Under Ohio law, a mortgage lender must provide a satisfaction of mortgage within a reasonable time after the loan is paid in full. Under ORC §5301.36, if the lender fails to provide the satisfaction within the required timeframe, the lender may be liable for:
Correct Answer
A) Damages suffered by the mortgagor, including attorney fees incurred to clear the title
Under ORC §5301.36, a mortgagee who fails to provide a satisfaction of mortgage within a reasonable time after the debt is paid may be liable for damages suffered by the mortgagor, including costs and attorney fees incurred to clear the title. This provides an incentive for timely satisfaction.
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Related Topics & Key Terms
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Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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In Ohio, the conveyance fee is paid at the time of:
- → In Ohio, property tax prorations at closing are typically calculated based on:
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- → In many Ohio counties, closings are conducted by title companies or attorneys. Which statement about attorney involvement in Ohio closings is MOST accurate?
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An Ohio borrower fails to pay property taxes for two consecutive years. The county auditor certifies the delinquent taxes. Under Ohio law, the tax lien has what priority relative to the first mortgage?
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Under Ohio law, all of the following liens have priority over a recorded first mortgage EXCEPT: