Timeline:
150 Days
Redemption:
Until sale is confirmed
Deficiency
Judgments: Yes
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: No
Security
Instruments: Mortgage
|
|
|
Ohio
foreclosure law only allows for the Judicial Foreclosure process
to be followed. The lender must sue the borrower in court in
order to obtain a judgment of foreclosure. The borrower is served
with a complaint and summons by mail. If the borrower can not
be located, service of complaint and summons will be done by
publication. The borrower may file an answer to the complaint
within twenty (20) days. In the event the borrower does not
file an answer or respond to the summons, a default judgment
is entered against the borrower. |
Three
appraisals of the property must be conducted by separate disinterested
freeholders in the county in which the property is located.
These appraisals must be done before the sale date and the appraised
value must be filed with the county clerk. The property must
be offered for sale at a price not below two-thirds of the appraised
value.
Notice
of sale must be published for three (3) consecutive weeks in
a generally circulated newspaper in the county in which the
property is located.
The
sale of the property is conducted by the sheriff of the county
and is sold to the winning bidder. Until the sale is confirmed
by the court, the borrower may redeem the property by paying
the amount of the judgment, court costs, and interest.
The
lender has the right to sue the borrower for a deficiency judgment
in the event the property does not sell for an amount sufficient
to pay the loan balance due plus costs. If the judgment was
rendered before the sale is confirmed, and the property has
two or fewer units, there is a two-year statute of limitations
to collect on the deficiency judgment.
Ohio Foreclosure Law