. In all cases when a mortgage has been assigned in writing on such mortgage, the recorder must copy the assignment from the original mortgage upon the margin of the record of the mortgage before such satisfaction or receipt is entered upon the record thereof.
In a county in which the county recorder has determined to use the microfilm process as provided by section 9.01 of the Revised Code, the recorder may require that all satisfactions of mortgages be made by separate instrument. The original instrument bearing the proper endorsement may be used as such separate instrument. Such separate instrument shall be recorded in the book provided by section 5301.34 of the Revised Code for the satisfactions of mortgages. The recorder shall charge the fee for such recording as provided by section 317.32 of the Revised Code for recording mortgages.
§ 5301.29 Releases of mortgages made valid.
When any release, cancellation, or satisfaction of a mortgage of real estate has been of record for more than twenty-one years in the office of the county recorder of the county in which such real estate is situated, and the record thereof shows that there is a defect in such release, cancellation, or satisfaction, such release, cancellation, or satisfaction, and the record thereof shall be cured of such defect, if such defect is due to any of the following:
(A) It purports to be signed by an agent or attorney of the mortgagee
or a trustee, and no power of attorney or other evidence of authority so
to release, cancel, or satisfy such mortgage is of record.
(B) It was signed by less than all of two or more executors, administrators,
guardians, assignees in insolvency, or trustees.
(C) The record of such release, cancellation, or satisfaction is
not attested by the recorder.
(D) The release, cancellation, or satisfaction by a corporation
is executed by officers thereof without signing the name of the corporation
thereto.
[§ 5301.29.1] § 5301.291 Mortgage release, cancellation, or satisfaction.
No real estate mortgage release, cancellation, or satisfaction of record in the office of the county recorder of the county within this state in which such real estate is situated shall be deemed defective because:
(A) The executor, administrator, guardian, assignee, or trustee
signed it individually instead of in his representative or official capacity.
(B) The release, cancellation, or satisfaction is by separate instrument,
and the certificate of acknowledgment is not on the same sheet of paper
as the release, cancellation, or satisfaction.
(C) A satisfaction was not recorded within ninety days as required
by division (B) of section 5301.36 of the Revised Code.
§ 5301.31 Recording of assignment or partial release in margin of original record.
Except in counties in which a separate instrument is required to assign or partially release a mortgage as described in section 5301.32 of the Revised Code, a mortgage may be assigned or partially released by the holder of the mortgage, by writing the assignment or partial release on the original mortgage or upon the margin of the record of the original mortgage and signing it. The assignment or partial release need not be acknowledged or witnessed, but, if it is written upon the margin of the record of the original mortgage, the signing shall be attested by the county recorder. The assignment, whether it is upon the original mortgage, upon the margin of the record of the original mortgage, or by separate instrument, shall transfer not only the lien of the mortgage but also all interest in the land described in the mortgage. An assignment of a mortgage shall contain the then current mailing address of the assignee. The signature of a person on the assignment or partial release may be a facsimile of that person's signature. A facsimile of a signature on an assignment or partial release is equivalent to and constitutes the written signature of the person for all requirements regarding mortgage assignments or partial releases. For entering an assignment or partial release of a mortgage upon the margin of the record of the original mortgage or for attesting it, the recorder shall be entitled to the fee provided by section 317.32 of the Revised Code for recording the assignment and satisfaction of mortgages.
§ 5301.32 Assignment or partial release by separate instrument.
A mortgage may be assigned or partially released by a separate instrument of assignment or partial release, acknowledged and witnessed as provided by section 5301.01 of the Revised Code. The separate instrument of assignment or partial release shall be recorded in the book provided by section 5301.34 of the Revised Code for the recording of satisfactions of mortgages, and the county recorder shall be entitled to charge the fee for that recording as provided by section 317.32 of the Revised Code for recording deeds. The signature of a person on the assignment or partial release may be a facsimile of that person's signature. A facsimile of a signature on an assignment or partial release is equivalent to and constitutes the written signature of the person for all requirements regarding mortgage assignments or partial releases.
In a county in which the recorder has determined to use the microfilm process as provided by section 9.01 of the Revised Code, the recorder may require that all assignments and partial releases of mortgages be by separate instruments. The original instrument bearing the proper endorsement may be used as the separate instrument. An assignment of a mortgage shall contain the then current mailing address of the assignee.
§ 5301.34 Release of mortgage on certificate of mortgagee or assignee.
A mortgage must be discharged upon the record thereof by the county recorder when there is presented to him a certificate executed by the mortgagee or his assigns, acknowledged and witnessed as provided in section 5301.01 of the Revised Code, or when there is presented to him a deed of release executed by the governor as provided in section 5301.19 of the Revised Code, certifying that the mortgage has been fully paid and satisfied. In addition to the discharge on the records by the recorder, such certificate shall be recorded in a book kept for that purpose by the recorder. Such recorder is entitled to the fees for such recording as provided by section 317.32 of the Revised Code for recording deeds.
