My question involves a mortgage in the state of: OH
Cutting to the chase here...there is a valid mortgage and note that is within SOL and is due in full. The lender needs to get off his butt and record the mortgage, but he looks at the mortgage document and sees that the borrower named is XXX, Inc and the title to the property is currently with ZZZ, Inc....XXX never had title to said property.
Further inspection reveals that XXX, Inc is a general partner of ZZZ, Inc. Furthermore, the partial payment made on this note was written, not from XXX which is the borrower in the contracts, but from ZZZ, Inc(company with valid title).
When lender records mortgage does he/she specify who the proper party is and can you use ZZZ, Inc. as the Mortgagor although in the document that company is not named? Perhaps include the payment receipt from ZZZ, Inc.?
Thanks.
Cutting to the chase here...there is a valid mortgage and note that is within SOL and is due in full. The lender needs to get off his butt and record the mortgage, but he looks at the mortgage document and sees that the borrower named is XXX, Inc and the title to the property is currently with ZZZ, Inc....XXX never had title to said property.
Further inspection reveals that XXX, Inc is a general partner of ZZZ, Inc. Furthermore, the partial payment made on this note was written, not from XXX which is the borrower in the contracts, but from ZZZ, Inc(company with valid title).
When lender records mortgage does he/she specify who the proper party is and can you use ZZZ, Inc. as the Mortgagor although in the document that company is not named? Perhaps include the payment receipt from ZZZ, Inc.?
Thanks.
Mortgages: Recording a Mortgage and Proper Named Party
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