Mortgages & Security Interests

Question 1

Transfer of mortgage without a note

Answer 1

Transfer by a mortgagee of a mortgage without the note is void.

Question 2

Mortgagee’s right to possession

Answer 2

Ohio is in intermediate state.

Legal title remains with the mortgagor until there has been a breach. When there is a breach, bare legal title to the property reverts to the mortgagee, but until the property has been sold at a foreclosure sale or the period for redemption expires, the mortgagor retains the right to possession of the property.