On August 5, 2021, Hamilton County Court of Common Pleas Judge Wende C. Cross granted final approval of a settlement resolving the class action filed against Union Savings Bank (“USB”) based on USB’s untimely filing of mortgage releases in violation of Ohio Revised Code 5301.36.
The settlement provides an exceptional recovery for participating class members in that each will receive a $300.00 cash payment for each $250.00 statutory damage amount, even after payments for settlement administration, court costs, and attorneys’ fees and expenses.
The class action case, captioned Donnell Hughes v. Union Savings Bank, Case No. 19004891, was filed on October 15, 2019 relating to the release of mortgage on plaintiff’s current property more than 90 days after the previous owners’ mortgage was satisfied (i.e. paid off). Plaintiff’s claim was on behalf of himself and all other Ohio USB mortgagors for whom USB failed to timely file mortgage releases from October 15, 2013 to the present or the current property owner of such property from March 23, 2015 to the present. Under Ohio Revised Code 5301.36, the failure of the mortgagee (lender) to file a mortgage release within 90 days of a mortgage being satisfied may entitle the mortgagor (borrower) and/or current property owner to $250.
Please view a copy of the order here.
Have you recently refinanced your mortgage or sold a property where you had a mortgage? If so, please contact Markovits, Stock & DeMarco at 513-651-3700 or complete the form below to determine if you have a claim under R.C. 5301.36 relating to the timing of the release of your mortgage.