§ 5301.36 Entry of satisfaction.
(A) Except in a county in which the county recorder has elected
to require that all satisfactions of mortgages be recorded by separate
instrument as allowed under section 5301.28 of the Revised Code, when recording
a mortgage, county recorders shall leave space on the margin of the record
for the entry of satisfaction, and record therein the satisfaction made
on the mortgage, or permit the owner of the claim secured by the mortgage
to enter such satisfaction. Such record shall have the same effect as the
record of a release of the mortgage.
(B) Within ninety days from the date of the satisfaction
of a residential mortgage, the mortgagee shall record the fact of the satisfaction
in the appropriate county recorder's office and pay any fees required for
the recording. The mortgagee may, by contract with the mortgagor, recover
the cost of the fees required for the recording of the satisfaction by
the county recorder.
(C) If the mortgagee fails to comply with division (B) of this section,
the mortgagor may recover, in a civil action, damages of two hundred
fifty dollars. This division does not preclude or affect any other legal
remedies that may be available to the mortgagor.
(D) As used in this section, "residential mortgage" means an obligation
to pay a sum of money evidenced by a note and secured by a lien upon real
property located within this state containing two or fewer residential
units or on which two or fewer residential units are to be constructed
and shall include such an obligation on a residential condominium or cooperative
unit.
Legal definition
Assignment of Mortgage by Corporate Mortgage Holder
Assignment and Satisfaction of Mortgages
Assignments Generally:
Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rule is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally:
Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Ohio Law
Execution of Assignment or Satisfaction:
An assignment or satisfaction must be signed by the mortgagee or authorized representative.
Assignment:
An assignment must be in writing and recorded. Except in counties in which a separate instrument is required to assign or partially release a mortgage as described in section 5301.32 of the Revised Code, a mortgage may be assigned or partially released by the holder of the mortgage, by writing the assignment or partial release on the original mortgage or upon the margin of the record of the original mortgage and signing it. This is also allowed by separate instrument, see code sections 5301.31 and 5301.32, below.
Demand to Satisfy:
Not required.
Recording Satisfaction:
Except in a county in which the county recorder has elected to require that all satisfactions of mortgages be recorded by separate instrument as allowed under section 5301.28 of the Revised Code, when recording a mortgage, county recorders shall leave space on the margin of the record for the entry of satisfaction, and record therein the satisfaction made on the mortgage.
Marginal Satisfaction:
Marginal satisfaction is allowed, unless the specific county requires it to be recorded by separate instrument.
Penalty:
If satisfaction is not recorded within 90 days following the full satisfaction of the mortgage, then the Mortgagor may recover, in an action at law, the sum of $250, and other recoverable damages.
Acknowledgment:
An assignment or satisfaction must contain a proper Ohio acknowledgment, or other acknowledgment approved by Statute.
Ohio Statutes
§ 5301.28 Release of mortgage; assignment.
When the mortgagee of property within this state, or the party to whom the mortgage has been assigned, either by a separate instrument, or in writing on such mortgage, or on the margin of the record thereof, which assignment, if in writing on such mortgage or on the margin of the record thereof, need not be witnessed or acknowledged, receives payment of any part of the money due the holder of such mortgage, and secured by the mortgage, and enters satisfaction or a receipt therefor, either on the mortgage or its record, such satisfaction or receipt, when entered on such record, or copied thereon from the original mortgage by the county recorder, will release the mortgage to the extent of such receipt. In all cases when a mortgage has been assigned in writing on such mortgage, the recorder must copy the assignment from the original mortgage upon the margin of the record of the mortgage before such satisfaction or receipt is entered upon the record thereof.
In a county in which the county recorder has determined to use the microfilm process as provided by section 9.01 of the Revised Code, the recorder may require that all satisfactions of mortgages be made by separate instrument. The original instrument bearing the proper endorsement may be used as such separate instrument. Such separate instrument shall be recorded in the book provided by section 5301.34 of the Revised Code for the satisfactions of mortgages. The recorder shall charge the fee for such recording as provided by section 317.32 of the Revised Code for recording mortgages.
§ 5301.29 Releases of mortgages made valid.
When any release, cancellation, or satisfaction of a mortgage of real estate has been of record for more than twenty-one years in the office of the county recorder of the county in which such real estate is situated, and the record thereof shows that there is a defect in such release, cancellation, or satisfaction, such release, cancellation, or satisfaction, and the record thereof shall be cured of such defect, if such defect is due to any of the following:
(A) It purports to be signed by an agent or attorney of the mortgagee
or a trustee, and no power of attorney or other evidence of authority so
to release, cancel, or satisfy such mortgage is of record.
(B) It was signed by less than all of two or more executors, administrators,
guardians, assignees in insolvency, or trustees.
(C) The record of such release, cancellation, or satisfaction is
not attested by the recorder.
