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 an individual(s).
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Ohio Assignment of Mortgage by Individual Mortgage Holder
Assignment Mortgage Sample
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Ohio
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OH-120RE
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Free preview Ohio Mortgage Assignment Form
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FAQ
You will need to sign a promissory note and a mortgage or trust deed.The document should be signed and dated by the borrower, and you will need to file or record the document at the local recorder of deeds office or other office responsible for the filing of real estate documents.
A collateral assignment refers to the transfer of ownership rights of an asset. When you borrow money, or when someone spends money on your behalf, often they will require you to pledge collateral in the form of an asset in order to protect them from loss.
An assignment of mortgage gives the loan seller's rights under the mortgage, including the right to foreclose if the borrower doesn't make payments, to the new owner of the loan.
Corporate mortgage assignment defined. An assignment of a mortgage occurs when a loan for a piece of property (home or otherwise) is assigned to another party.A corporate assignment of a mortgage occurs when the third party that assumes the obligation for the loan is a corporation.
An assignment transfers all of the original mortgagee's interest under the mortgage or deed of trust to the new bank. Generally, the mortgage or deed of trust is recorded shortly after the mortgagors sign it and, if the mortgage is subsequently transferred, each assignment is to be recorded in the county land records.
Banks often sell and buy mortgages from each other as a way to liquidate assets and improve their credit ratings. When the original lender sells the debt to another bank or an investor, a mortgage assignment is created and recorded in the public record and the promissory note is endorsed.
If the borrower on a recorded mortgage defaults, the lender can foreclose and either be paid in full or receive the property. However, if a mortgage or deed of trust was not recorded, the lender cannot foreclose against the property, just against the defaulting borrower personally.
A collateral assignment of life insurance is a conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan. If the borrower is unable to pay, the lender can cash in the life insurance policy and recover what is owed.
The Collateral Assignment of Mortgage and related Collateral Assignment of Assignment of Leases, if any, or assignment of any other agreement executed in connection with such Mortgage Loan constitutes the legal, valid and binding assignment of such Mortgage from Borrower to or for the benefit of Agent, and validly
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Assignment Mortgage Sample
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Law summary
Assignment of Mortgage by Individual 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 Individual 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.
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