Cuyahoga Ohio Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises

State:
Multi-State
County:
Cuyahoga
Control #:
US-00937BG
Format:
Word; 
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Description

This is a generic sample of a letter tendering payment of the remaining balance of a loan secured by a mortgage on real property with a request that the mortgagee forward a release to the mortgagor to be filed in the appropriate land records showing that the mortgage has be satisfied and is no longer a lien on the subject property.

Cuyahoga County, Ohio, is located in the northeastern part of the state and is home to the city of Cleveland. It is one of the most populous counties in Ohio and has a rich history and diverse population. One important legal document that is commonly used in Cuyahoga County, Ohio, is the "Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises." This letter is typically used by individuals or entities who have paid off their mortgage loan and are seeking a release of the mortgage lien on their property. The purpose of this letter is to formally notify the mortgagee (the lender) that the mortgagor (the borrower) has fulfilled all the obligations of the mortgage agreement and is requesting the release of the mortgage lien. Within Cuyahoga County, Ohio, there are different types of "Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises." These may include: 1. Residential Letter Tendering Payment: This type of letter is used when a homeowner has fully paid off their residential mortgage loan and wants to obtain the release of the mortgage lien from the county records. 2. Commercial Letter Tendering Payment: Similar to the residential letter, this type is used for commercial properties when the borrower has made the final payment for their mortgage and needs to obtain a release of the mortgage lien. 3. Refinance Letter Tendering Payment: In the case of refinancing a mortgage, this particular letter may be used to request the release of the previous mortgage lien upon paying off the mortgage with the proceeds of the new loan. 4. Second Mortgage Letter Tendering Payment: If a homeowner has paid off their first mortgage but has an outstanding second mortgage, they may need to send a letter specifically addressing the second mortgage lender to obtain the release of the lien. Regardless of the specific type of the letter, it is crucial to include certain details to make it effective. The letter should include the property address, the borrower's name and contact information, the mortgage lender's name, and the loan reference number. Additionally, the letter should state that the borrower has made the final payment and request the release of the mortgage lien, along with any necessary instructions for recording the release with the appropriate county office. It is important to also mention any outstanding fees or requirements, such as paying recording fees or providing a satisfaction of mortgage document. In conclusion, the "Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises" is an essential legal document used in Cuyahoga County, Ohio, when individuals or entities have paid off their mortgage and want to obtain the release of the mortgage lien on their property. Different types of the letter exist, including residential, commercial, refinance, and second mortgage variants, each catering to different scenarios.

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FAQ

A Section 27 Statement, commonly known as an Early Release of Deposit Authority, allows the vendor to request access to the deposit funds paid by the purchaser prior to settlement. It is a statement provided by the vendor that provides information required under s. 27 of the Sale of Land Act 1962 (the Act).

Related Definitions Deposit Release Instruction means the letter of joint instruction from Purchaser and the Seller Parties to the Escrow Agent, instructing the Escrow Agent to immediately release the Deposit (or a portion thereof) to the account(s) designated by the Seller Parties.

Vendors usually serve Section 27 documents because they wish to either use the money to pay their own deposit on a new home or invest it to earn interest. Whatever the reason for the deposit to be released early, both parties must sign the document.

A purchaser has 28 days from receipt of the Section 27 to object to release. It is permissible for a real estate agent to provide the Section 27 with the contract so that time begins to run from the signing of the contract.

An unconditional contract means there are no preconditions. The buyer and the seller are legally obliged to follow through with the sale you can't back out.

In Victoria, a Section 27 can apply under certain circumstances where it is considered 'safe' to allow the vendor early access to the deposit. Vendors usually serve Section 27 documents because they wish to either use the money to pay their own deposit on a new home or invest it to earn interest.

The release of deposit prior to settlement is generally discouraged as it becomes extremely difficult to recover when the matter is not completed. The purchaser would, in most cases, need to initiate legal proceedings against the vendor to recover their deposit an extremely protracted and expensive exercise.

What is a Section 27 Statement? A Section 27 Statement, commonly known as an Early Release of Deposit Authority, allows the vendor to request access to the deposit funds paid by the purchaser prior to settlement. It is a statement provided by the vendor that provides information required under s.

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D.E.R.I. v. State, 533 N.E.2d 921 (Ohio 1987), Ohio App. LEXIS 542. D.E.R.I., Inc. v. G. C. Bank & Trust Co., 952 N.E.2d 905 (Ohio 2006), Ohio App. LEXIS 434. D.E.R.I., Inc. v. State Farm Financial, FSB 740 (Ohio 2011), Ohio App. LEXIS 1359. D.E.R.I., Inc. v. State Farm Insurance Co., 902 N.E.2d 1051 (Ohio 2006), Ohio App. LEXIS 4849. E.H.E.M. v. State Farm Financial, FSB 748 (Ohio 2011), Ohio App. LEXIS 9053. Huberman v. State Farm Insurance Co., 876 N.E.2d 1308 (Ohio 2009), Ohio App. LEXIS 627. Mann v. Ohio App. LEXIS 1240 (Ohio 2015), Ohio App. LEXIS 1073. Ohio Bar Journal: Ohio Legal Help Center Ohio Legal Aid is an independent, not-for-profit organization that provides legal services to low-income Ohioans through a number of programs. Learn more about Ohio Legal Aid programs and services here. Read more Ohio Bar Journal articles on this topic: R.G.M. LLC v. State Farm Financial, FSB 763 (Ohio 2011).

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Cuyahoga Ohio Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises