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Ohio Real Property Question? |
Is a mortgage valid if it is recorded prior to title actually transferring to debtor? Debtor had an interest in property through a decedent's Will and the mortgage they obtained was recorded before the certificate of transfer was recorded. Did the mortgage need to be re-recorded after the certificate of transfer was recorded? Ct dates are pretty fluid; problem is that if you recorded a mortgage on a property that wasn't owned of record when the mortgage was recorded, there may be title issues if a foreclosure is needed. Get a property/real estate attorney is your best bet. at least a consult. No, the mortgage did not need to be recorded after the new deed was recorded. The mortgage is a promise to repay a debt. Most likely no lender will give you a loan for property you have no ownership interest in, because they would have no collateral to secure the loan, but that fact would not stop the borrower from still owing the money. The mortgage is valid once it's recorded, without regard to any deed. |
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