Ohio Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust

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A deed of trust is a document which pledges real property to secure a loan, used instead of a mortgage in certain states. A deed of trust involves a third party called a trustee, usually an attorney of officer of the lender, who acts on behalf of the lender. When you sign a deed of trust, you in effect are giving a trustee title to the property, but you hold the rights and privileges to use and live in or on the property. If the loan becomes delinquent the beneficiary can file a notice of default and, if the loan is not brought current, can demand that the trustee begin foreclosure on the property so that the beneficiary (lender) may either be paid or obtain title. Unlike a mortgage, a deed of trust also gives the trustee the right to foreclose on your property without taking you to court first.


An agreement modifying a promissory note and deed of trust should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original deed of trust was recorded.

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FAQ

Section 5301.233 | Mortgage may secure unpaid balances of advances made.

Therefore, the Tax Commissioner hereby determines that the interest rate prescribed by R.C. 5703.47 for calendar year 2023 is five percent (5%).

(A) A bank may contract for and receive interest or finance charges at any rate or rates agreed upon or consented to by the parties to the loan contract, extension of credit, or revolving credit agreement, but not exceeding an annual percentage rate of twenty-five per cent.

Ohio interest rates laws, for instance, cap interest at 8 percent. Specifically, Ohio's interest rate law states that parties may agree to a higher interest rate than the 8 percent statutory limit when: The original amount of principal is greater than $100,000.

With some constitutional amendments, most notably the 1979 constitutional amendment, Article XV, Section 1, California's usury limit is now generally 10% per year with a broader range of exemptions.

(A) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.

FindLaw Newsletters Stay up-to-date with how the law affects your life Legal Maximum Rate of Interest8% (§1343.01)Penalty for Usury (Unlawful Interest Rate)Excess interest applied to principal (§1343.04)Interest Rates on JudgmentsContract rate (§1343.02), otherwise 10% (§1343.03)1 more row

No person shall engage in the business of lending money, credit, or choses in action in amounts of five thousand dollars or less, or exact, contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the interest and charges ...

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Ohio Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust