Ohio Foreclosure Law

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Ohio Foreclosure Laws

Typical Ohio Foreclosure Time Frame – Typical time for an Ohio foreclosure is approximately 150 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – No

Types of Security Instruments – Mortgage

Right of Redemption Period – Varies

Ohio foreclosure laws permit lenders to use a judicial foreclosure in the event that a mortgage goes into default.  The lender is required to sue the borrower in court in order to obtain a Judgment of Foreclosure.  The borrower is served with a copy of the complaint filed by the lender and a summons by mail; however, it is permitted to be served by publication if the borrower is unable to be located.  The borrower is then permitted 20 days in which to file an answer to the complaint.

In the event that the borrower does not answer the complain a default judgment is entered.  The property itself must be appraised under Ohio foreclosure law by at least three uninterested freeholders in the county where the property is located.  The appraised value must also be filed with the county clerk.  The minimum sale price of the property must be at least 2/3rds the appraised value of the property.

According to Ohio foreclosure law, a copy of the notice of sale is required to be published a minimum of once per week for a minimum of three consecutive weeks in the public newspaper for the area in which the property is located. 

The sheriff for the county in which the property is located will conduct the sale, and the property will be sold to the highest bidder.  The borrower has a right of redemption until the court confirms the sale.  To redeem the property the borrower must pay the amount of the judgment of foreclosure plus court costs associated with the case and any interest that has accrued.

The lender is permitted under Ohio foreclosure laws to file for a deficiency judgment.  However, there is a two-year limitation for collecting the judgment if the deficiency judgment was obtained prior to the sale of the property being confirmed.  In addition, for the two-year limit to be valid, the property must consist of two family units or less.

For more information on Ohio foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.