Legal Question in Real Estate Law in Ohio
Mortgage taken out with personal line of credit using POA. POA not recordable with recorder.
Mortgage filed 04/26/2011. Affidavit recorded 05/12/2011 attaching POA.
Ohio revised codes states a POA must be recorded prior to any mortgage.
Is this loan enforceable if I stop making payments?
Asked on 10/07/11, 12:08 am
1 Answer from Attorneys
Joseph Balmer
Holzfaster, Cecil, McKnight & Mues
The loan is enforceable. Regardless of the recording of the mortgage, the promissory note is a promise to pay, and if the terms are not met the holder of the note can sue.
Answered on 10/07/11, 5:42 am
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