In the state of Ohio, lending laws require mortgage lien holders and their representatives, such as loan officers, to follow specific lending procedures. In wrongful foreclosure cases, mortgage lien holders fail to follow lien and borrowing laws. For example, mortgage lien holders must establish clear lien ownership by presenting the original notarized promissory on demand. Lenders are required to present borrowers with lending disclosure documents and provide copies of any mortgage lien modifications such as interest rate hikes. Lien holders and their representatives must also act in an ethical manner during all loan transactions.
Ohio Consumer Sales Practices Act
All mortgage brokers, loan officers and lenders doing business in Ohio must conform to the Ohio Consumer Sales Practices Act in all mortgage transactions. The act prohibits any unfair or deceptive acts, such misrepresenting or failing to provide the required Ohio and federal mortgage disclosure statements or misrepresenting interest rates and payments, during the loan process. The Ohio Consumer Sales Practices Act also prohibits lenders from flipping mortgages and encouraging borrowers to refinance into other mortgage products that offer no tangible benefit to the borrower. Mortgage brokers, loan officers and lenders found in violation of this act may lose their state licensing and borrowers may sue for monetary compensation including the property.
Mortgagor and Mortgagee Mediation
Ohio civil code R.C. 2323.06 directs courts to establish mandatory mediation for non-tax-related foreclosures on occupied residential properties. Homeowners in foreclosure must respond to the courts summons and complaint; otherwise the mortgage lien holder may seek a default judgment. If the homeowner does respond to the complaint in court, the court issues a stay of foreclosure proceeding while a mediation in ongoing.
Ohio Mortgage Broker Act
The Ohio Mortgage Broker Act requires licensing for mortgage broker and loan originators. The act also clearly defines the legal responsibilities of these licensed individuals in the mortgage loan process. Mortgage brokers cannot knowingly make, propose or solicit false or misleading statements on any mortgage loan document or on any document related to a mortgage loan. This includes a mortgage application, real estate appraisal or real estate closing documents. A failure to comply with the Ohio Mortgage Broker Act may result in a cause for action against the lender, mortgage broker and a breach of contract claim.
Limitation of Enforcement of Deficiency Judgment
Ohio statute 2329.08, the Limitation of Enforcement of Deficiency Judgment, protects mortgage borrowers by setting a two-year time period in which mortgage lien holders must act to enforce any court monetary judgments. The law requires that mortgage lien holders act upon any Ohio court issued monetary judgments, such as foreclosures, within two years. The borrower cannot be pursued for any costs or judgments related to their foreclosed property after that period.
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