An Oklahoma Mortgagee's Deed is a legal document that is used to transfer the title of a property from a borrower to the lender in the event of a foreclosure. This document is usually executed when the borrower has failed to make payments on their mortgage and the lender has initiated foreclosure proceedings. The Oklahoma Mortgagee's Deed is a type of deed that is used in conjunction with a mortgage to secure the loan. It allows the lender to take possession of the property in the event of a foreclosure. There are two types of Oklahoma Mortgagee's Deed: the Statutory Mortgagee's Deed and the Special Mortgagee's Deed. The Statutory Mortgagee's Deed is used when the borrower has defaulted on the loan and the foreclosure process has been completed. The Special Mortgagee's Deed is used when the borrower has made payments on the loan but has taken action that has caused the lender to foreclose on the property.
Oklahoma Mortgagee's Deed
Description
How to fill out Oklahoma Mortgagee's Deed?
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FAQ
The Mortgage Deed will be sent to your address from the mortgage lender.
If your name is on the mortgage, but not the deed, this means that you are not an owner of the home. Rather, you are simply a co-signer on the mortgage. Because your name is on the mortgage, you are obligated to pay the payments on the loan just as the individual who owns the home.
Not all states recognize a Trust Deed. Use a Mortgage Deed if you live in: Connecticut, Delaware, Florida, Indiana, Iowa, Kansas, Louisiana, New Jersey, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Vermont, or Wisconsin.
Step 1 ? Go to the Registrar of Deeds site. Step 2 ? Read the disclosure and then click on ?OKCC. ONLINE.? Step 3 ? Select the ?ROD? button to proceed with the search.
A Mortgage Deed is a legal contract that specifies certain property as collateral in exchange for a loan. With a Mortgage Deed, you can outline the terms and conditions of the loan, and come up with a termination plan.
From a lender's perspective, a deed of trust is usually better because it can foreclose more quickly using a nonjudicial process if the borrower stops making payments.
Oklahoma law recognizes three general forms of deeds?warranty deeds, special warranty deeds, and quitclaim deeds?that a property owner can use to transfer real estate. The three deed forms differ in the warranty of title provided by the current owner (the grantor) to the new owner (the grantee).
To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.
