Posted by JT-IN on March 24, 2003 at 09:03:36:
Ohio is one of 25, or so, states which use Mortgages instead of Deed of Trust’s. In Mortgage states, such as Ohio, it is necessary to foreclose Judicially on a Mtg, if the Lender must take action to protect it’s interest per the terms of the contract.
As for you L/O deal, you may be wanting to acquire a Deed in escrow, (assuming you are the Tenant Buyer in this deal) which may fortify your position somewhat, but not absolute.
Your terms may be slightly interchanged in your description above, which indicates that you may need some fundamental review of understanding the process. Even if Ohio were a Deed of Trust state, recordiung a Deed of Trust wouldn’t help you much in this instance…
Just the way that I view things…