(D) The release, cancellation, or satisfaction by a corporation
is executed by officers thereof without signing the name of the corporation
thereto.
[§ 5301.29.1] § 5301.291 Mortgage release, cancellation, or satisfaction.
No real estate mortgage release, cancellation, or satisfaction of record in the office of the county recorder of the county within this state in which such real estate is situated shall be deemed defective because:
(A) The executor, administrator, guardian, assignee, or trustee
signed it individually instead of in his representative or official capacity.
(B) The release, cancellation, or satisfaction is by separate instrument,
and the certificate of acknowledgment is not on the same sheet of paper
as the release, cancellation, or satisfaction.
(C) A satisfaction was not recorded within ninety days as required
by division (B) of section 5301.36 of the Revised Code.
§ 5301.31 Recording of assignment or partial release in margin of original record.
Except in counties in which a separate instrument is required to assign or partially release a mortgage as described in section 5301.32 of the Revised Code, a mortgage may be assigned or partially released by the holder of the mortgage, by writing the assignment or partial release on the original mortgage or upon the margin of the record of the original mortgage and signing it. The assignment or partial release need not be acknowledged or witnessed, but, if it is written upon the margin of the record of the original mortgage, the signing shall be attested by the county recorder. The assignment, whether it is upon the original mortgage, upon the margin of the record of the original mortgage, or by separate instrument, shall transfer not only the lien of the mortgage but also all interest in the land described in the mortgage. An assignment of a mortgage shall contain the then current mailing address of the assignee. The signature of a person on the assignment or partial release may be a facsimile of that person's signature. A facsimile of a signature on an assignment or partial release is equivalent to and constitutes the written signature of the person for all requirements regarding mortgage assignments or partial releases. For entering an assignment or partial release of a mortgage upon the margin of the record of the original mortgage or for attesting it, the recorder shall be entitled to the fee provided by section 317.32 of the Revised Code for recording the assignment and satisfaction of mortgages.
§ 5301.32 Assignment or partial release by separate instrument.
A mortgage may be assigned or partially released by a separate instrument of assignment or partial release, acknowledged and witnessed as provided by section 5301.01 of the Revised Code. The separate instrument of assignment or partial release shall be recorded in the book provided by section 5301.34 of the Revised Code for the recording of satisfactions of mortgages, and the county recorder shall be entitled to charge the fee for that recording as provided by section 317.32 of the Revised Code for recording deeds. The signature of a person on the assignment or partial release may be a facsimile of that person's signature. A facsimile of a signature on an assignment or partial release is equivalent to and constitutes the written signature of the person for all requirements regarding mortgage assignments or partial releases.
In a county in which the recorder has determined to use the microfilm process as provided by section 9.01 of the Revised Code, the recorder may require that all assignments and partial releases of mortgages be by separate instruments. The original instrument bearing the proper endorsement may be used as the separate instrument. An assignment of a mortgage shall contain the then current mailing address of the assignee.
§ 5301.34 Release of mortgage on certificate of mortgagee or assignee.
A mortgage must be discharged upon the record thereof by the county recorder when there is presented to him a certificate executed by the mortgagee or his assigns, acknowledged and witnessed as provided in section 5301.01 of the Revised Code, or when there is presented to him a deed of release executed by the governor as provided in section 5301.19 of the Revised Code, certifying that the mortgage has been fully paid and satisfied. In addition to the discharge on the records by the recorder, such certificate shall be recorded in a book kept for that purpose by the recorder. Such recorder is entitled to the fees for such recording as provided by section 317.32 of the Revised Code for recording deeds.
§ 5301.36 Entry of satisfaction.
(A) Except in a county in which the county recorder has elected
to require that all satisfactions of mortgages be recorded by separate
instrument as allowed under section 5301.28 of the Revised Code, when recording
a mortgage, county recorders shall leave space on the margin of the record
for the entry of satisfaction, and record therein the satisfaction made
on the mortgage, or permit the owner of the claim secured by the mortgage
to enter such satisfaction. Such record shall have the same effect as the
record of a release of the mortgage.
(B) Within ninety days from the date of the satisfaction
of a residential mortgage, the mortgagee shall record the fact of the satisfaction
in the appropriate county recorder's office and pay any fees required for
the recording. The mortgagee may, by contract with the mortgagor, recover
the cost of the fees required for the recording of the satisfaction by
the county recorder.
(C) If the mortgagee fails to comply with division (B) of this section,
the mortgagor may recover, in a civil action, damages of two hundred
fifty dollars. This division does not preclude or affect any other legal
remedies that may be available to the mortgagor.
(D) As used in this section, "residential mortgage" means an obligation
to pay a sum of money evidenced by a note and secured by a lien upon real
property located within this state containing two or fewer residential
units or on which two or fewer residential units are to be constructed
and shall include such an obligation on a residential condominium or cooperative
unit.
Sorry, this device is not supported
Please open this page on your desktop computer.