Ohio Code 5315.01 – Definitions; creation
(A) As used in this chapter :
Terms Used In Ohio Code 5315.01
- Borrower: includes the original borrower's successor in interest. See Ohio Code 5315.01
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Home affordable modification program: means the home affordable modification program established by the United States departments of the treasury and housing and urban development pursuant to 12 U. See Ohio Code 5315.01
- Lender: includes the person entitled to enforce the instrument secured by the mortgage under division (A)(1) or (2) of section 1303. See Ohio Code 5315.01
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means the instrument securing an obligation to pay a sum of money evidenced by a note of indebtedness and secured by a lien on the borrower's real property. See Ohio Code 5315.01
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Property: means real and personal property. See Ohio Code 1.59
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes all the states. See Ohio Code 1.59
(1) “Borrower” means the person who receives a l oan from a lender secured by a mortgage on real property to which the borrower holds legal title and who is an applicant of the D.O.L.L.A.R. deed program. “Borrower” includes the original borrower’s successor in interest.
(2) “D.O.L.L.A.R. d eed in lieu of foreclosure” means a transaction in which a borrower, after default on a loan s ecured by a mortgage on real property, conveys to the l ender by deed that satisfies t he minimum requirements of section 5302.11 of the Revised Code, title to the real property pledged as security for the r elated note of indebtedness.
(3) “Home affordable modification program” means the home affordable modification program established by the United States departments of the treasury and housing and urban development pursuant to 12 U.S.C. § 5219.
(4) “Lender” means the mortgagee and holder of t he note secured by the mortgage or an agent on behalf of the holder of the note, regardless of whether the holder of the note is the original mortgagee. “Lender” includes the person entitled to enforce the instrument secured by the mortgage under division (A)(1) or (2) of section 1303.31 of the Revised Code or a mortgagee with the right to enforce the obligation secured by the mortgage pursuant to law outside of Chapter 1303 of the Revised Code.
(5) “Mortgage” means the instrument securing an obligation to pay a sum of money evidenced by a note of indebtedness and secured by a lien on the borrower’s real property.
(6) ” Note” or ” note of i ndebtedness” means an obligation to pay a sum of money secured by a mortgage on b orrower’s real property.
(B) There is hereby created the D.O.L.L.A.R. deed program. The program shall provide a loss mitigation alternative for borrowers who are in default on a mortgage encumbering real property.