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In Ohio do mortgage note buyer have to record that they are…

In Ohio do mortgage...

In Ohio do mortgage note buyer have to record that they are the owners of my mortgage within a certain timeframe?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Ohio

Lawyer's Assistant: Has any paperwork been filed?

This pertains to the release of mortgage that has been filed with Wayne County Ohio in 2009

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Herein lies my dilemma,I have entered into a contract to sell my house.The issue is that the title company has told me (Heartland Title) that my mortgage is owned by quicken loans. I told them I was paying M&T bank and so they must have used that information to get the new holders information from Quicken loans(who could not originally find my file without me providing my original HUD1)On the Wayne county recorders website the assignments end with Quicken loans as far as I can tell(circa 2009) . However, I have been paying M&T Bank as they are they ones who are supposedly the new mortgagors. Something here is not sitting right with me. If M&T bank or Quicken did not file the assignment (assuming the County recorders website is correct) How has it been legal that M&T bank(Chase at one point) was collecting money from me for the past 8 years without it being recorded. The last thing I see recorded is a release of mortgage by MERS.Is it possible I have a case to sue? And if so can you take my case or make me a recommendation?

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Customer reply replied 2 months ago
My property address is 702 N Bever St Wooster Ohio 44691.
I am including the link to the last action on my property that I have found on my local recorders website.https://www.uslandrecords.com/ohlr3/controller?officeid=1&ptrNo=200900013550&name=REYNOLDS+KOURTNEY&verified_docs=&rowincrement=25&commandflag=getDetails&optflag=DetailsCommandI have a payoff from M&T Bank and have been paying them for years and provide bank statements if needed.
Answered in 4 hours by:
12/2/2017
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,191
Experience: Experienced real estate lawyer and real estate broker.
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There is no time requirement to record the mortgage, but the risk to the mortgage holder is that if somebody else records ahead of them, they are not in first position and are subordinate to earlier recorders. So, the rule is that whoever records first has the priority position, regardless of when the mortgage was made.

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Customer reply replied 2 months ago
if I wanted to get a line of credit on my house from another lender , they would be in first position if they filed first? Or if I were to fail to pay then, how would they prove that I owe them any money?

yes, first to file has the priority regardless of when they made the loan. That is the rule under the law.

if you failed to pay, then they would still have the loan agreement, but they would not be secured and not in first position. So they would stand behind the lender who filed first.

Please rate 5 stars ***** and hit send to close out the question.

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Good luck to you. I wish you all the best.

WiseOwl58
WiseOwl58, Lawyer
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