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Mortgage

All document filings at the County Clerk’s office that pertain to Real Estate must include a Property Identification Number (PIDN) and a Group number for the relevant properties.

Affidavit of Conversion to Real Estate

This document is filed to execute the conversion of a manufactured home (mobile home) permanently to real estate.

The Kentucky title must first be free of lien notations.
The document must have the signature of the owner(s), signature(s) notarized
A Preparation Statement is not required

The Deed Book and Page Number of the property where the manufactured home is to be permanently affixed must be referenced; no legal description (as that required in a Deed) is required. The document along with a copy of the surrendered title is filed in the Miscellaneous book with the owner(s) indexed as the Party One/Grantor. Linking the document to the Deed Book and Page source is helpful. This document must be filed in the county clerk’s office of the county where the property is located (or the greater part).

Assignments

This instrument is generally lodged when a mortgage holder transfers his interest in a mortgage to another.

The document must have the following:

  • First-party (assignor)
  • Second-party (assignee) and their mailing address
  • The name of the party or parties who executed the original mortgage
  • The mortgage book and page reference where the mortgage is lodged for record
  • A Preparation Statement

The clerk shall request a return mail address.

The document must be: signed by the mortgagor(s) and the signature(s) acknowledged(notarized). The document must be filed in the county clerk’s office of the county where the property is located(or the greater part).

Condominium Mortgages

The document requires:

  • First-party (mortgagor, borrower)
  • Second-party (mortgagee, lender) and their mailing address
  • Amount of the mortgage
  • Maturity date (except for revolving credit accounts which do not require a maturity date), relating to obligations, if the document states “due on demand” this requirement is satisfied
  • Legal Description of the property (Common Law and OAG 81-100)
  • Preparation Statement

The clerk shall request a return mail address.

The document must be: signed by the mortgagor(s) and the signature(s) acknowledged (notarized). The document must be filed in the county clerk’s office of the county where the property is located (or the greater part).

Master Form Mortgage

Kentucky law provides that a “Master Form for a Mortgage” may be filed in the county clerk’s office of any county. After this document has been recorded other mortgage documents can incorporate a reference to this document. The incorporation of the reference shall have the same effect as if the provisions of the master form had been set forth fully in the mortgage.

Recording Requirements:

  • Must be entitled on the face “Master form recorded by __________” (name of the person causing the instrument to be recorded)
  • Contain forms of covenants, conditions, obligations, powers, & other clauses of a mortgage
  • The name of the person or entity causing it to be recorded
  • The instrument does not need to be acknowledged
  • Preparation Statement
  • The clerk shall request a return mail address.

Master Form Mortgage-Incorporation Into Other Mortgages

After the Master Form Mortgage is recorded, any of the provisions of such master form instrument may be incorporated by reference in any mortgage of real estate if:

  • The reference in the Mortgages states that the master form instrument was recorded in the county in which the mortgage is offered for record
  • The Mortgage states the date when the master form instrument was recorded
  • The Mortgage states the book & page where the master form instrument was recorded
  • Then:
    • The recording of any mortgage, which has the reference of the Master Form Mortgage incorporated into the document, will have like provisions of the Master Form Mortgage
    • MERS (Mortgage Electronic Registration System)

County Clerk offices are receiving mortgages that name the borrower & usually a bank followed by the statement:

  • MERS as nominee.

In these cases county clerk offices should index the borrower & MERS & nothing else. The fee is the normal recording fee for a mortgage, nothing more. This is not an additional assignment.

After the document has been filed MERS is the legal holder of the mortgage. Any change, assignment, or release must come from MERS.

Mortgage

AKA- Indenture of Trust

The document must have:

  • First-party (mortgage, borrower, grantor, trustor)
  • Second party (mortgage, borrower, grantee, trustee) and their mailing address
  • Amount of mortgage
  • Maturity date (except for revolving credit accounts which do not require a maturity date), relating to obligations, if the document states “due on demand” this requirement is satisfied
  • Legal Description of the property (A source of title is not required, however, it is desirable to have)(Common Law & OAG 81-100
  • Preparation Statement

The clerk shall request a return mail address.

The document must be: signed by the mortgagor(s) and the signature(s) acknowledged(notarized).

The document must be filed in the county clerk’s office of the county where the property is located(or the greater part).

Mortgage Modification/Extension

The document must have:

  • First-party (mortgagor, borrower)
  • Second-party (mortgagee, lender) and their mailing address
  • State the book and page of the original mortgage
  • Description of the modification
  • Preparation Statement

The clerk shall request a return mail address.

The borrower (mortgagor) must sign the document. The signatures must be acknowledged (notarized). The document must be filed in the county clerk’s office of the county where the property is located (or the greater part).

Release AKA Deed of Release, Satisfaction of Mortgage, Discharge of Mortgage.

The document must have the following information:

  • Name of the person or entity releasing the obligation
  • Name of the individual or entity being released
  • The mortgage book and page reference being released, or the deed book and page in the case of a vendors lien
  • Partial releases require a description of the property being released
  • The release must state whole or partial release
  • Preparation Statement

The clerk shall request a return mail address.

The document must be signed by the party or parties executing the release and the signature(s) notarized.

Mortgage Release to Secure Additional Indebtedness

KRS 382.520 provides statutory direction for renewal, extension, or additional loan under a mortgage on real estate. It also defines the superiority of liens & makes a provision to request a mortgage release to secure additional indebtedness.

This document is not a deed of release but a notice to the Senior Mortgage holder of a request to secure an additional debt by the mortgagor.

The provisions are as follow:

  • The request must be written
  • The request must refer to KRS382.520(2) & (3)
  • The request shall be signed by the mortgagor or his/her agent or attorney
  • It must set forth a description of the real property to which the request relates
  • It must include the date, parties to, the volume & initial page of the record of the original mortgage
  • It must have a description of the nature, amount, & holder of the lien or encumbrance that the mortgagor intends to place upon such real property
  • The request must be sent by certified mail with a return receipt to the holder of the mortgage, at the address of record.

The clerk shall request a return mail address.

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